There is established in the Treasury of the United States a trust fund to be known as the “Asbestos Trust Fund”, consisting of such amounts as may be transferred or credited to such Trust Fund as provided in this section.
(b) Transfers to Trust Fund
There are hereby transferred to the Asbestos Trust Fund amounts equivalent to—
(A)amounts received in the Treasury on or after January 1, 1987, as repayments of loans made under section
4014 of this title,
(B)amounts received as deposits from local educational agencies under section
2647(a) of title
(C)amounts received as proceeds from any judgment recovered in any suit brought pursuant to section
4017(a)(1) of this title.
(2) Monthly transfers
The amounts transferred by paragraph (1) shall be transferred at least monthly from the general fund of the Treasury to the Asbestos Trust Fund on the basis of estimates made by the Secretary of the Treasury of the amounts referred to in such paragraph. Adjustments shall be made in the amounts subsequently transferred to the extent prior estimates were more or less than the amounts required to be transferred.
(c) Management of Trust Fund
(A) In general
The Secretary of the Treasury shall invest such portion of the Asbestos Trust Fund as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States and may be acquired—
(i)on original issue at the issue price, or
(ii)by purchase of outstanding obligations at the market price.
(B) Sale of obligations
Any obligation acquired by the Asbestos Trust Fund may be sold by the Secretary of the Treasury at the market price.
(C) Interest on certain proceeds
The interest on, and the proceeds from the sale or redemption of, any obligations held in the Asbestos Trust Fund shall be credited to and form a part of the Trust Fund.
(2) Repealed. Pub. L. 104–66, title I, § 1131(c),Dec. 21, 1995, 109 Stat. 725
(d) Expenditures from Asbestos Trust Fund
Amounts in the Asbestos Trust Fund shall be available, as provided by appropriation Acts, only for purposes of carrying out the Asbestos Hazards Abatement Assistance Program under section
4014 of this title.
(e) Authority to borrow
(1) In general
There are authorized to be appropriated to the Asbestos Trust Fund, as repayable advances, $25,000,000 for each of fiscal years 1987, 1988, 1989, and 1990.
(2) Repayment of advances
(A) In general
Advances made under this subsection shall be repaid, and interest on such advances shall be paid, to the general fund of the Treasury when the Secretary determines that moneys are available for such purposes in the Asbestos Trust Fund.
(B) Rate of interest
Interest on advances made under this subsection shall be at a rate determined by the Secretary (as of the close of the calendar month preceding the month in which the advance is made) to be equal to the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the anticipated period during which the advance will be outstanding and shall be compounded annually.
(f) Effective date
The amendments made by this section shall take effect on January 1, 1986.
Section was enacted as part of the Asbestos Hazard Emergency Response Act of 1986, and not as part of the Asbestos School Hazard Abatement Act of 1984 which comprises this subchapter nor as part of the Education for Economic Security Act which comprises this chapter.
1995—Subsec. (c)(2). Pub. L. 104–66struck out heading and text of par. (2). Text read as follows: “It shall be the duty of the Secretary of the Treasury to hold the Asbestos Trust Fund and to report to the Congress each year on the financial condition and the results of the operations of the Trust Fund during the preceding fiscal year and on its expected condition and operations during the next 5 fiscal years.”
1990—Subsec. (b)(1). Pub. L. 101–637, § 12(a), substituted a comma for “as in effect on October 22, 1986, and” in subpar. (A) and “, and” for period at end of subpar. (B), and added subpar. (C).
Subsec. (d). Pub. L. 101–637, § 12(b), struck out before period at end “as in effect on October 22, 1986”.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.