(a)To facilitate the procurement of medical equipment pursuant to section
8157 of this title, the Secretary may enter into escrow agreements with institutions described in section
8153(a) of this title. Any such agreement shall provide that—
(1)the institutions shall pay to the Secretary the funds necessary to make a payment under section
8157(b)(4) of this title;
(2)the Secretary, as escrow agent, shall administer those funds in an escrow account; and
(3)the Secretary shall disburse the escrowed funds to pay for such equipment upon its delivery or in accordance with the contract to procure the equipment and shall disburse all accrued interest or other earnings on the escrowed funds to the institution.
(b)As escrow agent for funds placed in escrow pursuant to an agreement under subsection (a), the Secretary may—
(1)invest the escrowed funds in obligations of the Federal Government or obligations which are insured or guaranteed by the Federal Government;
(2)retain in the escrow account interest or other earnings on such investments;
(3)disburse the funds pursuant to the escrow agreement; and
(4)return undisbursed funds to the institution.
(1)If the Secretary enters into an escrow agreement under this section, the Secretary may enter into an agreement to procure medical equipment if one-half the purchase price of the equipment is available in an appropriation or fund for the expenditure or obligation.
(2)Funds held in an escrow account under this section shall not be considered to be public funds.
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.
Description of Change
Statutes at Large
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