42 U.S. Code § 3757 - Interest-bearing trust funds

(a) Trust fund required
A State or unit of local government shall establish a trust fund in which to deposit amounts received under this part.
(b) Expenditures
(1) In general
Each amount received under this part (including interest on such amount) shall be expended before the date on which the grant period expires.
(2) Repayment
A State or unit of local government that fails to expend an entire amount (including interest on such amount) as required by paragraph (1) shall repay the unexpended portion to the Attorney General not later than 3 months after the date on which the grant period expires.
(3) Reduction of future amounts
If a State or unit of local government fails to comply with paragraphs (1) and (2), the Attorney General shall reduce amounts to be provided to that State or unit of local government accordingly.
(c) Repaid amounts
Amounts received as repayments under this section shall be subject to section 3712g of this title as if such amounts had not been granted and repaid. Such amounts shall be deposited in the Treasury in a dedicated fund for use by the Attorney General to carry out this part. Such funds are hereby made available to carry out this part.

Source

(Pub. L. 90–351, title I, § 507, as added Pub. L. 109–162, title XI, § 1111(a)(2)(C),Jan. 5, 2006, 119 Stat. 3100.)
Prior Provisions

For prior sections 507 ofPub. L. 90–351and prior sections 3757 of this title, see notes set out preceding section 3750 of this title.
Effective Date

Section applicable with respect to the first fiscal year beginning after Jan. 5, 2006, and each fiscal year thereafter, see section 1111(d) ofPub. L. 109–162, set out as an Effective Date of 2006 Amendment note under section 3750 of this title.

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