(Pub. L. 103–407, § 2,Oct. 22, 1994, 108 Stat. 4210.)
Short Title of 2004 Amendment
Pub. L. 108–429
, title IV, § 4001,Dec. 3, 2004, 118 Stat. 2600
, provided that: “This title [amending provisions set out as a note under this section] may be cited as the ‘Wool Suit and Textile Trade Extension Act of 2004’.”
Pub. L. 103–407
, § 1,Oct. 22, 1994, 108 Stat. 4210
, provided that: “This Act [enacting this chapter] may be cited as the ‘Sheep Promotion, Research, and Information Act of 1994’.”
Wool Research, Development, and Promotion Trust Fund
Pub. L. 106–200
, title V, § 506,May 18, 2000, 114 Stat. 303
, as amended by Pub. L. 107–210
, div. E, title L, § 5102(c)(2),Aug. 6, 2002, 116 Stat. 1047
; Pub. L. 108–429
, title IV, § 4002(c)(5),Dec. 3, 2004, 118 Stat. 2603
; Pub. L. 109–280
, title XIV, § 1633(b)(2),Aug. 17, 2006, 120 Stat. 1166
; Pub. L. 110–343
, div. C, title III, § 325(b)(2),Oct. 3, 2008, 122 Stat. 3875
, provided that:
“(a) Establishment.—There is hereby established within the Treasury of the United States a trust fund to be known as the Wool Research, Development, and Promotion Trust Fund (hereafter in this section referred to as the ‘Trust Fund’), consisting of such amounts as may be transferred to the Trust Fund under subsection (b)(1) and any amounts as may be credited to the Trust Fund under subsection (c)(2).
“(b) Transfer of Amounts.—
“(1) In general.—The Secretary of the Treasury shall transfer to the Trust Fund out of the general fund of the Treasury of the United States amounts determined by the Secretary of the Treasury to be equivalent to the amounts received into such general fund that are attributable to the duty received on articles under chapters 51 and 52 of the Harmonized Tariff Schedule of the United States [see Publication of Harmonized Tariff Schedule note set out under section
, Customs Duties], subject to the limitation in paragraph (2).
“(2) Limitation.—The Secretary shall not transfer more than $2,250,000 to the Trust Fund in any fiscal year.
“(3) Transfers based on estimates.—The amounts required to be transferred under paragraph (1) shall be transferred at least quarterly from the general fund of the Treasury of the United States to the Trust Fund on the basis of estimates made by the Secretary of the Treasury of the amounts referred to in paragraph (1) that are received into the Treasury. Proper adjustments shall be made in the amounts subsequently transferred to the extent prior estimates were in excess of, or less than, the amounts required to be transferred.
“(c) Investment of Trust Fund.—
“(1) In general.—It shall be the duty of the Secretary of the Treasury to invest such portion of the Trust Fund as is not, in the Secretary’s judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose, such obligations may be acquired on original issue at the issue price or by purchase of outstanding obligations at the market price. Any obligation acquired by the Trust Fund may be sold by the Secretary of the Treasury at the market price.
“(2) Interest and proceeds from sale or redemption of obligations.—The interest on, and the proceeds from the sale or redemption of, any obligations held in the Trust Fund shall be credited to and form a part of the Trust Fund.
“(d) Availability of Amounts from Trust Fund.—From amounts available in the Trust Fund (including any amounts not obligated in previous fiscal years), the Secretary of Agriculture is authorized to provide grants to a nationally-recognized council established for the development of the United States wool market for the following purposes:
“(1) Assist United States wool producers to improve the quality of wool produced in the United States, including to improve wool production methods.
“(2) Disseminate information on improvements described in paragraph (1) to United States wool producers generally.
“(3) Assist United States wool producers in the development and promotion of the wool market.
“(e) Reports to Congress.—The Secretary of the Treasury, in consultation with the Secretary of Agriculture, shall prepare and submit to Congress an annual report on the financial condition and the results of the operations of the Trust Fund, including a description of the use of amounts of grants provided under subsection (d), during the preceding fiscal year and on its expected condition and operations during the next fiscal year.
“(f) Sunset Provision.—Effective January 1, 2015, the Trust Fund shall be abolished and all amounts in the Trust Fund on such date shall be transferred to the general fund of the Treasury of the United States.”