§4022 Asbestos Trust Fund

Summary

Creates an Asbestos Trust Fund in the U.S. Treasury to hold certain money for asbestos cleanup help. Money placed in the fund includes: repayments of loans made under section 4014 that were received on or after January 1, 1987; deposits from local school agencies under section 2647(a) of title 15; and money recovered from judgments in suits under section 4017(a)(1). The Treasury Secretary must move those amounts from the general fund to the Trust Fund at least monthly based on estimates and correct later if estimates were off. Money not needed right away must be invested by the Treasury Secretary in interest‑paying U.S. government securities (buying new issues or existing securities) and may be sold later; interest and sale proceeds go back into the Trust Fund. Funds may be spent only as Congress provides by appropriation Acts for the Asbestos Hazards Abatement Assistance Program under section 4014. Up to $25,000,000 is authorized each year as repayable advances to the Trust Fund for fiscal years 1987, 1988, 1989, and 1990. Those advances must be paid back, with interest, to the general fund when the Treasury Secretary decides the Trust Fund has enough money. The interest rate is set by the Treasury Secretary to match the current average market yield on comparable U.S. marketable Treasury securities as of the close of the month before the advance and is compounded yearly. The amendments take effect January 1, 1986.