§5607a — Title 20 Education | U.S. Code

Summary

Creates an Environmental Dispute Resolution Fund in the U.S. Treasury that the Foundation will run. The Fund is made up of money appropriated under section 5609(b) and amounts paid in under section 5607b. The Foundation may spend what the Board thinks is needed to set up and run the National Center, including pay, office costs, mediation and other services, and other necessary expenses, but not more than $1,000 annually for official reception and representation. The Fund must be kept separate from the Trust Fund under section 5606. The Secretary of the Treasury must invest any part of the Fund not needed for immediate withdrawals in interest-bearing U.S. government obligations. The Fund may buy those obligations at issue price or at market price and may sell them at market price. Interest and sale or redemption proceeds go back into the Fund.

Title 20, §5607a

Education — Source: USLM XML via OLRC

(a)There is established in the Treasury of the United States an Environmental Dispute Resolution Fund to be administered by the Foundation. The Fund shall consist of amounts appropriated to the Fund under section 5609(b) of this title and amounts paid into the Fund under section 5607b of this title.

(b)The Foundation shall expend from the Fund such sums as the Board determines are necessary to establish and operate the National Center, including such amounts as are necessary for salaries, administration, the provision of mediation and other services, and such other expenses as the Board determines are necessary, including not to exceed $1,000 annually for official reception and representation expenses.

(c)The Fund shall be maintained separately from the Trust Fund established under section 5606 of this title.

(d)(1)The Secretary of the Treasury shall invest such portion of the Fund as is not, in the judgment of the Secretary, required to meet current withdrawals.

(2)Investments may be made only in interest-bearing obligations of the United States.

(3)For the purpose of investments under paragraph (1), obligations may be acquired—

(A)on original issue at the issue price; or

(B)by purchase of outstanding obligations at the market price.

(4)Any obligation acquired by the Fund may be sold by the Secretary of the Treasury at the market price.

(5)The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to and form a part of the Fund.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 10 of Pub. L. 102–259 was renumbered section 12 and is classified to section 5608 of this title.

Amendments

2019—Subsec. (b). Pub. L. 116–94 substituted “National Center” for “Institute”. 1998—Subsec. (b). Pub. L. 105–277 inserted before period at end “, including not to exceed $1,000 annually for official reception and representation expenses”.

§5607a Environmental Dispute Resolution Fund