§4718 — Title 12 Banks and Banking | U.S. Code

Summary

Gives specific amounts of money to the Fund for fiscal years 1995 through 1998: $60,000,000 for 1995, $104,000,000 for 1996, $107,000,000 for 1997, and $111,000,000 for 1998. Up to $5,550,000 of each year’s amount may be used for the Fund’s administrative costs, but money spent on the training and technical help programs does not count as administrative. After taking out that admin cap, up to 5% may be used as described in section 4712 and 33 1/3% must be available for section 4713. The Administrator must, as much as possible, direct funds to support community development financial institutions. Also authorizes money for the Community Development Credit Union Revolving Loan Fund: $4,000,000 for 1995 and $2,000,000 for each of 1996, 1997, and 1998. These amounts count against discretionary spending limits under section 665 of title 2 and therefore reduce available funds for other discretionary programs by the same amounts.

Title 12, §4718

Banks and Banking — Source: USLM XML via OLRC

(a)(1)To carry out this subchapter, there are authorized to be appropriated to the Fund, to remain available until expended—

(A)$60,000,000 for fiscal year 1995;

(B)$104,000,000 for fiscal year 1996;

(C)$107,000,000 for fiscal year 1997; and

(D)$111,000,000 for fiscal year 1998;

(2)(A)Of amounts authorized to be appropriated to the Fund pursuant to this section, not more than $5,550,000 may be used by the Fund in each fiscal year to pay the administrative costs and expenses of the Fund. Costs associated with the training program established under section 4708 of this title and the technical assistance program established under section 4707 of this title shall not be considered to be administrative expenses for purposes of this paragraph.

(B)The amounts referred to in paragraphs (3) and (4) shall be calculated after subtracting the amount referred to in subparagraph (A) of this paragraph from the total amount appropriated to the Fund in accordance with paragraph (1) in any fiscal year.

(3)Not more than 5 percent of the amounts authorized to be appropriated under paragraph (1) may be used as provided in section 4712 of this title.

(4)33⅓ percent of the amounts appropriated to the Fund for any fiscal year pursuant to the authorization in paragraph (1) shall be available for use in carrying out section 4713 of this title.

(5)The Administrator shall allocate funds authorized under this section, to the maximum extent practicable, for the support of community development financial institutions.

(b)There are authorized to be appropriated for the purposes of the Community Development Credit Union Revolving Loan Fund—

(1)$4,000,000 for fiscal year 1995;

(2)$2,000,000 for fiscal year 1996;

(3)$2,000,000 for fiscal year 1997; and

(4)$2,000,000 for fiscal year 1998.

(c)Amounts authorized to be appropriated under this section shall be subject to discretionary spending caps, as provided in section 665 11 See References in Text note below. of title 2, and therefore shall reduce by an equal amount funds made available for other discretionary spending programs.

Editorial Notes

References in Text

Section 665 of title 2, referred to in subsec. (c), was repealed by Pub. L. 105–33, title X, § 10118(a), Aug. 5, 1997, 111 Stat. 695.

§4718 Authorization of Appropriations

Summary

Title 12, §4718

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata