2 U.S.C. § 2083: Capitol Preservation Fund

Summary

Creates the Capitol Preservation Fund in the Treasury to hold certain deposits, obligations, and all surcharges from coins sold under the Bicentennial of the United States Congress Commemorative Coin Act. The fund can be used by the Commission to pay transaction costs, to pay for improvement and preservation projects for the U.S. Capitol (but only with approval from the House and Senate Appropriations Committees), to buy or pay for works of art and other property, and for other payments needed to carry out sections 2081 and 2082. The Commission must try to keep transaction costs low and to split spending fairly between the Senate and the House. The Commission deposits gifts and sale proceeds into the fund. The Treasury credits interest and proceeds from sold or redeemed obligations. Payments require vouchers the Commission approves and the co‑chairmen sign. The Treasury must invest money not needed right away in U.S. government interest‑bearing obligations with maturities the Commission finds suitable, and may buy or sell those obligations as the Commission approves.

Title 2, §2083

The Congress, Source: USLM XML via OLRC

(a)In general

There is established in the Treasury a fund, to be known as the “Capitol Preservation Fund” (hereafter in this part referred to as the “fund”), which shall consist of (1) amounts deposited, and interest and proceeds credited, under subsection (d), (2) obligations obtained under subsection (e), and (3) all surcharges received by the Secretary of the Treasury from the sale of coins minted under the Bicentennial of the United States Congress Commemorative Coin Act.

(b)Availability of fund

The fund shall be available to the Commission—

(1)for payment of transaction costs and similar expenses incurred under section 2082 of this title;

(2)subject to the approval of the Committee on Appropriations of the House of Representatives and the Committee on Appropriations of the Senate, for improvement and preservation projects for the United States Capitol;

(3)for disbursement with respect to works of fine art and other property as provided in section 2082 of this title; and

(4)for such other payments as may be required to carry out section 2081 of this title or section 2082 of this title.

(c)Transaction costs and proportionality

In carrying out this section, the Commission shall, to the extent practicable, take such action as may be necessary—

(1)to minimize disbursements under subsection (b)(1); and

(2)to equalize disbursements under subsection (b) between the Senate and the House of Representatives.

(d)Deposits, credits, and disbursements

The Commission shall deposit in the fund gifts of money and proceeds of transactions under section 2082 of this title. The Secretary of the Treasury shall credit to the fund the interest on, and the proceeds from sale or redemption of, obligations held in the fund. Disbursements from the fund shall be made on vouchers approved by the Commission and signed by the co-chairmen.

(e)Investments

The Secretary of the Treasury shall invest any portion of the fund that, as determined by the Commission, is not required to meet current withdrawals. Each investment shall be made in an interest bearing obligation of the United States or an obligation guaranteed as to principal and interest by the United States that, as determined by the Commission has a maturity suitable for the fund. In carrying out this subsection, the Secretary may make such purchases, sales, and redemptions of obligations as may be approved by the Commission.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Bicentennial of the United States Congress Commemorative Coin Act, referred to in subsec. (a), is Pub. L. 100–673, Nov. 17, 1988, 102 Stat. 3992, which is set out as a note under section 5112 of Title 31, Money and Finance. Codification Section was classified to section 188a–2 of former Title 40, prior to the enactment of Title 40, Public Buildings, Property, and Works, by Pub. L. 107–217, § 1, Aug. 21, 2002, 116 Stat. 1062.

Amendments

1990—Subsec. (b). Pub. L. 101–302, § 312(b)(1), struck out “subject to the approval, except for the purchase of fine art and antiques, of the Committees on Appropriations of the House of Representatives and Senate, respectively” after “The fund shall be available to the Commission”. Subsec. (b)(2). Pub. L. 101–302, § 312(b)(2), inserted “subject to the approval of the Committee on Appropriations of the House of Representatives and the Committee on Appropriations of the Senate,” before “For improvement”.

Statutory Notes and Related Subsidiaries

Capitol Visitor Center Funding Pub. L. 107–117, div. B, § 913, Jan. 10, 2002, 115 Stat. 2324, provided that: “(a) Notwithstanding any other provision of law, the United States Capitol Preservation Commission established under section 801 of the Arizona-Idaho Conservation Act of 1988 (40 U.S.C. 188a) [now 2 U.S.C. 2081] may transfer to the Architect of the Capitol amounts in the Capitol Preservation Fund established under section 803 of such Act (40 U.S.C. 188a–2) [now 2 U.S.C. 2083] if the amounts are to be used by the Architect for the planning, engineering, design, or

Construction

of the Capitol Visitor Center. “(b) Any amounts transferred pursuant to subsection (a) shall remain available for the use of the Architect of the Capitol until expended. “(c) This section shall apply with respect to fiscal year 2002 and each succeeding fiscal year.”

§2083 Capitol Preservation Fund