20 U.S.C. § 5607a: Environmental Dispute…

Summary

An Environmental Dispute Resolution Fund will be in the U.S. Treasury and run by the Foundation. It will hold money appropriated under section 5609(b) and payments under section 5607b. The Board may let the Foundation spend what is needed to run the National Center — for salaries, administration, mediation and other costs — and up to $1,000 a year for reception and representation. The Fund must stay separate from the Trust Fund under section 5606. The Treasury Secretary may invest money not needed for current withdrawals only in interest‑bearing U.S. obligations, buying at issue or market price and selling at market price. Interest and sale or redemption proceeds return to the Fund.

Title 20, §5607a

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(a)Establishment

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)Expenditures

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)Distinction from Trust Fund

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

(d)Investment of amounts

(1)In general

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)Interest-bearing obligations

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

(3)Acquisition of obligations

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)Sale of obligations

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

(5)Credits to Fund

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