42 U.S.C. § 2311: Community Disposal…

Summary

Creates a Community Disposal Operations Fund effective June 30, 1956. The Commission, or an agency carrying out its sales and financing work, must put into this fund all money it gets for those activities and keep track of related assets and debts. The Commission or agency may borrow temporarily from its other operating funds to keep things running until sale proceeds come in, but any such advances must be repaid from unused amounts in the Fund before the end of the fiscal year in which the advance was made. The Fund can be used to pay all needed costs, including administrative expenses, losses, and obligations tied to property sales, transfers, or financings (including financing under section 2362), indemnities (sections 2363–2366), expenses under section 2310, and defense or payment of claims about title warranties. Any money in the Fund that is more than needed must be declared and returned to the Treasury at least once each year.

Title 42, §2311

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(a)Establishment

There is established as of June 30, 1956, a Community Disposal Operations Fund, and the Commission (or the head of such agency as may be carrying out the sales and financing functions of the Commission pursuant to a delegation by the President under section 2313 of this title) is authorized to credit said fund with all moneys hereafter obtained or now held by it and to account under said fund for all assets and liabilities held or acquired by it in connection with its sales and financing functions under this chapter, and to make temporary advances to such fund, from any other funds available for expenses of operations of such Commission or agency, as may be required to carry out such functions pending the realization of sufficient proceeds under the provisions of this chapter: Provided, That any such advances shall be repaid to the source appropriation or fund, to the extent of any unobligated balances available in the Community Disposal Operations Fund, prior to the close of the fiscal year during which such advances are made.

(b)Availability

The Community Disposal Operations Fund shall be available to pay for all necessary costs, expenses (including administrative expenses), losses or obligations incurred in connection with the aforesaid functions, including expenses incident to sale, or other transfer and any financing under section 2362 of this title, indemnities under sections 2363 to 2366 of this title, and expenses authorized by section 2310 of this title, and expenses in connection with the defense and payment of any claims for breaches of warranties and covenants of title of any property disposed of pursuant to this chapter.

(c)Liquidating dividends

Any amount in said fund which is determined to be in excess of requirements for the purposes thereof shall be declared and paid as liquidating dividends to the Treasury, not less often than annually.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1956—Act July 25, 1956, amended section generally to establish the Community Disposal Operations Fund, to provide for its availability, and to require excess amounts to be paid as liquidating dividends to the Treasury. Former provisions of this section required that the net proceeds derived by the Commission from the disposal of property pursuant to this chapter were to be covered into the Treasury.

Statutory Notes and Related Subsidiaries

Transfer of Functions

Atomic Energy Commission abolished and functions transferred by section 5814 and 5841 of this title. See also

Transfer of Functions

notes set out under those sections.

§2311 Community Disposal Operations Fund

Summary

Title 42, §2311

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Transfer of Functions

Transfer of Functions

Citations & Metadata