§694c. Revolving fund for surety bond guarantees

(a) There is created within the Treasury a separate fund for guarantees which shall be available to the Administrator without fiscal year limitation as a revolving fund for the purposes of this part. All amounts received by the Administrator, including any moneys, property, or assets derived by him from his operations in connection with this part, shall be deposited in the fund. All expenses and payments, excluding administrative expenses, pursuant to operations of the Administrator under this part shall be paid from the fund.

(b) Such sums as may be appropriated to the Fund to carry out the programs authorized by this part shall be without fiscal year limitation.

(Pub. L. 85–699, title IV, §412, as added Pub. L. 93–386, §6(a)(4), Aug. 23, 1974, 88 Stat. 747 ; amended Pub. L. 94–305, title I, §113, June 4, 1976, 90 Stat. 667 ; Pub. L. 95–14, §4, Mar. 24, 1977, 91 Stat. 25 ; Pub. L. 95–89, title I, §105, Aug. 4, 1977, 91 Stat. 556 ; Pub. L. 96–302, title I, §111, July 2, 1980, 94 Stat. 837 ; Pub. L. 100–590, title II, §208, Nov. 3, 1988, 102 Stat. 3009 .)

Editorial Notes

Amendments

1988-Pub. L. 100–590 designated existing provisions as subsec. (a) and added subsec. (b).

1980-Pub. L. 96–302 repealed investment of idle funds provision, which is covered in section 694–2 of this title.

1977-Pub. L. 95–89 prohibited payment of administrative expenses from the fund and deleted provisions which authorized: a $110,000,000 appropriation of capital for the fund; and payment during the fiscal year into the Treasury as miscellaneous receipts, from the fund, of interest on the cumulative amount of appropriations available as capital to the fund less the average undisbursed cash balance in the fund during the year.

Pub. L. 95–14 substituted "$110,000,000" for "$56,500,000".

1976-Pub. L. 94–305 substituted "$56,500,000" for "$35,000,000".

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by Pub. L. 100–590 effective on expiration of 180 days after Nov. 3, 1988, see section 209 of Pub. L. 100–590, set out as an Effective and Termination Dates of 1988 Amendment note under section 694b of this title.

Effective Date of 1980 Amendment

Amendment by Pub. L. 96–302 effective Oct. 1, 1980, see section 507 of Pub. L. 96–302, set out as a note under section 631 of this title.

Effective Date of 1977 Amendment

Amendment by Pub. L. 95–89 effective Oct. 1, 1977, see section 106 of Pub. L. 95–89, set out as a note under section 633 of this title.