
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2250]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
          SUBCHAPTER V--FARM CREDIT ADMINISTRATION ORGANIZATION
 
             Part B--Farm Credit Administration Organization
 
Sec. 2250. Farm Credit Administration operating expenses fund


(a) Determinations required

                            (1) Generally

        Prior to the first day of each fiscal year, the Farm Credit 
    Administration shall determine--
            (A) the cost of administering this chapter for the 
        subsequent fiscal year, including expenses for official 
        functions;
            (B) the amount of assessments that will be required to pay 
        such administrative expenses, taking into consideration the 
        funds contained in the Administrative Expense Account, and 
        maintain a necessary reserve; and
            (C) the amount of assessments that will be required to pay 
        the costs of supervising and examining the Mortgage Corporation 
        established under subchapter VIII of this chapter.

                         (2) Apportionments

        On the basis of the determinations made under paragraph (1), the 
    Farm Credit Administration shall--
            (A) apportion the amount of the assessment described in 
        paragraph (1)(B) among the System institutions on a basis that 
        is determined to be equitable by the Farm Credit Administration;
            (B) assess and collect such apportioned amounts from time to 
        time during the fiscal year as determined necessary by the Farm 
        Credit Administration; and
            (C) assess and collect from the Mortgage Corporation, from 
        time to time during the fiscal year, the amount described in 
        paragraph (1)(C).

(b) Deposits into fund

                          (1) Treasury fund

        The amounts collected under subsection (a) of this section shall 
    be deposited in the Farm Credit Administration Administrative 
    Expense Account. The Expense Account shall be maintained in the 
    Treasury of the United States and shall be available, without 
    regard, for purposes of sequestration, to the Balanced Budget and 
    Emergency Deficit Control Act of 1985 [2 U.S.C. 900 et seq.], to pay 
    the expenses of the Farm Credit Administration.

                       (2) Nongovernment funds

        The funds contained in the Expense Account shall not be 
    construed to be Federal Government funds or appropriated moneys.

                           (3) Investment

        (A) Authority

            On request of the Farm Credit Administration, the Secretary 
        of the Treasury shall invest and reinvest such amounts contained 
        in the Expense Account as, in the determination of the Farm 
        Credit Administration, are in excess of the amounts necessary 
        for current expenses of the Farm Credit Administration.

        (B) Returns

            All income earned from such investments and reinvestments 
        shall be deposited in the Expense Account.

        (C) Type

            Such investments shall be made in public debt securities 
        with maturities suitable to the needs of the Expense Account, as 
        determined by the Farm Credit Administration, and bearing 
        interest at rates determined by the Secretary of the Treasury, 
        taking into consideration current market yields on outstanding 
        marketable obligations of the United States of comparable 
        maturities.

(Pub. L. 92-181, title V, Sec. 5.15, formerly Sec. 5.16, Dec. 10, 1971, 
85 Stat. 620; renumbered Sec. 5.15 and amended Pub. L. 99-205, title II, 
Secs. 201(5), 205(g)(6), Dec. 23, 1985, 99 Stat. 1690, 1707; Pub. L. 
100-233, title IV, Sec. 432(a), Jan. 6, 1988, 101 Stat. 1660; Pub. L. 
100-399, title IV, Sec. 416(a), (b), Aug. 17, 1988, 102 Stat. 1004; Pub. 
L. 102-552, title V, Sec. 510, Oct. 28, 1992, 106 Stat. 4132.)

                       References in Text

    The Balanced Budget and Emergency Deficit Control Act of 1985, 
referred to in subsec. (b)(1), is title II of Pub. L. 99-177, Dec. 12, 
1985, 99 Stat. 1038, as amended, which enacted chapter 20 (Sec. 900 et 
seq.) and sections 654 to 656 of Title 2, The Congress, amended sections 
602, 622, 631 to 642, and 651 to 653 of Title 2, sections 1104 to 1106, 
and 1109 of Title 31, Money and Finance, and section 911 of Title 42, 
The Public Health and Welfare, repealed section 661 of Title 2, enacted 
provisions set out as notes under section 900 of Title 2 and section 911 
of Title 42, and amended provisions set out as a note under section 621 
of Title 2. For complete classification of this Act to the Code, see 
Short Title note set out under section 900 of Title 2 and Tables.


                            Prior Provisions

    A prior section 5.15 of Pub. L. 92-181 was renumbered section 5.14 
and is classified to section 2249 of this title.


                               Amendments

    1992--Subsec. (b)(1). Pub. L. 102-552 inserted ``, for purposes of 
sequestration,'' after ``regard'' and struck out ``or any other law'' 
before ``, to pay the expenses''.
    1988--Pub. L. 100-233 amended section generally. Prior to amendment, 
section read as follows:
    ``(a) The Farm Credit Administration shall prior to the first day of 
each fiscal year estimate the cost of administrative expenses for the 
ensuing fiscal year in administering this chapter, including official 
functions, and shall apportion the amount so determined among the 
institutions of the System on such equitable basis as the Farm Credit 
Administration shall determine, and shall assess against and collect in 
advance the amounts so apportioned from the institutions among which the 
apportionment is made.
    ``(b) The amounts collected pursuant to subsection (a) of this 
section shall be covered into the Treasury, and credited to a special 
fund and, without regard to other law, shall be available to the Farm 
Credit Administration for expenditure during each fiscal year for 
salaries and expenses of the Farm Credit Administration. As soon as 
practicable after the end of each such fiscal year, the Farm Credit 
Administration shall determine, on a fair and reasonable basis, the cost 
of operation of the Farm Credit Administration and the part thereof 
which fairly and equitably should be allocated to each bank and 
association as its share of the cost during the fiscal year of the Farm 
Credit Administration. If the amount so allocated is greater than the 
amount collected from the bank or other institutions, the difference 
shall be collected from such bank or other institutions, and, if less, 
shall be refunded from the special fund to the bank or other 
institutions entitled thereto or credited in the special fund to such 
bank or other institutions for use for the same purposes in future 
fiscal years.''
    Subsec. (a)(2)(A). Pub. L. 100-399, Sec. 416(a), substituted ``the 
assessment described in paragraph (1)(B)'' for ``such assessment''.
    Subsec. (a)(2)(C). Pub. L. 100-399, Sec. 416(b), substituted 
``described'' for ``specified''.
    1985--Subsec. (b). Pub. L. 99-205, Sec. 205(g)(6), substituted ``the 
Farm Credit Administration'' for ``said Administration'' twice in first 
sentence, and for ``the Administration'' and ``such Administration'' in 
second sentence.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-399 effective as if enacted immediately 
after enactment of Pub. L. 100-233, which was approved Jan. 6, 1988, see 
section 1001(a) of Pub. L. 100-399, set out as a note under section 2002 
of this title.


                    Effective Date of 1985 Amendment

    Amendment by Pub. L. 99-205 effective thirty days after Dec. 23, 
1985, see section 401 of Pub. L. 99-205, set out as a note under section 
2001 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 2245, 2249, 2251 of this 
title.
