 
               CHAPTER 52--EDUCATION FOR ECONOMIC SECURITY
 
             SUBCHAPTER V--ASBESTOS SCHOOL HAZARD ABATEMENT
 
Sec. 4022. Asbestos Trust Fund


(a) Creation of Trust Fund

    There is established in the Treasury of the United States a trust 
fund to be known as the ``Asbestos Trust Fund'', consisting of such 
amounts as may be transferred or credited to such Trust Fund as provided 
in this section.

(b) Transfers to Trust Fund

                            (1) Transfer

        There are hereby transferred to the Asbestos Trust Fund amounts 
    equivalent to--
            (A) amounts received in the Treasury on or after January 1, 
        1987, as repayments of loans made under section 4014 of this 
        title,
            (B) amounts received as deposits from local educational 
        agencies under section 2647(a) of title 15, and
            (C) amounts received as proceeds from any judgment recovered 
        in any suit brought pursuant to section 4017(a)(1) of this 
        title.

                        (2) Monthly transfers

        The amounts transferred by paragraph (1) shall be transferred at 
    least monthly from the general fund of the Treasury to the Asbestos 
    Trust Fund on the basis of estimates made by the Secretary of the 
    Treasury of the amounts referred to in such paragraph. Adjustments 
    shall be made in the amounts subsequently transferred to the extent 
    prior estimates were more or less than the amounts required to be 
    transferred.

(c) Management of Trust Fund

                           (1) Investment

        (A) In general

            The Secretary of the Treasury shall invest such portion of 
        the Asbestos Trust Fund as is not, in his judgment, required to 
        meet current withdrawals. Such investments may be made only in 
        interest-bearing obligations of the United States and may be 
        acquired--
                (i) on original issue at the issue price, or
                (ii) by purchase of outstanding obligations at the 
            market price.

        (B) Sale of obligations

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

        (C) Interest on certain proceeds

            The interest on, and the proceeds from the sale or 
        redemption of, any obligations held in the Asbestos Trust Fund 
        shall be credited to and form a part of the Trust Fund.

     (2) Repealed. Pub. L. 104-66, title I, Sec. 1131(c), Dec. 
                           21, 1995, 109 Stat. 725

(d) Expenditures from Asbestos Trust Fund

    Amounts in the Asbestos Trust Fund shall be available, as provided 
by appropriation Acts, only for purposes of carrying out the Asbestos 
Hazards Abatement Assistance Program under section 4014 of this title.

(e) Authority to borrow

                           (1) In general

        There are authorized to be appropriated to the Asbestos Trust 
    Fund, as repayable advances, $25,000,000 for each of fiscal years 
    1987, 1988, 1989, and 1990.

                      (2) Repayment of advances

        (A) In general

            Advances made under this subsection shall be repaid, and 
        interest on such advances shall be paid, to the general fund of 
        the Treasury when the Secretary determines that moneys are 
        available for such purposes in the Asbestos Trust Fund.

        (B) Rate of interest

            Interest on advances made under this subsection shall be at 
        a rate determined by the Secretary (as of the close of the 
        calendar month preceding the month in which the advance is made) 
        to be equal to the current average market yield on outstanding 
        marketable obligations of the United States with remaining 
        periods to maturity comparable to the anticipated period during 
        which the advance will be outstanding and shall be compounded 
        annually.

(f) Effective date

    The amendments made by this section shall take effect on January 1, 
1986.

(Pub. L. 99-519, Sec. 5, Oct. 22, 1986, 100 Stat. 2990; Pub. L. 101-637, 
Sec. 12, Nov. 28, 1990, 104 Stat. 4593; Pub. L. 104-66, title I, 
Sec. 1131(c), Dec. 21, 1995, 109 Stat. 725.)

                          Codification

    Section was enacted as part of the Asbestos Hazard Emergency 
Response Act of 1986, and not as part of the Asbestos School Hazard 
Abatement Act of 1984 which comprises this subchapter nor as part of the 
Education for Economic Security Act which comprises this chapter.


                               Amendments

    1995--Subsec. (c)(2). Pub. L. 104-66 struck out heading and text of 
par. (2). Text read as follows: ``It shall be the duty of the Secretary 
of the Treasury to hold the Asbestos Trust Fund and to report to the 
Congress each year on the financial condition and the results of the 
operations of the Trust Fund during the preceding fiscal year and on its 
expected condition and operations during the next 5 fiscal years.''
    1990--Subsec. (b)(1). Pub. L. 101-637, Sec. 12(a), substituted a 
comma for ``as in effect on October 22, 1986, and'' in subpar. (A) and 
``, and'' for period at end of subpar. (B), and added subpar. (C).
    Subsec. (d). Pub. L. 101-637, Sec. 12(b), struck out before period 
at end ``as in effect on October 22, 1986''.

                  Section Referred to in Other Sections

    This section is referred to in sections 4014, 4017, 4021 of this 
title; title 15 section 2647.
