
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC12601]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
               CHAPTER 129--NATIONAL AND COMMUNITY SERVICE
 
    SUBCHAPTER I--NATIONAL AND COMMUNITY SERVICE STATE GRANT PROGRAM
 
  Division D--National Service Trust and Provision of National Service 
                           Educational Awards
 
Sec. 12601. Establishment of the National Service Trust


(a) Establishment

    There is established in the Treasury of the United States an account 
to be known as the National Service Trust. The Trust shall consist of--
        (1) from the amounts appropriated to the Corporation and made 
    available to carry out this division pursuant to section 12681(a)(2) 
    of this title, such amounts as the Corporation may designate to be 
    available for the payment of--
            (A) national service educational awards; and
            (B) interest expenses pursuant to section 12604(e) of this 
        title;

        (2) any amounts received by the Corporation as gifts, bequests, 
    devises, or otherwise pursuant to section 12651g(a)(2) of this 
    title; and
        (3) the interest on, and proceeds from the sale or redemption 
    of, any obligations held by the Trust.

(b) Investment of Trust

    It shall be the duty of the Secretary of the Treasury to invest in 
full the amounts appropriated to the Trust. Except as otherwise 
expressly provided in instruments concerning a gift, bequest, devise, or 
other donation and agreed to by the Corporation, such investments may be 
made only in interest-bearing obligations of the United States or in 
obligations guaranteed as to both principal and interest by the United 
States. For such purpose, such obligations may be acquired on original 
issue at the issue price or by purchase of outstanding obligations at 
the market price. Any obligation acquired by the Trust may be sold by 
the Secretary at the market price.

(c) Expenditures from Trust

    Amounts in the Trust shall be available, to the extent provided for 
in advance by appropriation, for payments of national service 
educational awards in accordance with section 12604 of this title.

(d) Reports to Congress on receipts and expenditures

    Not later than March 1 of each year, the Corporation shall submit a 
report to the Congress on the financial status of the Trust during the 
preceding fiscal year. Such report shall--
        (1) specify the amount deposited to the Trust from the most 
    recent appropriation to the Corporation, the amount received by the 
    Corporation as gifts, bequests, devises, or otherwise pursuant to 
    section 12651g(a)(2) of this title during the period covered by the 
    report, and any amounts obtained by the Trust pursuant to subsection 
    (a)(3) of this section;
        (2) identify the number of individuals who are currently 
    performing service to qualify, or have qualified, for national 
    service educational awards;
        (3) identify the number of individuals whose expectation to 
    receive national service educational awards during the period 
    covered by the report--
            (A) has been reduced pursuant to section 12603(c) of this 
        title; or
            (B) has lapsed pursuant to section 12602(d) of this title; 
        and

        (4) estimate the number of additional approved national service 
    positions that the Corporation will be able to make available under 
    division C of this subchapter on the basis of any accumulated 
    surplus in the Trust above the amount required to provide national 
    service educational awards to individuals identified under paragraph 
    (2), including any amounts available as a result of the 
    circumstances referred to in paragraph (3).

(Pub. L. 101-610, title I, Sec. 145, as added Pub. L. 103-82, title I, 
Sec. 102(a), Sept. 21, 1993, 107 Stat. 816.)


                            Prior Provisions

    A prior section 12601, Pub. L. 101-610, title I, Sec. 156, Nov. 16, 
1990, 104 Stat. 3156, related to authority of Commission on National and 
Community Service to make grants to States or Indian tribes for creation 
of innovative volunteer and community service programs, prior to repeal 
by Pub. L. 103-82, Sec. 104(a).
    A prior section 145 of Pub. L. 101-610 was classified to section 
12575 of this title prior to the general amendment of subtitle D of 
title I of Pub. L. 101-610 [former part D of this subchapter] by Pub. L. 
103-82, Sec. 102(a).


                             Effective Date

    Division effective Oct. 1, 1993, see section 123 of Pub. L. 103-82, 
set out as an Effective Date of 1993 Amendment note under section 1701 
of Title 16, Conservation.

                  Section Referred to in Other Sections

    This section is referred to in sections 12571, 12581 of this title.
