
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 49USC44307]

 
                        TITLE 49--TRANSPORTATION
 
                     SUBTITLE VII--AVIATION PROGRAMS
 
                     PART A--AIR COMMERCE AND SAFETY
 
                           subpart iii--safety
 
                         CHAPTER 443--INSURANCE
 
Sec. 44307. Revolving fund

    (a) Existence, Disbursements, Appropriations, and Deposits.--(1) 
There is a revolving fund in the Treasury. The Secretary of the Treasury 
shall disburse from the fund payments to carry out this chapter.
    (2) Necessary amounts to carry out this chapter may be appropriated 
to the fund. The amounts appropriated and other amounts received in 
carrying out this chapter shall be deposited in the fund.
    (b) Investment.--On request of the Secretary of Transportation, the 
Secretary of the Treasury may invest any part of the amounts in the 
revolving fund in interest-bearing securities of the United States 
Government. The interest on, and the proceeds from the sale or 
redemption of, the securities shall be deposited in the fund.
    (c) Excess Amounts.--The balance in the revolving fund in excess of 
an amount the Secretary of Transportation determines is necessary for 
the requirements of the fund and for reasonable reserves to maintain the 
solvency of the fund shall be deposited at least annually in the 
Treasury as miscellaneous receipts.
    (d) Expenses.--The Secretary of Transportation shall deposit 
annually an amount in the Treasury as miscellaneous receipts to cover 
the expenses the Government incurs when the Secretary of Transportation 
uses appropriated amounts in carrying out this chapter. The deposited 
amount shall equal an amount determined by multiplying the average 
monthly balance of appropriated amounts retained in the revolving fund 
by a percentage that is at least the current average rate payable on 
marketable obligations of the Government. The Secretary of the Treasury 
shall determine annually in advance the percentage applied.

(Pub. L. 103-272, Sec. 1(e), July 5, 1994, 108 Stat. 1170.)

                                          Historical and Revision Notes
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---------------------------------
           Revised  Section                    Source (U.S. Code)              
 Source (Statutes at Large)
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---------------------------------
44307(a)..............................  49 App.:1536(a), (b).            Aug. 2
3, 1958, Pub. L. 85-726, Sec.
                                                                          1306(
a)-(d), 72 Stat. 803.
44307(b)..............................  49 App.:1536(f).                 Aug. 2
3, 1958, Pub. L. 85-726, 72 Stat.
                                                                          731, 
Sec.  1306(f); added Aug. 9,
                                                                          1975,
 Pub. L. 94-90, Sec.  1(a), 89
                                                                          Stat.
 439.
44307(c)..............................  49 App.:1536(c).
44307(d)..............................  49 App.:1536(d).
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---------------------------------

    In subsection (a)(1), the first sentence is added for clarity. The 
last sentence is substituted for 49 App.:1536(a) (last sentence) to 
eliminate unnecessary words and for consistency in the revised title.
    In subsection (a)(2), the words ``The amounts appropriated and other 
amounts received in carrying out this chapter'' are substituted for 
``Moneys appropriated by Congress to carry out the provisions of this 
subchapter and all moneys received from premiums, salvage, or other 
recoveries and all receipts in connection with this subchapter'' to 
eliminate unnecessary words.
    In subsection (b), the words ``any part'' are substituted for ``all 
or any part'' to eliminate unnecessary words. The words ``held in the 
revolving fund'' are omitted as surplus. The words ``deposited in'' are 
substituted for ``credited to and form a part of'' for consistency.
    In subsection (d), the words ``The Secretary of Transportation shall 
deposit annually an amount in the Treasury'' are substituted for 
``Annual payments shall be made by the Secretary to the Treasury of the 
United States'', the words ``The deposited amount shall equal an amount 
determined by multiplying'' are substituted for ``These payments shall 
be computed by applying to'', and the words ``a percentage that is at 
least the current average rate payable on marketable obligations of the 
Government'' are substituted for ``a percentage'' and ``Such percentage 
shall not be less than the current average rate which the Treasury pays 
on its marketable obligations'', for clarity.
