
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: 7USC2009d]

 
                          TITLE 7--AGRICULTURE
 
                     CHAPTER 50--AGRICULTURAL CREDIT
 
            SUBCHAPTER V--RURAL COMMUNITY ADVANCEMENT PROGRAM
 
Sec. 2009d. Rural Development Trust Fund


(a) Establishment

    There is established in the Treasury of the United States a trust 
fund which shall be known as the Rural Development Trust Fund (in this 
subchapter referred to as the ``Trust Fund'').

(b) Accounts

    There are established in the Trust Fund the following accounts:
        (1) The rural community facilities account.
        (2) The rural utilities account.
        (3) The rural business and cooperative development account.
        (4) The national reserve account.
        (5) The federally recognized Indian tribe account.

(c) Deposits into accounts

    Notwithstanding any other provision of law, each fiscal year--
        (1) all amounts made available to carry out the authorities 
    described in subsection (d)(1) of this section for the fiscal year 
    shall be deposited into the rural community facilities account of 
    the Trust Fund;
        (2) all amounts made available to carry out the authorities 
    described in subsection (d)(2) of this section for the fiscal year 
    shall be deposited into the rural utilities account of the Trust 
    Fund; and
        (3) all amounts made available to carry out the authorities 
    described in subsection (d)(3) of this section for the fiscal year 
    shall be deposited into the rural business and cooperative 
    development account of the Trust Fund.

(d) Function categories

    The function categories described in this subsection are the 
following:

                   (1) Rural community facilities

        The rural community development category consists of all amounts 
    made available for--
            (A) community facility direct and guaranteed loans under 
        section 1926(a)(1) of this title; or
            (B) community facility grants under paragraph (19), (20), or 
        (21) of section 1926(a) of this title.

                         (2) Rural utilities

        The rural utilities category consists of all amounts made 
    available for--
            (A) water or waste disposal grants or direct or guaranteed 
        loans under paragraph (1) or (2) of section 1926(a) of this 
        title;
            (B) rural water or wastewater technical assistance and 
        training grants under section 1926(a)(14) of this title;
            (C) emergency community water assistance grants under 
        section 1926a of this title; or
            (D) solid waste management grants under section 1932(b) of 
        this title.

           (3) Rural business and cooperative development

        The rural business and cooperative development category consists 
    of all amounts made available for--
            (A) rural business opportunity grants under section 
        1926(a)(11)(A) of this title;
            (B) business and industry direct and guaranteed loans under 
        section 1932(a)(1) of this title; or
            (C) rural business enterprise grants or rural educational 
        network grants under section 1932(c) of this title.

(e) National reserve account

                     (1) Transfers into account

        (A) Initial transfer

            Each fiscal year, the Secretary shall transfer to the 
        national reserve account of the Trust Fund from each account 
        specified in subsection (c) of this section not more than the 
        applicable percentage of the amount deposited in each such 
        account for the fiscal year under subsection (c) of this 
        section.

        (B) Repooling of unobligated funds allocated among the States

            Not earlier than July 15 of each fiscal year, the Secretary 
        shall transfer to the national reserve account from each account 
        specified in subsection (c) of this section any amount in the 
        account that is allocated for any State, and has not been 
        obligated by the State director or obligated for specific 
        approved projects in the State.

                               (2) Use

        The Secretary may use amounts in the national reserve account of 
    the Trust Fund, pursuant to any authority described in subsection 
    (d) of this section--
            (A) in the case of a fiscal year other than fiscal year 2001 
        or 2002--
                (i) to meet situations of exceptional need;
                (ii) to meet emergency situations; or
                (iii) to provide funds to entities whose applications 
            for funds provided under this subchapter have been approved 
            and who have not received funds sufficient to meet the needs 
            of the projects described in the applications; or

            (B) in the case of fiscal years 2001 and 2002--
                (i) to meet situations of exceptional need; or
                (ii) to meet emergency situations.

                (3) ``Applicable percentage'' defined

        In paragraph (1), the term ``applicable percentage'' means, with 
    respect to a fiscal year--
            (A) 15 percent for fiscal year 1997;
            (B) 12.5 percent for fiscal year 1998;
            (C) 10 percent for fiscal year 1999;
            (D) 7.5 percent for fiscal year 2000;
            (E) 5 percent for fiscal year 2001; and
            (F) 5 percent for fiscal year 2002.

(f) Federally recognized Indian tribe account

                     (1) Transfers into account

        Each fiscal year, the Secretary shall transfer to the federally 
    recognized Indian tribe account of the Trust Fund 3 percent of the 
    amount deposited into the Trust Fund for the fiscal year under 
    subsection (d) of this section.

                          (2) Use of funds

        The Secretary shall make available to federally recognized 
    Indian tribes the amounts in the federally recognized Indian tribe 
    account for use pursuant to any authority described in subsection 
    (d) of this section.

(g) Allocation among States

    The Secretary shall allocate the amounts in each account specified 
in subsection (c) of this section among the States in a fair, 
reasonable, and appropriate manner that takes into consideration rural 
population, levels of income, unemployment, and other relevant factors, 
as determined by the Secretary.

(h) Availability of funds allocated for States

    The Secretary shall make available to each State the total amount 
allocated for the State under subsection (g) of this section that 
remains after applying section 2009f of this title.

(Pub. L. 87-128, title III, Sec. 381E, as added Pub. L. 104-127, title 
VII, Sec. 761, Apr. 4, 1996, 110 Stat. 1140; amended Pub. L. 105-86, 
title III, Nov. 18, 1997, 111 Stat. 2094; Pub. L. 106-472, title III, 
Secs. 304(b), 305(b), Nov. 9, 2000, 114 Stat. 2071.)


                               Amendments

    2000--Subsec. (d)(1)(B). Pub. L. 106-472, Sec. 305(b), substituted 
``paragraph (19), (20), or (21)'' for ``paragraph (19) or (20)''.
    Pub. L. 106-472, Sec. 304(b), substituted ``paragraph (19) or (20) 
of section 1926(a)'' for ``section 1926(a)(19)''.
    1997--Subsec. (d)(3)(B). Pub. L. 105-86 inserted ``direct and'' 
after ``business and industry''.

                  Section Referred to in Other Sections

    This section is referred to in sections 2009e, 2009f of this title.
