
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 7USC5908]

 
                          TITLE 7--AGRICULTURE
 
                          CHAPTER 88--RESEARCH
 
 SUBCHAPTER VI--ALTERNATIVE AGRICULTURAL RESEARCH AND COMMERCIALIZATION
 
Sec. 5908. Alternative Agricultural Research and 
        Commercialization Revolving Fund
        

(a) Establishment

    There is established in the Treasury of the United States a 
revolving fund to be known as the Alternative Agricultural Research and 
Commercialization Revolving Fund. The Fund shall be available to the 
Corporation, without fiscal year limitation, to carry out this 
subchapter.

(b) Contents of Fund

    There shall be deposited in the Fund--
        (1) such amounts as may be appropriated or transferred to 
    support programs and activities of the Corporation;
        (2) payments received from any source for products, services, or 
    property furnished in connection with the activities of the 
    Corporation;
        (3) fees and royalties collected by the Corporation from 
    licensing or other arrangements relating to commercialization of 
    products developed through projects funded in whole or part by 
    grants, contracts, or cooperative agreements executed by the 
    Corporation;
        (4) proceeds from the sale of assets, loans, and equity 
    interests made in furtherance of the purposes of the Corporation;
        (5) donations or contributions accepted by the Corporation to 
    support authorized programs and activities; and
        (6) any other funds acquired by the Corporation.

(c) Funding allocations

    Funding of projects and activities under this subchapter shall be 
subject to the following restrictions:
        (1) Of the total amount of funds made available for a fiscal 
    year under this subchapter--
            (A) not more than the lesser of 15 percent or $3,000,000 may 
        be set aside to be used for authorized administrative expenses 
        of the Corporation;
            (B) not more than 1 percent may be set aside to be used for 
        generic studies and specific reviews of individual proposals for 
        financial assistance; and
            (C) except as provided in subsection (e) of this section, 
        not less than 84 percent shall be set aside to be awarded to 
        qualified applicants who file project applications with, or 
        respond to requests for proposals from, the Corporation under 
        sections 5904 and 5905 of this title.

        (2) Any funds remaining uncommitted at the end of a fiscal year 
    shall be credited to the Fund and added to the total program funds 
    available to the Corporation for the next fiscal year.

(d) Authorized administrative expenses

    For the purposes of this section, authorized administrative expenses 
shall include all ordinary and necessary expenses, including all 
compensation for personnel and consultants, expenses for computer usage, 
or space needs of the Corporation and similar expenses. Funds authorized 
for administrative expenses shall not be available for the acquisition 
of real property.

(e) Project monitoring

    The Corporate Board may establish, in the bylaws of the Corporate 
Board, that a percentage (which shall not exceed 1 percent) of the funds 
provided under subsection (c) of this section for any commercialization 
project shall be expended to ensure that project funds are being 
utilized in accordance with the project agreement.

(f) Termination of Fund

    On expiration of the authority provided by this subchapter, all 
assets (after payment of all outstanding obligations) of the Fund shall 
revert to the general fund of the Treasury.

(g) Authorization of appropriations; capitalization

                 (1) Authorization of appropriation

        There are authorized to be appropriated to the Fund $75,000,000 
    for each of fiscal years 1996 through 2002.

                         (2) Capitalization

        The Executive Director may pay in as capital of the Corporation, 
    out of dollar receipts made available through annual appropriations, 
    $75,000,000 for each of fiscal years 1996 through 2002. On the 
    payment of an amount of capital by the Executive Director, the 
    Corporation shall issue an equivalent amount of capital stock to the 
    Secretary of the Treasury.

                            (3) Transfer

        All obligations, assets, and related rights and responsibilities 
    of the former Alternative Agricultural Research and 
    Commercialization Center established under former section 5902 of 
    this title (as in effect on the day before April 4, 1996) are 
    transferred to the Corporation.

(Pub. L. 101-624, title XVI, Sec. 1664, Nov. 28, 1990, 104 Stat. 3766; 
Pub. L. 104-127, title VII, Sec. 728, Apr. 4, 1996, 110 Stat. 1120.)

                       References in Text

    Former section 5902 of this title, referred to in subsec. (g)(3), 
means section 5902 of this title as in effect before the general 
amendment of that section by Pub. L. 104-127, title VII, Sec. 722(a), 
Apr. 4, 1996, 110 Stat. 1113.


                               Amendments

    1996--Pub. L. 104-127 amended section generally, substituting 
present provisions for provisions providing for establishment of 
Alternative Agricultural Research and Commercialization Revolving Fund, 
including provisions relating to contents of Fund, funding allocations, 
termination of Fund, and authorization of appropriations.
