§ 4022. — Asbestos Trust Fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 20USC4022]
TITLE 20--EDUCATION
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(2) Repealed.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.
