Page:United States Statutes at Large Volume 100 Part 4.djvu/62

 100 STAT. 2990

20 USC 4011.

20 USC 4022.

PUBLIC LAW 99-519—OCT. 22, 1986

(3) In determining which local educational agencies to approve grants for, the Administrator shall take into account the financial need of the agency. Of the amount available under the Asb^tos School Hazard Abatement Act of 1984 for fiscal years 1988 and 1989, not more than 10 percent may be obligated for the purposes described in this subsection. SEC. 5. 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.—

20 USC 4014.

(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 505 of the Asbestos School Hazard Abatement Act of 1984 (Public Law 98-377; 20 U.S.C. 4011 et seq.) as in effect on the date of I ac: the enactment of this Act, and (B) amounts received as deposits from local educational agencies under section 207(a) of the Toxic Substances Control Act (as added by section 2 of this Act). (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— .mi^ \M} O S (i) on original issue at the issue price, or %•: t>A t. v:,,. (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.
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(C) INTEREST ON CERTAIN PROCEEDS.—The interest on, and

held in the Asbestos Trust Fund shall be credited to and form a part of the Trust Fund. (2) REPORT.—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. (d) EXPENDITURES FROM ASBESTOS TRUST FUND.—Amounts in the
 * ^® proceeds from the sale or redemption of, any obligations

,m-gi:. 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 505 of the Asbestos School

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