Page:United States Statutes at Large Volume 101 Part 2.djvu/832

 101 STAT. 1330-38

PUBLIC LAW 100-203—DEC. 22, 1987

Secretary shall ratably reduce the amounts that guaranty agencies are directed to eliminate under paragraph (2), so that the total excess cash reserves to be eliminated equals $250,000,000. "(5) DEFINITIONS.—As used in this subsection— "(A) the 'cash reserves' for any guaranty agency for any fiscal year are equal to the agency's cumulative cash receipts less the agency's cumulative cash disbursements at the end of such fiscal year; "(B) the 'total reserves' for any guaranty agency for any fiscal year are equal to the agency's cash reserves plus the agency's cumulative accounts receivable less the agency's accounts payable, as of the end of such fiscal year; "(C) the term 'cumulative cash receipts' includes such receipts as insurance premiums. Federal reinsurance payments, and collections on defaulted loans; "(D) the term 'cumulative cash disbursements' includes such disbursements as payments for default claims, repayment of Federal advances, transfers to other State activities, and payment of collection costs and other operating costs; "(E) the term 'accounts receivable' includes Federal reinsurance payments and administrative cost allowances owed but not yet paid to the guaranty agency, as of the end of a fiscal year; and "(F) the term 'accounts payable' includes collections and reinsurance fees due (hut not paid) to the Department of Education, as of the end of a fiscal year.". Ob) CONFORMING AMENDMENTS.—

(1) The second sentence of section 428(c)(l)(A) of such Act (20 U.S.C. 1078(c)(l)(A)) is amended by striking out "shall be deemed" and inserting "shall, subject to section 422(e), be deemed". (2) Section 428(c)(9)(A) of such Act is amended by striking out "an amount equal to" and inserting "an amount, subject to section 422(e), equal to". (3) The second sentence of section 428(fKlXB) of such Act is amended by striking out "shall be deemed" and inserting "shall, subject to section 422(e), be deemed". SEC. 3002. REPEAL.

(a) IN GENERAL.—Subsection (e) of section 422 of the Higher Education Act of 1965 (20 U.S.C. 1072) is repealed on September 30, 1989. 0)) CONFORMING AMENDMENTS.—

(1) Effective September 30, 1989, the second sentence of section 428(c)(l)(A) of such Act (20 U.S.C. 1078(c)(l)(A)) is amended by striking out "shall, subject to section 422(e), be deemed" and inserting "shall be deemed". (2) Effective September 30, 1989, section 428(c)(9)(A) of such Act is amended by striking out "an amount, subject to section 422(e), equal to" and inserting "an amount equal to". (3) Effective September 30, 1989, the second sentence of section 428(f)(l)(B) of such Act is amended by striking out "shall, subject to section 422(e), be deemed" and inserting "shall be deemed".

�