Page:United States Statutes at Large Volume 104 Part 5.djvu/296

 104 STAT. 3618 PUBLIC LAW 101-624—NOV. 28, 1990 (e) ENTITLEMENTS.—The Secretary is entitled to receive funds, and shall receive funds, from the Secretary of the Treasury in an amount equal to the total par-value of the stock issued to the Secretary of the Treasury. Each State trust fund is entitled to receive, and the Secretary of Agriculture shall promptly pay to each such trust fund, amounts calculated under procedures described in section (b). (f) REGULATIONS. — The Secretary shall promulgate proposed and final regulations, under the prior public comment provisions of section 553 of title 5, United States Code, setting forth— (1) the application procedures for eligible States; (2) the factors to be used in approving applicants; (3) procedures for the prompt payment of the obligations of the Secretary under section (b); Reporting and (4) recordkeeping requirements for approved State trust recordkeeping funds; requirements. (5) requirements to prevent program abuse and procedures to recover improperly obtained funds; (6) rules permitting State trust funds to act as revolving funds or to otherwise accumulate additional capital, based on investments, to be subsequently used to promote the purposes of this chapter; and (7) any other rules necessary and appropriate to carry out this program. (g) DURATION OF PROGRAM.—The program established under this chapter shall expire on September 30, 1996, except that any financial obligations of the Secretary shall continue to be met as required by this chapter. SEC. 1467. FEDERAL ACCOUNTS. To carry out the purposes of this chapter, the Secretary may establish in the Treasury of the United States an account, to be known as the "Agricultural Resource Conservation Revolving Fund" (hereinafter referred to in this chapter as the "Fund"), for the use by the Secretary to meet the obligations of the Secretary under this chapter. SEC. 1468. APPLICATIONS AND ADMINISTRATION. (a) APPLICATIONS. — In applying for assistance under this chapter an eligible State shall— (1) prepare and submit, to the Secretary, an application at such time, in such manner, and containing such information as the Secretary shall require; (2) agree that the State trust fund will use any Funds provided by the Secretary under this chapter in a manner which is consistent with the chapter and the regulations promulgated by the Secretary; and (3) agree to comply with any other requirements set forth in agreements with the Secretary or as the Secretary may prescribe by regulation. O3) ANNUAL APPLICATIONS.—E li gible States may apply for Federal assistance under this chapter on an annual basis. (c) MATCH AND MAXIMUM AMOUNT.— The total amount of any guarantees provided by the Secretary under this program shall not exceed an amount that is equal to double the amount that each eligible State shall make available for acquiring interests in land to protect and preserve important farmlands for future agricultural

�