Page:United States Statutes at Large Volume 118.djvu/1564

 118 STAT. 1534 PUBLIC LAW 108–357—OCT. 22, 2004 shall use amounts in the Tobacco Trust Fund, in such amounts as the Secretary determines are necessary— (A) to make payments under sections 622 and 623; (B) to provide reimbursement under section 641(c); (C) to reimburse the Commodity Credit Corporation for costs incurred by the Commodity Credit Corporation under paragraph (2); and (D) to make payments to financial institutions to sat isfy contractual obligations under section 622 or 623. (2) EXPENDITURES BY COMMODITY CREDIT CORPORATION.— Notwithstanding any other provision of law, the Secretary shall use the funds, facilities, and authorities of the Commodity Credit Corporation to make payments described in paragraph (1). Not later than January 1, 2015, the Secretary shall use amounts in the Tobacco Trust Fund to fully reimburse, with interest, the Commodity Credit Corporation for all funds of the Commodity Credit Corporation expended under the authority of this paragraph. Administrative costs incurred by the Secretary or the Commodity Credit Corporation to carry out this title may not be paid using amounts in the Tobacco Trust Fund. (c) INVESTMENT OF AMOUNTS.— (1) IN GENERAL.—The Commodity Credit Corporation shall invest such portion of the amounts in the Tobacco Trust Fund as are not, in the judgment of the Commodity Credit Corpora tion, required to meet current expenditures. (2) INTEREST BEARING OBLIGATIONS.—Investments may be made only in interest bearing obligations of the United States. (3) ACQUISITION OF OBLIGATIONS.—For the purpose of investments under paragraph (1), obligations may be acquired— (A) on original issue at the issue price; or (B) by purchase of outstanding obligations at the market price. (4) SALE OF OBLIGATIONS.—Any obligation acquired by the Tobacco Trust Fund may be sold by the Commodity Credit Corporation at the market price. (5) CREDITS TO FUND.—The interest on, and the proceeds from the sale or redemption of, any obligations held in the Tobacco Trust Fund shall be credited to and form a part of the Fund. SEC. 627. LIMITATION ON TOTAL EXPENDITURES. The total amount expended by the Secretary from the Tobacco Trust Fund to make payments under sections 622 and 623 and for the other authorized purposes of the Fund shall not exceed $10,140,000,000. Subtitle C—Implementation and Transition SEC. 641. TREATMENT OF TOBACCO LOAN POOL STOCKS AND OUT STANDING LOAN COSTS. (a) DISPOSAL OF STOCKS.—To provide for the orderly disposition of quota tobacco held by an association that has entered into a loan agreement with the Commodity Credit Corporation under sec tion 106A or 106B of the Agricultural Act of 1949 (7 U.S.C. 1445– 7 USC 519. 7 USC 518f. Deadline.

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