Page:United States Statutes at Large Volume 122.djvu/1171

 12 2 STA T . 11 48PUBLIC LA W 11 0– 2 3 4 —M A Y 22, 2008 ‘ ‘ (B)inatle a s t 15S tates . ‘‘( 2 ) CO O RDINAT ION. —Th eSe cr etar y shall op erate the pilot pro g ra m thro u gh , an d in coordination w ith the f arm loan pro - grams of, the F arm Ser v ice A gency. ‘‘( 3 ) RES ER V E FU NDS.— ‘‘(A) I N G ENERA L .—A q ualified entity carrying out a demonstration program under this section shall esta b lish a reserve fund consisting of a non-Federal match of 5 0 percent of the total amount of the grant awarded to the demonstration program under this section. ‘‘(B) FEDERAL FUNDS.—After the qualified entity has deposited the non-Federal matching funds described in subparagraph (A) in the reserve fund, the Secretary shall provide the total amount of the grant awarded under this section to the demonstration program for deposit in the reserve fund. ‘‘(C) U SE OF FUNDS.— O f the funds deposited under subparagraph (B) in the reserve fund established for a demonstration program, the qualified entity carrying out the demonstration program— ‘‘(i) may use up to 10 percent for administrative e x penses and ‘‘(ii) shall use the remainder in ma k ing matching awards described in paragraph ( 4 )(B)(ii)(I). ‘‘( D ) INTEREST.—Any interest earned on amounts in a reserve fund established under subparagraph (A) may be used by the qualified entity as additional matching funds for, or to administer, the demonstration program. ‘‘( E ) G UIDAN C E.—The Secretary shall issue guidance regarding the investment requirements of reserve funds established under this paragraph. ‘‘(F) REVERSION.—On the date on which all funds remaining in any individual development account estab- lished by a qualified entity have reverted under paragraph (5)(B)(ii) to the reserve fund established by the qualified entity, there shall revert to the Treasury of the United States a percentage of the amount (if any) in the reserve fund equal to— ‘‘(i) the amount of Federal funds deposited in the reserve fund under subparagraph (B) that were not used for administrative expenses; divided by ‘‘(ii) the total amount of funds deposited in the reserve fund. ‘‘(4) INDIVIDUAL DEVELO PM ENT ACCOUNTS.— ‘‘(A) IN GENERAL.—A qualified entity receiving a grant under this section shall establish and administer individual development accounts for eligible participants. ‘‘(B) CONTRACT RE Q UIREMENTS.—To be eligible to receive funds under this section from a qualified entity, an eligible participant shall enter into a contract with only 1 qualified entity under which— ‘‘(i) the eligible participant agrees— ‘‘(I) to deposit a certain amount of funds of the eligible participant in a personal savings account, as prescribed by the contractual agree- ment between the eligible participant and the qualified entity;

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