Page:United States Statutes at Large Volume 124.djvu/89

 124 STAT. 63 PUBLIC LAW 111–145—MAR. 4, 2010 (1) IN GENERAL.—Except as otherwise provided in this sub- section, the Corporation may impose an annual assessment on United States members of the international travel and tourism industry (other than those described in subsection (b)(2)(A)(iii) or (H)) represented on the Board in proportion to their share of the aggregate international travel and tourism revenue of the industry. The Corporation shall be responsible for verifying, implementing, and collecting the assessment authorized by this subsection. (2) INITIAL ASSESSMENT LIMITED.—The Corporation may establish the initial assessment after the date of enactment of this section at no greater, in the aggregate, than $20,000,000. (3) REFERENDA.— (A) IN GENERAL.—The Corporation may not impose an annual assessment unless— (i) the Corporation submits the proposed annual assessment to members of the industry in a ref- erendum; and (ii) the assessment is approved by a majority of those voting in the referendum. (B) PROCEDURAL REQUIREMENTS.—In conducting a ref- erendum under this paragraph, the Corporation shall— (i) provide written or electronic notice not less than 60 days before the date of the referendum; (ii) describe the proposed assessment or increase and explain the reasons for the referendum in the notice; and (iii) determine the results of the referendum on the basis of weighted voting apportioned according to each business entity’s relative share of the aggregate annual United States international travel and tourism revenue for the industry per business entity, treating all related entities as a single entity. (4) COLLECTION.— (A) IN GENERAL.—The Corporation shall establish a means of collecting the assessment that it finds to be efficient and effective. The Corporation may establish a late payment charge and rate of interest to be imposed on any person who fails to remit or pay to the Corporation any amount assessed by the Corporation under this section. (B) ENFORCEMENT.—The Corporation may bring suit in Federal court to compel compliance with an assessment levied by the Corporation under this section. (5) INVESTMENT OF FUNDS.—Pending disbursement pursu- ant to a program, plan, or project, the Corporation may invest funds collected through assessments, and any other funds received by the Corporation, only in obligations of the United States or any agency thereof, in general obligations of any State or any political subdivision thereof, in any interest- bearing account or certificate of deposit of a bank that is a member of the Federal Reserve System, or in obligations fully guaranteed as to principal and interest by the United States. (g) OFFICE OF TRAVEL PROMOTION.—Title II of the International Travel Act of 1961 (22 U.S.C. 2121 et seq.) is amended by inserting after section 201 the following: Notice. Deadline.