§ 2250. Farm Credit Administration operating expenses fund

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1971

   Farm Credit Act of 1971

   Pub. L. 92–181 title V § 5 · 85 Stat. 583

   Enacted · 12 U.S.C. § 2250

   Pub. L. 92–181, title V, § 5.15, formerly § 5.16, Dec. 10, 1971, 85 Stat. 620

   Source evidence

   Code source credit
   Pub. L. 92–181, title V, § 5.15, formerly § 5.16, Dec. 10, 1971, 85 Stat. 620

   Enacted provision · exact public law section
   (5) Acquire, hold, dispose, and otherwise exercise all the usual incidents of ownership of real and personal property necessary or convenient to its business.

2. 1985

   Farm Credit Amendments Act of 1985

   Pub. L. 99–205 § 205(g)(6) · 99 Stat. 1678

   Substituted · 12 U.S.C. § 2250(b)

   Pub. L. 99–205, § 205(g)(6), substituted “the Farm Credit Administration” for “said Administration” twice in first sentence, and for “the Administration” and “such Administration” in second sentence

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 99–205, § 205(g)(6), substituted “the Farm Credit Administration” for “said Administration” twice in first sentence, and for “the Administration” and “such Administration” in second sentence.

   Enacted provision · exact public law section
   (6) in section 5.15(b), as so redesignated by section 201(5)— Ante, p. 1690. 12 USC 2250. (A) striking out “said Administration” both places that phrase appears in the first sentence and inserting in lieu thereof “the Farm Credit Administration”; and (B) striking out “the Administration” and “such Administration” in the second sentence and inserting in lieu thereof “the Farm Credit Administration”.

3. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 title IV § 432(a) · 101 Stat. 1568

   Amended · 12 U.S.C. § 2250

   Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows:

   Source evidence

   Code amendment note
   Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows:

   “(a) The Farm Credit Administration shall prior to the first day of each fiscal year estimate the cost of administrative expenses for the ensuing fiscal year in administering this chapter, including official functions, and shall apportion the amount so determined among the institutions of the System on such equitable basis as the Farm Credit Administration shall determine, and shall assess against and collect in advance the amounts so apportioned from the institutions among which the apportionment is made. “(b) The amounts collected pursuant to subsection (a) of this section shall be covered into the Treasury, and credited to a special fund and, without regard to other law, shall be available to the Farm Credit Administration for expenditure during each fiscal year for salaries and expenses of the Farm Credit Administration. As soon as practicable after the end of each such fiscal year, the Farm Credit Administration shall determine, on a fair and reasonable basis, the cost of operation of the Farm Credit Administration and the part thereof which fairly and equitably should be allocated to each bank and association as its share of the cost during the fiscal year of the Farm Credit Administration. If the amount so allocated is greater than the amount collected from the bank or other institutions, the difference shall be collected from such bank or other institutions, and, if less, shall be refunded from the special fund to the bank or other institutions entitled thereto or credited in the special fund to such bank or other institutions for use for the same purposes in future fiscal years.”

   Enacted provision · exact public law section
   (a) Operating Expenses Fund.— Section 5.15 (12 U.S.C. 2249) is amended to read as follows: “SEC. 5.15. FARM CREDIT ADMINISTRATION OPERATING EXPENSES FUND. “(a) Determinations Required.— “(1) Generally.— Prior to the first day of each fiscal year, the Farm Credit Administration shall determine— “(A) the cost of administering this Act for the subsequent fiscal year, including expenses for official functions; “(B) the amount of assessments that will be required to pay such administrative expenses, taking into consideration the funds contained in the Administrative Expense Account, and maintain a necessary reserve; and “(C) the amount of assessments that will be required to pay the costs of supervising and examining the Mortgage Corporation established under title VIII. “(2) Apportionments.— On the basis of the determinations made under paragraph (1), the Farm Credit Administration shall— “(A) apportion the amount of such assessment among the System institutions on a basis that is determined to be equitable by the Farm Credit Administration; “(B) assess and collect such apportioned amounts from time to time during the fiscal year as determined necessary by the Farm Credit Administration; and “(C) assess and collect from the Mortgage Corporation, from time to time during the fiscal year, the amount specified in paragraph (1)(C). “(b) Deposits into Fund.— “(1) Treasury fund.— The amounts collected under subsection (a) shall be deposited in the Farm Credit Administration Administrative Expense Account. The Expense Account shall be maintained in the Treasury of the United States and shall be available, without regard to the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901 note) or any other law, to pay the expenses of the Farm Credit Administration. “(2) Nongovernment funds.— The funds contained in the Expense Account shall not be construed to be Federal Government funds or appropriated moneys. “(3) Investment.— “(A) Authority.— On request of the Farm Credit Administration, the Secretary of the Treasury shall invest and reinvest such amounts contained in the Expense Account as, in the determination of the Farm Credit Administration, are in excess of the amounts necessary for current expenses of the Farm Credit Administration. “(B) Returns.— All income earned from such investments and reinvestments shall be deposited in the Expense Account. “(C) Type.— Such investments shall be made in public debt securities with maturities suitable to the needs of the Expense Account, as determined by the Farm Credit Administration, and bearing interest at rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities.”.

   Effective date note
   Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

4. 1988

   Agricultural Credit Technical Corrections Act of 1988

   Pub. L. 100–399 § 416(a) · 102 Stat. 989

   Substituted · 12 U.S.C. § 2250(a)(2)(A)

   Pub. L. 100–399, § 416(a), substituted “the assessment described in paragraph (1)(B)” for “such assessment”

   Source evidence

   Code amendment note
   Subsec. (a)(2)(A). Pub. L. 100–399, § 416(a), substituted “the assessment described in paragraph (1)(B)” for “such assessment”.

   Enacted provision · exact public law section
   (a) Section 5.15(a)(2)(A) is amended by striking out “such assessment” and inserting in lieu thereof “the assessment described in paragraph (1)(B)”.

   Effective date note
   Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

5. 1988

   Agricultural Credit Technical Corrections Act of 1988

   Pub. L. 100–399 § 416(b) · 102 Stat. 989

   Substituted · 12 U.S.C. § 2250(a)(2)(C)

   Pub. L. 100–399, § 416(b), substituted “described” for “specified”

   Source evidence

   Code amendment note
   Subsec. (a)(2)(C). Pub. L. 100–399, § 416(b), substituted “described” for “specified”.

   Enacted provision · exact public law section
   (b) Section 5.15(a)(2)(C) is amended by striking out “specified” and inserting in lieu thereof “described”.

   Effective date note
   Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

6. 1992

   Farm Credit Banks and Associations Safety and Soundness Act of 1992

   Pub. L. 102–552 title V § 510 · 106 Stat. 4102

   1. Inserted · 12 U.S.C. § 2250(b)(1)

      Pub. L. 102–552 inserted “, for purposes of sequestration,” after “regard”

   2. Struck · 12 U.S.C. § 2250(b)(1)

      Pub. L. 102–552 struck out “or any other law” before “, to pay the expenses”

   Source evidence

   Code amendment note
   Subsec. (b)(1). Pub. L. 102–552 inserted “, for purposes of sequestration,” after “regard” and struck out “or any other law” before “, to pay the expenses”.

   Enacted provision · exact public law section
   SEC. 510. CLARIFICATION OF TREATMENT OF FARM CREDIT ADMINISTRATION OPERATING EXPENSES. Section 5.15(b)(1) (12 U.S.C. 2250(b)(1)) is amended— (1) by inserting “, for purposes of sequestration,” after “regard”; and (2) by striking “or any other law”.

7 of 7 references resolved to an enrolled provision