Title 15 — Commerce and Trade
Chapter 113 — Concrete Masonry Products Research, Education, and Promotion
§ 8715. Limitations on obligation of funds
Statutory text
In general
In each fiscal year of the covered period, the Board may not obligate an amount greater than the sum of—
73 percent of the amount of assessments estimated to be collected under section 8705 of this title in such fiscal year;
73 percent of the amount of assessments actually collected under section 8705 of this title in the most recent fiscal year for which an audit report has been submitted under section 8704(f)(2)(B) of this title as of the beginning of the fiscal year for which the amount that may be obligated is being determined, less the estimate made pursuant to paragraph (1) for such most recent fiscal year; and
amounts permitted in preceding fiscal years to be obligated pursuant to this subsection that have not been obligated.
Excess amounts deposited in escrow account
Assessments collected under section 8705 of this title in excess of the amount permitted to be obligated under subsection (a) in a fiscal year shall be deposited in an escrow account for the duration of the covered period.
Treatment of amounts in escrow account
During the covered period, the Board may not obligate, expend, or borrow against amounts required under subsection (b) to be deposited in the escrow account. Any interest earned on such amounts shall be deposited in the escrow account and shall be unavailable for obligation for the duration of the covered period.
Release of amounts in escrow account
After the covered period, the Board may withdraw and obligate in any fiscal year an amount in the escrow account that does not exceed ⅕ of the amount in the escrow account on the last day of the covered period.
Special rule for estimates for particular fiscal years
Rule
For purposes of subsection (a)(1), the amount of assessments estimated to be collected under section 8705 of this title in a fiscal year specified in paragraph (2) shall be equal to 62 percent of the amount of assessments actually collected under such section in the most recent fiscal year for which an audit report has been submitted under section 8704(f)(2)(B) of this title as of the beginning of the fiscal year for which the amount that may be obligated is being determined.
Fiscal years specified
The fiscal years specified in this paragraph are the 9th and 10th fiscal years that begin on or after .
Covered period defined
In this section, the term “covered period” means the period that begins on , and ends on the last day of the 11th fiscal year that begins on or after such date.
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.
Concrete Masonry Products Research, Education, and Promotion Act of 2018
Pub. L. 115–254 div. E § 1316 · 132 Stat. 3187
Enacted · 15 U.S.C. § 8715
(Pub. L. 115–254, div. E, § 1316, Oct. 5, 2018, 132 Stat. 3483.)
Source evidence
Code source credit
(Pub. L. 115–254, div. E, § 1316, Oct. 5, 2018, 132 Stat. 3483.)Enacted provision · exact public law section
SEC. 1316. LIMITATIONS ON OBLIGATION OF FUNDS. (a) In General.— In each fiscal year of the covered period, the Board may not obligate an amount greater than the sum of— (1) 73 percent of the amount of assessments estimated to be collected under section 1306 in such fiscal year; (2) 73 percent of the amount of assessments actually collected under section 1306 in the most recent fiscal year for which an audit report has been submitted under section 1305(f)(2)(B) as of the beginning of the fiscal year for which the amount that may be obligated is being determined, less the estimate made pursuant to paragraph (1) for such most recent fiscal year; and (3) amounts permitted in preceding fiscal years to be obligated pursuant to this subsection that have not been obligated. (b) Excess Amounts Deposited in Escrow Account.— Assessments collected under section 1306 in excess of the amount permitted to be obligated under subsection (a) in a fiscal year shall be deposited in an escrow account for the duration of the covered period. (c) Treatment of Amounts in Escrow Account.— During the covered period, the Board may not obligate, expend, or borrow against amounts required under subsection (b) to be deposited in the escrow account. Any interest earned on such amounts shall be deposited in the escrow account and shall be unavailable for obligation for the duration of the covered period. (d) Release of Amounts in Escrow Account.— After the covered period, the Board may withdraw and obligate in any fiscal year an amount in the escrow account that does not exceed ⅕ of the amount in the escrow account on the last day of the covered period. (e) Special Rule for Estimates for Particular Fiscal Years.— (1) Rule.— For purposes of subsection (a)(1), the amount of assessments estimated to be collected under section 1306 in a fiscal year specified in paragraph (2) shall be equal to 62 percent of the amount of assessments actually collected under such section in the most recent fiscal year for which an audit report has been submitted under section 1305(f)(2)(B) as of the beginning of the fiscal year for which the amount that may be obligated is being determined. (2) Fiscal years specified.— The fiscal years specified in this paragraph are the 9th and 10th fiscal years that begin on or after the date of enactment of this Act. (f) Covered Period Defined.— In this section, the term “covered period” means the period that begins on the date of enactment of this Act and ends on the last day of the 11th fiscal year that begins on or after such date of enactment.
1 of 1 references resolved to an enrolled provision