§ 4022. Asbestos Trust 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. 1986

   Asbestos Hazard Emergency Response Act of 1986

   Pub. L. 99–519 § 5 · 100 Stat. 2970

   Enacted · 20 U.S.C. § 4022

   Pub. L. 99–519, § 5, Oct. 22, 1986, 100 Stat. 2990

   Source evidence

   Code source credit
   Pub. L. 99–519, § 5, Oct. 22, 1986, 100 Stat. 2990

   Enacted provision · exact public law section
   SEC. 5. ASBESTOS TRUST FUND. (a) Creation of Trust Fund.— There is established in the Treasury of the United States a trust fund to be known as the “Asbestos Trust Fund”, consisting of such amounts as may be transferred or credited to such Trust Fund as provided in this section. (b) Transfers to Trust Fund.— (1) Transfer.— There are hereby transferred to the Asbestos Trust Fund amounts equivalent to— (A) amounts received in the Treasury on or after January 1, 1987, as repayments of loans made under section 505 of 20 USC 4014. the Asbestos School Hazard Abatement Act of 1984 (Public Law 98–377; 20 U.S.C. 4011 et seq.) as in effect on the date of the enactment of this Act, and (B) amounts received as deposits from local educational agencies under section 207(a) of the Toxic Substances Control Act (as added by section 2 of this Act). (2) Monthly transfers.— The amounts transferred by paragraph (1) shall be transferred at least monthly from the general fund of the Treasury to the Asbestos Trust Fund on the basis of estimates made by the Secretary of the Treasury of the amounts referred to in such paragraph. Adjustments shall be made in the amounts subsequently transferred to the extent prior estimates were more or less than the amounts required to be transferred. (c) Management of Trust Fund.— (1) Investment.— (A) In general.— The Secretary of the Treasury shall invest such portion of the Asbestos Trust Fund as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States and may be acquired— (i) on original issue at the issue price, or (ii) by purchase of outstanding obligations at the market price. (B) Sale of obligations.— Any obligation acquired by the Asbestos Trust Fund may be sold by the Secretary of the Treasury at the market price. (C) Interest on certain proceeds.— The interest on, and the proceeds from the sale or redemption of, any obligations held in the Asbestos Trust Fund shall be credited to and form a part of the Trust Fund. (2) Report.— It shall be the duty of the Secretary of the Treasury to hold the Asbestos Trust Fund and to report to the Congress each year on the financial condition and the results of the operations of the Trust Fund during the preceding fiscal year and on its expected condition and operations during the next 5 fiscal years. (d) Expenditures From Asbestos Trust Fund.— Amounts in the Asbestos Trust Fund shall be available, as provided by appropriation Acts, only for purposes of carrying out the Asbestos Hazards Abatement Assistance Program under section 505 of the Asbestos School Hazard Abatement Act of 1984 as in effect on the date of the 20 USC 4014. enactment of this Act. (e) Authority To Borrow.— (1) In general.— There are authorized to be appropriated to Appropriation authorization. the Asbestos Trust Fund, as repayable advances, $25,000,000 for each of fiscal years 1987, 1988, 1989, and 1990. (2) Repayment of advances.— (A) In general.— Advances made under this subsection shall be repaid, and interest on such advances shall be paid, to the general fund of the Treasury when the Secretary determines that moneys are available for such purposes in the Asbestos Trust Fund. (B) Rate of interest.— Interest on advances made under this subsection shall be at a rate determined by the Secretary (as of the close of the calendar month preceding the month in which the advance is made) to be equal to the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the anticipated period during which the advance will be outstanding and shall be compounded annually. (f) Effective Date.— The amendments made by this section shall take effect on January 1, 1986.

2. 1990

   Asbestos School Hazard Abatement Reauthorization Act of 1990

   Pub. L. 101–637 § 12(a) · 104 Stat. 4589

   1. Substituted · 20 U.S.C. § 4022(b)(1)

      Pub. L. 101–637, § 12(a), substituted a comma for “as in effect on October 22, 1986, and” in subpar. (A) and “, and” for period at end of subpar. (B)

   2. Added · 20 U.S.C. § 4022(b)(1)

      Pub. L. 101–637, § 12(a), added subpar. (C)

   Source evidence

   Code amendment note
   Subsec. (b)(1). Pub. L. 101–637, § 12(a), substituted a comma for “as in effect on October 22, 1986, and” in subpar. (A) and “, and” for period at end of subpar. (B), and added subpar. (C).

   Enacted provision · exact public law section
   (a) Amounts Transferred to Trust Fund.— Section 5(b)(1) of the Asbestos Hazard Emergency Response Act of 1986 (Public Law 99–519) is amended— 20 USC 4022. (1) in subparagraph (A), by striking out “as in effect on the date of the enactment of this Act, and” and inserting in lieu thereof a comma; (2) in subparagraph (B), by striking out the period at the end and inserting in lieu thereof “, and”; and (3) by adding at the end the following new subparagraph: “(C) amounts received as proceeds from any judgment recovered in any suit brought pursuant to section 508(a)(1) of the Asbestos School Hazard Abatement Act of 1984 (20 U.S.C. 4017(a)(1)).”

3. 1990

   Asbestos School Hazard Abatement Reauthorization Act of 1990

   Pub. L. 101–637 § 12(b) · 104 Stat. 4589

   Struck · 20 U.S.C. § 4022(d)

   Pub. L. 101–637, § 12(b), struck out before period at end “as in effect on October 22, 1986”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 101–637, § 12(b), struck out before period at end “as in effect on October 22, 1986”.

   Enacted provision · exact public law section
   (b) Expenditures From Trust Fund.— Section 5(d) of such Act is amended by striking out “as in effect on the date of the enactment of this Act”.

4. 1995

   Federal Reports Elimination and Sunset Act of 1995

   Pub. L. 104–66 title I § 1131(c) · 109 Stat. 707

   Struck · 20 U.S.C. § 4022(c)(2)

   Pub. L. 104–66 struck out heading and text of par. (2). Text read as follows: “It shall be the duty of the Secretary of the Treasury to hold the Asbestos Trust Fund and to report to the Congress each year on the financial condition and the results of the operations of the Trust Fund during the preceding fiscal year and on its expected condition and operations during the next 5 fiscal years.”

   Source evidence

   Code amendment note
   Subsec. (c)(2). Pub. L. 104–66 struck out heading and text of par. (2). Text read as follows: “It shall be the duty of the Secretary of the Treasury to hold the Asbestos Trust Fund and to report to the Congress each year on the financial condition and the results of the operations of the Trust Fund during the preceding fiscal year and on its expected condition and operations during the next 5 fiscal years.”

   Enacted provision · exact public law section
   (c) Report on the Asbestos Trust Fund.— Paragraph (2) of section 5(c) of the Asbestos Hazard Emergency Response Act of 1986 (20 U.S.C. 4022(c)) is repealed.

5 of 5 references resolved to an enrolled provision