§ 1904. National Security Education 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. 1991

   National Security Education Act of 1991

   Pub. L. 102–183 title VIII § 804 · 105 Stat. 1260

   Enacted · 50 U.S.C. § 1904

   Pub. L. 102–183, title VIII, § 804, Dec. 4, 1991, 105 Stat. 1274

   Source evidence

   Code source credit
   Pub. L. 102–183, title VIII, § 804, Dec. 4, 1991, 105 Stat. 1274

   Enacted provision · exact public law section
   SEC. 804. NATIONAL SECURITY EDUCATION TRUST FUND. (a) Establishment of Fund.— There is established in the Treasury of the United States a trust fund to be known as the “National Security Education Trust Fund”. The assets of the Fund consist of amounts appropriated to the Fund and amounts credited to the Fund under subsection (e). (b) Availability of Sums in the Fund.— (1) Sums in the Fund shall, to the extent provided in appropriations Acts, be available— (A) for awarding scholarships, fellowships, and grants in accordance with the provisions of this title; and (B) for properly allocable costs of the Federal Government for the administration of the program under this title. (2) No amount may be appropriated to the Fund, or obligated from the Fund, unless authorized by law. (c) Investment of Fund Assets.— The Secretary of the Treasury shall invest in full the amount in the Fund that is not immediately necessary for obligation. Such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose, such obligations may be acquired on original issue at the issue price or by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued under chapter 31 of title 31, United States Code, are hereby extended to authorize the issuance at par of special obligations exclusively to the Fund. Such special obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month next preceding the date of such issue, borne by all marketable interest-bearing obligations of the United States then forming a part of the public debt, except that where such average rate is not a multiple of ⅛ of 1 percent, the rate of interest of such special obligations shall be the multiple of Va of 1 percent next lower than such average rate. Such special obligations shall be issued only if the Secretary of the Treasury determines that the purchases of other interest-bearing obligations of the United States, or of obligations guaranteed as to both principal and interest by the United States or original issue or at the market price, is not in the public interest. (d) Authority To Sell Obligations.— Any obligation acquired by the Fund (except special obligations issued exclusively to the Fund) may be sold by the Secretary of the Treasury at the market price, and such special obligations may be redeemed at par plus accrued interest. (e) Amounts Credited to Fund.— (1) The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to and form a part of the Fund. (2) Any amount paid to the United States under section 802(b)(3) shall be credited to and form a part of the Fund.

2. 1992

   Intelligence Authorization Act for Fiscal Year 1993

   Pub. L. 102–496 title IV § 404(e) · 106 Stat. 3180

   Substituted · 50 U.S.C. § 1904(c)

   Pub. L. 102–496 substituted “expenditure” for “obligation” in first sentence

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 102–496 substituted “expenditure” for “obligation” in first sentence.

   Enacted provision · exact public law section
   (e) Fund Assets Available for Investment.— Section 804(c) of such Act (50 U.S.C. 1904(c)) is amended by striking out “obligation” at the end of the first sentence and inserting in lieu thereof “expenditure”.

3. 1993

   Pub. L. 103–160 § 375(b) · 107 Stat. 1547

   1. Struck · 50 U.S.C. § 1904(b)

      Pub. L. 103–160, § 375(b), struck out “(1)” before “Sums in the Fund”

   2. Redesignated · 50 U.S.C. § 1904(b)

      Pub. L. 103–160, § 375(b), redesignated former subpars. (A) and (B) as pars. (1) and (2), respectively

   3. Struck · 50 U.S.C. § 1904(b)

      Pub. L. 103–160, § 375(b), struck out former par. (2) which read as follows: “No amount may be appropriated to the Fund, or obligated from the Fund, unless authorized by law.”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 103–160, § 375(b), struck out “(1)” before “Sums in the Fund”, redesignated former subpars. (A) and (B) as pars. (1) and (2), respectively, and struck out former par. (2) which read as follows: “No amount may be appropriated to the Fund, or obligated from the Fund, unless authorized by law.”

   Enacted provision · exact public law section
   (b) Repeal of Authorization Requirement.— Section 804(b) of such Act is amended— (1) by striking out paragraph (2); (2) by striking out “(1)”; and (3) by redesignating subparagraphs (A) and (B) as paragraphs (1) and (2), respectively.

4. 1993

   Pub. L. 103–160 § 375(a) · 107 Stat. 1547

   Added · 50 U.S.C. § 1904(e)(3)

   Pub. L. 103–160, § 375(a), added par. (3)

   Source evidence

   Code amendment note
   Subsec. (e)(3). Pub. L. 103–160, § 375(a), added par. (3).

   Enacted provision · exact public law section
   (a) Crediting of Gifts to the National Security Education Trust Fund.— Section 804(e) of the David L. Boren National Security Education Act of 1991 (50 U.S.C. 1904(e)) is amended by adding at the end the following: “(3) Any gifts of money shall be credited to and form a part of the Fund.”.

6 of 6 references resolved to an enrolled provision