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40 U.S.C. § 705 — Handling of proceeds from disposal

Federal law — U.S. Code and appendices · legal_authorities

40 U.S.C. § 705 — Handling of proceeds from disposal

**(a) In General.—** This section applies to proceeds from the sale, lease, or other disposition of foreign excess property under this chapter. **(b) Foreign Currencies or Credits.—** Proceeds in the form of foreign currencies or credits, must be administered in accordance with procedures that the Secretary of the Treasury may establish. **(c) United States Currency.—** (1) **Separate fund in treasury.—** — [Section 572(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title40-section572/a&num=0&edition=prelim) applies to proceeds of foreign excess property disposed of for United States currency under this chapter. (2) **Deposited in treasury as miscellaneous receipts.—** — Except as provided in paragraph (1), proceeds in the form of United States currency, including foreign currencies or credits that are reduced to United States currency, must be deposited in the Treasury as miscellaneous receipts. **(d) Special Account for Refunds or Payments for Breach.—** (1) **Deposits.—** — A federal agency that disposes of foreign excess property under this chapter may deposit, in a special account in the Treasury, amounts of the proceeds of the dispositions that the agency decides are necessary to permit— (A) appropriate refunds to purchasers for dispositions that are rescinded or that do not become final; and (B) payments for breach of warranty. (2) **Withdrawals.—** — A federal agency that deposits proceeds in a special account under paragraph (1) may withdraw amounts to be refunded or paid from the account without regard to the origin of the amounts withdrawn.

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Source location: Title 40, Chapter 7, § 705; chapter-007-foreign-excess-property.md

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 321 — General authority of the Secretary

**(a)** The Secretary of the Treasury shall— (1) prepare plans for improving and managing receipts of the United States Government and managing the public debt; (2) carry out services related to finances that the Secretary is required to perform; (3) issue warrants for money drawn on the Treasury consistent with appropriations; (4) mint coins, engrave and print currency and security documents, and refine and assay bullion, and may strike medals; (5) prescribe regulations that the Secretary considers best calculated to promote the public convenience and security, and to protect the Government and individuals from fraud and loss, that apply to anyone who may— (A) receive for the Government, Treasury notes, United States notes, or other Government securities; or (B) be engaged or employed in preparing and issuing those notes or securities; (6) collect receipts; (7) with a view to prosecuting persons, take steps to discover fraud and attempted fraud involving receipts and decide on ways to prevent and detect fraud; (8) maintain separate accounts of taxes received in each State, territory, and possession of the United States, and collection district, with each account listing— (A) each kind of tax; (B) the amount of each tax; and (C) the money paid as pay and allowances to officers and employees of the Department collecting taxes in that State, territory, possession, or district; and (9) advise the President on major domestic and international prudential policy issues in connection with all lines of insurance except health insurance. **(b)** The Secretary may— (1) prescribe regulations to carry out the duties and powers of the Secretary; (2) delegate duties and powers of the Secretary to another officer or employee of the Department of the Treasury

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Federal law — U.S. Code and appendices · legal_authorities

40 U.S.C. § 705 — Handling of proceeds from disposal

Page 90 TITLE 40—PUBLIC BUILDINGS, PROPERTY, AND WORKS § 702 seq.) of Title 22, Foreign Relations and Intercourse. For complete classification of this Act to the Code, see sec- tion 299 of Title 22 and Tables. § 702. Return of foreign excess property to United States (a) IN GENERAL.—Under regulations prescribed pursuant to subsection (b), foreign excess prop- erty may be returned to the United States for handling as excess or surplus property under subchapter II of chapter 5 of this title or section 549 or 551 of this title when the head of the exec- utive agency concerned, or the Administrator of General Services after consultation with the agency head, determines that return of the prop- erty to the United States for such handling is in the interest of the United States. (b) REGULATIONS.—The Administrator shall prescribe regulations to carry out this section. The regulations must require that transpor- tation costs for returning foreign excess prop- erty to the United States are paid by the federal agency, state agency, or donee receiving the property. (Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1126.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 702 ............. 40:512(c). June 30, 1949, ch. 288, title IV, § 402(c), as added Pub. L. 91–426, § 2(d), Sept. 26, 1970, 84 Stat. 883; Pub. L. 94–519, § 4, Oct. 17, 1976, 90 Stat. 2455. § 703. Donation of medical supplies for use in for- eign country (a) APPLICATION.—This section applies to med- ical materials or supplies that are in a foreign country but that would, if situated within the United States, be available for donation under subchapter III of chapter 5 of this title. (b) IN GENERAL.—An executive agency may do- nate medical materials or

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