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20 U.S.C. § 4051 to 4062 — Asbestos Trust Fund
Federal law — U.S. Code and appendices · legal_authorities
**(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 4014 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section4014&num=0&edition=prelim),
(B) amounts received as deposits from local educational agencies under [section 2647(a) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section2647/a&num=0&edition=prelim), and
(C) amounts received as proceeds from any judgment recovered in any suit brought pursuant to [section 4017(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section4017/a/1&num=0&edition=prelim).
(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 oblig
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 4051 to 4062
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Stable record: federal_law:legal_authorities:record_usc_fa1f293c39475e8fa7444d13
Source file: Laws/federal/codes/united-states-code/title-20/section-4051-to-4062-20-u-s-c-4051-to-4062-asbestos-trust-fund--33925c7ce9.md
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Passage SHA-256: 2acbdcef69e66786c1d2ed258dd9a485a984b4ba2974b2a81a291ff2284be71f
Source location: Title 20, Chapter 52, § 4051 to 4062; chapter-052-education-for-economic-security.md
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**(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 4014 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section4014&num=0&edition=prelim),
(B) amounts received as deposits from local educational agencies under [section 2647(a) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section2647/a&num=0&edition=prelim), and
(C) amounts received as proceeds from any judgment recovered in any suit brought pursuant to [section 4017(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section4017/a/1&num=0&edition=prelim).
(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) **Repealed. Pub. L. 104–66, title I, § 1131(c), Dec. 21, 1995, 109 Stat. 725**
**(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 4014 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section4014&num=0&edition=prelim).
**(e) Authority to borrow**
(1) **In general** — There are authorized to be appropriated to 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Abatement program** There is hereby established a program within the Environmental Protection Agency to be known as the Asbestos Hazards Abatement Program (hereinafter in this subchapter referred to as “Program”).
**(b) Duties** The duties of the Administrator in implementing and effectuating the Program shall include—
(1) the compilation of medical, scientific, and technical information including, but not limited to—
(A) the health and safety hazards associated with asbestos materials;
(B) the means of identifying, sampling, and testing materials suspected of emitting asbestos fibers; and
(C) the means of abating the threat posed by asbestos and asbestos containing materials;
(2) the distribution of the information described in paragraph (1) (in any appropriate form such as pamphlets, reports, or instructions) to State and local educational agencies and to other institutions, including parent and employee organizations, for the purpose of carrying out activities described in this subchapter;
(3) not later than November 15 of each year for which this subchapter is authorized, the development and distribution of applications, or notifications to all local educational agencies of the availability of application forms including information for obtaining such forms; and
(4) the review of applications for financial assistance, and the approval or disapproval of such applications, in accordance with the provisions of [section 4014 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section4014&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 4014
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