39 U.S.C. § 2002 — Capital of the Postal Service

Page 50 TITLE 39—POSTAL SERVICE § 2001 ity, and each employee shall be protected in the exercise of this right. (Pub. L. 91–375, Aug. 12, 1970, 84 Stat. 737.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective July 1, 1971, pursuant to Resolution No. 71–9 of the Board of Governors. See section 15(a) of Pub. L. 91–375, set out as a note preceding section 101 of this title. PART III—MODERNIZATION AND FISCAL ADMINISTRATION Chap. Sec. 20. Finance .................................................. 2001 22. Convict Labor ...................................... 2201 24. Appropriations and Annual Report 2401 26. Debts and Collection .......................... 2601 28. Strategic Planning and Perform- ance Management ............................ 2801 29. Property Management ....................... 2901 Editorial Notes AMENDMENTS 2016—Pub. L. 114–318, § 4(b), Dec. 16, 2016, 130 Stat. 1614, added item for chapter 29. 2006—Pub. L. 109–435, title X, § 1010(g)(2), Dec. 20, 2006, 120 Stat. 3262, substituted ‘‘Strategic Planning and Per- formance Management’’ for ‘‘Strategic planning and performance management’’ in item for chapter 28. 1993—Pub. L. 103–62, § 11(c), Aug. 3, 1993, 107 Stat. 296, added item for chapter 28. CHAPTER 20—FINANCE Sec. 2001. Definitions. 2002. Capital of the Postal Service. 2003. The Postal Service Fund. [2004. Repealed.] 2005. Obligations. 2006. Relationship between the Treasury and the Postal Service. 2007. Public debt character of the obligations of the Postal Service. 2008. Audit and expenditures. 2009. Annual budget. 2009a. Budgetary treatment of the Postal Service Fund. 2010. Restrictions on agreements. 2011. Provisions relating to competitive products. Editorial Notes AMENDMENTS 2006—Pub. L. 109–435, title IV, § 401(a)(2), Dec. 20, 2006, 120 Stat. 3225, added item 2011. 1997—Pub. L. 105–33, title VII, § 7003(a)(2)(A), Aug. 5, 1997, 111 Stat. 663, struck out item 2004 ‘‘Transitional appropriations’’. 1989—Pub. L. 101–239, title IV, § 4001(a)(2), Dec. 19, 1989, 103 Stat. 2133, added item 2009a. Statutory Notes and Related Subsidiaries DISPOSITION OF SAVINGS ACCRUING TO THE UNITED STATES POSTAL SERVICE Pub. L. 108–18, § 3, Apr. 23, 2003, 117 Stat. 627, which provided for disposition of savings accruing to the United States Postal Service, was repealed by Pub. L. 109–435, title VIII, § 804(a), Dec. 20, 2006, 120 Stat. 3253. § 2001. Definitions As used in this chapter— (1) ‘‘Fund’’ means the Postal Service Fund established by section 2003 of this chapter; (2) COMPETITIVE PRODUCTS FUND.—The term ‘‘Competitive Products Fund’’ means the Post- al Service Competitive Products Fund estab- lished by section 2011; and (3) ‘‘obligations’’, when referring to debt in- struments issued by the Postal Service, means notes, bonds, debentures, mortgages, and any other evidence of indebtedness. (Pub. L. 91–375, Aug. 12, 1970, 84 Stat. 738; Pub. L. 109–435, title IV, § 401(b)(1), Dec. 20, 2006, 120 Stat. 3225.) Editorial Notes AMENDMENTS 2006—Pars. (2), (3). Pub. L. 109–435 added par. (2) and redesignated former par. (2) as (3). Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective July 1, 1971, pursuant to Resolution No. 71–9 of the Board of Governors. See section 15(a) of Pub. L. 91–375, set out as a note preceding section 101 of this title. § 2002. Capital of the Postal Service (a) The initial capital of the Postal Service shall consist of the equity, as reflected in the budget of the President, of the Government of the United States in the former Post Office De- partment. The value of assets and the amount of liabilities transferred to the Postal Service upon the commencement of operations of the Postal Service shall be determined by the Postal Serv- ice subject to the approval of the Comptroller General, in accordance with the following guide- lines: (1) Assets shall be valued on the basis of original cost less depreciation, to the extent that such value can be determined. The value recorded on the former Post Office Depart- ment’s books of account shall be prima facie evidence of asset value. (2) All liabilities attributable to operations of the former Post Office Department shall re- main liabilities of the Government of the United States, except that upon commence- ment of operations of the Postal Service, the unexpended balances of appropriations made to, held or used by, or available to the former Post Office Department and all liabilities chargeable thereto shall become assets and li- abilities, respectively, of the Postal Service. (b) The capital of the Postal Service at any time shall consist of its assets, including the balance in the Fund and the balance in the Com- petitive Products Fund, less its liabilities. (c) The Postal Service, and the Administrator of General Services where properties under the jurisdiction of the Administrator are involved, with the approval of the Director of the Office of Management and Budget, shall determine which Federal properties shall be transferred to the Postal Service and which shall remain under the jurisdiction of any other department, agency, or establishment of the Government of the United States upon the commencement of operations of Page 51 TITLE 39—POSTAL SERVICE § 2003 the Postal Service. The transfer shall be accom- plished at the time of or as near as possible to the commencement of operations of the Postal Service and the valuation of the assets and cap- ital of the Postal Service shall be adjusted ac- cordingly. The following properties shall be in- cluded in the transfer: (1) the mail equipment shops located in Washington, District of Columbia; (2) all machinery, equipment, and appur- tenances of the former Post Office Depart- ment; (3) all real property whose ownership was ac- quired by the Postmaster General under former section 2103 of this title, as in effect immediately prior to the effective date of this section, or which immediately prior to such effective date, is under the administration of the former Post Office Department for the purpose of constructing a postal building from funds appropriated or transferred to the former Post Office Department, together with all funds appropriated or allocated therefor; (4) all real property 55 percent or more of which is occupied by or under control of the former Post Office Department immediately prior to the effective date of this section; (5) all contracts, records, and documents re- lating to the operation of the departmental service and the postal field service of the former Post Office Department; and (6) all other property and assets of the former Post Office Department. (d) After the commencement of operations of the Postal Service, the President is authorized to transfer to the Postal Service, and the Postal Service is authorized to transfer to other de- partments, agencies, or independent establish- ments of the Government of the United States, with or without reimbursement, any property of that department, agency, or independent estab- lishment and the Postal Service, respectively, when the public interest would be served by such transfer. (Pub. L. 91–375, Aug. 12, 1970, 84 Stat. 738; Pub. L. 109–435, title IV, § 401(b)(2), Dec. 20, 2006, 120 Stat. 3225.) Editorial Notes REFERENCES IN TEXT The effective date of this section, referred to in sub- sec. (c)(3), (4), is July 1, 1971. See Effective Date note set out under section 2001 of this title. AMENDMENTS 2006—Subsec. (b). Pub. L. 109–435 substituted ‘‘Fund and the balance in the Competitive Products Fund,’’ for ‘‘Fund,’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective July 1, 1971, pursuant to Resolution No. 71–9 of the Board of Governors. See section 15(a) of Pub. L. 91–375, set out as a note preceding section 101 of this title. ASSETS OF POSTAL SERVICE Pub. L. 91–375, § 4(b), Aug. 12, 1970, 84 Stat. 774, pro- vided that: ‘‘Postal revenues and fees collected on and after the effective date of this section [see note below] shall be considered assets of the Postal Service.’’ [Provisions of section 4(b) of Pub. L. 91–375 effective within 1 year after Aug. 12, 1970, on date established therefor by the Board of Governors of the United States Postal Service and published by it in the Federal Reg- ister, see section 15(a) of Pub. L. 91–375, set out as an Effective Date note preceding section 101 of this title.] Executive Documents EX. ORD. NO. 11672. TRANSFER OR FURNISHING OF PROPERTY Ex. Ord. No. 11672, June 6, 1972, 37 F.R. 11455, provided: By virtue of the authority vested in me by the Postal Reorganization Act (39 U.S.C. 2002(d)) and section 301 of title 3 of the United States Code, and as President of the United States it is hereby ordered as follows: SECTION 1. The authority conferred upon the Presi- dent by section 2002(d) of title 39 of the United States Code is hereby delegated to the Administrator of Gen- eral Services subject to the provisions of this order. SEC. 2. Property transferred to the Postal Service under this order shall be subject to reimbursement at fair market value, as agreed to by the Administrator of General Services and the Postmaster General, unless the Director of the Office of Management and Budget finds that a different basis of valuation, or transfer without reimbursement, is more equitable or better serves the public interest. SEC. 3. Reimbursement of fair market value required for property transfers to the Postal Service under this order may consist of cash payments or, subject to ap- proval by the Director of the Office of Management and Budget, property transferred from the Postal Service to other departments, agencies, or independent establish- ments of the Government of the United States, or both cash and approved properties. SEC. 4. Heads of agencies furnishing property to the Postal Service under section 411 of title 39 of the United States Code shall require reimbursement at fair market value of such property or at a rate based on ap- propriate commercial charges for comparable property, as agreed to by the agency head and the Postmaster General, unless the Director of the Office of Manage- ment and Budget finds that a different basis of valu- ation is more equitable or better serves the public in- terest. SEC. 5. Delegations of authority made in this order may be redelegated. RICHARD NIXON. § 2003. The Postal Service Fund (a) There is established in the Treasury of the United States a revolving fund to be called the Postal Service Fund which shall be available to the Postal Service without fiscal-year limita- tion to carry out the purposes, functions, and powers authorized by this title (other than any of the purposes, functions, or powers for which the Competitive Products Fund is available). (b) Except as otherwise provided in section 2011, there shall be deposited in the Fund, sub- ject to withdrawal by check by the Postal Serv- ice— (1) revenues from postal and nonpostal serv- ices rendered by the Postal Service; (2) amounts received from obligations issued by the Postal Service; (3) amounts appropriated for the use of the Postal Service; (4) interest which may be earned on invest- ments of the Fund; (5) any other receipts of the Postal Service; (6) the balance in the Post Office Depart- ment Fund established under former section