19 U.S.C. § 2497a — Agricultural Disaster Relief Trust Fund

Page 725 TITLE 19—CUSTOMS DUTIES § 2497a Pub. L. 110–398, § 2(b)(1)(B), substituted ‘‘under—’’ for ‘‘section 7912 of title 7, section 1102 of the Food, Con- servation, and Energy Act of 2008, or a successor sec- tion.’’ and added cls. (i) to (iii). Subsec. (a)(5). Pub. L. 110–398, § 2(b)(1)(E), redesig- nated par. (4) as (5). Former par. (5) redesignated (7). Subsec. (a)(5)(B)(ii). Pub. L. 110–398, § 2(b)(1)(C), sub- stituted ‘‘the actual production on the farm is less than 50 percent of the normal production on the farm.’’ for ‘‘, the total loss of production of the farm relating to weather is greater than 50 percent of the normal pro- duction of the farm, as determined by the Secretary.’’ Subsec. (a)(6). Pub. L. 110–398, § 2(b)(1)(G), added par. (6). Former par. (6) redesignated (8). Subsec. (a)(7). Pub. L. 110–398, § 2(b)(1)(E), redesig- nated par. (5) as (7). Former par. (7) redesignated (9). Subsec. (a)(7)(A). Pub. L. 110–398, § 2(b)(1)(D)(i), in- serted ‘‘for sale or on-farm livestock feeding (including native grassland intended for haying)’’ after ‘‘harvest’’. Subsec. (a)(7)(C). Pub. L. 110–398, § 2(b)(1)(D)(ii), in- serted ‘‘for sale’’ after ‘‘crop’’. Subsec. (a)(8) to (14). Pub. L. 110–398, § 2(b)(1)(E), re- designated pars. (6) to (12) as (8) to (14), respectively. Former pars. (13) and (14) redesignated (16) and (17), re- spectively. Subsec. (a)(15). Pub. L. 110–398, § 2(b)(1)(H), added par. (15). Former par. (15) redesignated (18). Subsec. (a)(16) to (21). Pub. L. 110–398, § 2(b)(1)(E), re- designated pars. (13) to (18) as (16) to (21), respectively. Subsec. (b)(1). Pub. L. 110–398, § 2(b)(2)(A), substituted ‘‘Payments’’ for ‘‘In general’’ as par. heading, inserted subpar. (A) designation and heading, and added subpar. (B). Subsec. (b)(2)(C). Pub. L. 110–398, § 2(b)(2)(B), added subpar. (C). Subsec. (b)(3)(A)(ii)(III). Pub. L. 110–398, § 2(b)(2)(C)(i), inserted ‘‘50 percent of’’ before ‘‘the higher of’’ in intro- ductory provisions. Subsec. (b)(3)(A)(ii)(III)(aa). Pub. L. 110–398, § 2(b)(2)(C)(ii), struck out ‘‘guarantee’’ after ‘‘yield’’. Subsec. (b)(4)(A)(i)(I). Pub. L. 110–398, § 2(b)(2)(D)(i)(I), added subcl. (I) and struck out former subcl. (I) which read as follows: ‘‘the actual crop acreage harvested by an eligible producer on a farm;’’. Subsec. (b)(4)(A)(i)(II), (III). Pub. L. 110–398, § 2(b)(2)(D)(i), redesignated subcl. (III) as (II) and struck out former subcl. (II) which read as follows: ‘‘the esti- mated actual yield of the crop production; and’’. Subsec. (b)(4)(B)(iii). Pub. L. 110–398, § 2(b)(2)(D)(ii), (iii), added cl. (iii). Subsec. (b)(5). Pub. L. 110–398, § 2(b)(2)(E)(i), struck out ‘‘the sum obtained by adding’’ after ‘‘equal’’ in in- troductory provisions. Subsec. (b)(5)(A). Pub. L. 110–398, § 2(b)(2)(E)(ii)(I), substituted ‘‘for each insurable commodity, the prod- uct’’ for ‘‘the product’’ in introductory provisions. Subsec. (b)(5)(A)(i). Pub. L. 110–398, § 2(b)(2)(E)(ii)(II), substituted ‘‘greater’’ for ‘‘greatest’’. Subsec. (b)(5)(A)(iii). Pub. L. 110–398, § 2(b)(2)(E)(ii)(III), substituted ‘‘of the price election for the commodity used to calculate an indemnity for an applicable policy of insurance if an indemnity is trig- gered; and’’ for ‘‘of the insurance price guarantee; and’’. Subsec. (b)(5)(B). Pub. L. 110–398, § 2(b)(2)(E)(iii)(I), substituted ‘‘for each noninsurable crop, the product’’ for ‘‘the product’’ in introductory provisions. Subsec. (b)(5)(B)(ii), (iii). Pub. L. 110–398, § 2(b)(2)(E)(iii)(II)–(IV), added cl. (ii) and redesignated former cl. (ii) as (iii). Subsec. (b)(6). Pub. L. 110–398, § 2(b)(2)(F), added par. (6). Subsec. (d)(5)(B)(ii). Pub. L. 110–398, § 2(b)(3), sub- stituted ‘‘subsection’’ for ‘‘section’’. Subsec. (f)(2)(A). Pub. L. 110–398, § 2(b)(4), substituted ‘‘the Secretary shall use such sums as are necessary from the Trust Fund to provide’’ for ‘‘the Secretary shall provide’’ in introductory provisions. Subsec. (g)(1). Pub. L. 110–398, § 2(b)(6)(A)(i), sub- stituted ‘‘(other than subsections (c) and (d))’’ for ‘‘(other than subsection (c))’’ in introductory provi- sions. Subsec. (g)(1)(A). Pub. L. 110–398, § 2(b)(6)(A)(ii), in- serted ‘‘, excluding grazing land’’ after ‘‘producers on the farm’’. Subsec. (g)(2). Pub. L. 110–398, § 2(b)(6)(B), substituted ‘‘planted or’’ for ‘‘grazed, planted, or’’. Subsec. (g)(4). Pub. L. 110–398, § 2(b)(6)(C), (D), sub- stituted ‘‘Waivers for certain crop years’’ for ‘‘Waiver for 2008 crop year’’ in par. heading, designated existing provisions as subpar. (A), inserted subpar. heading, and added subpar. (B). Subsec. (g)(6). Pub. L. 110–398, § 2(b)(5), added par. (6). Subsec. (h)(5). Pub. L. 110–398, § 2(b)(7), added par. (5). Statutory Notes and Related Subsidiaries EFFECTIVE DATE Enactment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture. TRANSITION PROVISIONS Pub. L. 110–234, title XV, § 15101(b), May 22, 2008, 122 Stat. 1499, and Pub. L. 110–246, § 4(a), title XV, § 15101(b), June 18, 2008, 122 Stat. 1664, 2261, provided that: ‘‘For purposes of the 2008 crop year, the Secretary [of Agri- culture] shall carry out subsections (f)(4) and (h) of sec- tion 901 of the Trade Act of 1974 [19 U.S.C. 2497(f)(4), (h)] (as added by subsection (a)) in accordance with the terms and conditions of sections 1001 through 1001D of the Food Security Act of 1985 (16 [probably should be 7] U.S.C. 1308 et seq.), as in effect on September 30, 2007.’’ [Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.] § 2497a. Agricultural Disaster Relief 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 ‘‘Agricultural Disaster Relief Trust Fund’’, con- sisting of such amounts as may be appropriated or credited to such Trust Fund as provided in this section. (b) Transfer to Trust Fund (1) In general There are appropriated to the Agricultural Disaster Relief Trust Fund amounts equiva- lent to 3.08 percent of the amounts received in the general fund of the Treasury of the United States during fiscal years 2008 through 2011 at- tributable to the duties collected on articles entered, or withdrawn from warehouse, for consumption under the Harmonized Tariff Schedule of the United States. (2) Amounts based on estimates The amounts appropriated under this section shall be transferred at least monthly from the general fund of the Treasury of the United States to the Agricultural Disaster Relief Trust Fund on the basis of estimates made by the Secretary of the Treasury. Proper adjust- ments shall be made in the amounts subse- quently transferred to the extent prior esti- mates were in excess of or less than the amounts required to be transferred. (3) Limitation on transfers to Agricultural Dis- aster Relief Trust Fund No amount may be appropriated to the Agri- cultural Disaster Relief Trust Fund on and Page 726 TITLE 19—CUSTOMS DUTIES § 2497b after the date of any expenditure from the Ag- ricultural Disaster Relief Trust Fund which is not permitted by this section. The determina- tion of whether an expenditure is so permitted shall be made without regard to— (A) any provision of law which is not con- tained or referenced in this subchapter or in a revenue Act, and (B) whether such provision of law is a sub- sequently enacted provision or directly or indirectly seeks to waive the application of this paragraph. (c) Administration (1) Reports The Secretary of the Treasury shall be the trustee of the Agricultural Disaster Relief Trust Fund and shall submit an annual report to Congress each year on the financial condi- tion and the results of the operations of such Trust Fund during the preceding fiscal year and on its expected condition and operations during the 4 fiscal years succeeding such fiscal year. Such report shall be printed as a House document of the session of Congress to which the report is made. (2) Investment (A) In general The Secretary of the Treasury shall invest such portion of the Agricultural Disaster Re- lief Trust Fund as is not in his judgment re- quired to meet current withdrawals. Such investments may be made only in interest bearing obligations of the United States. For such purpose, such obligations may be ac- quired— (i) on original issue at the issue price, or (ii) by purchase of outstanding obliga- tions at the market price. (B) Sale of obligations Any obligation acquired by the Agricul- tural Disaster Relief Trust Fund may be sold by the Secretary of the Treasury at the mar- ket price. (C) Interest on certain proceeds The interest on, and the proceeds from the sale or redemption of, any obligations held in the Agricultural Disaster Relief Trust Fund shall be credited to and form a part of such Trust Fund. (d) Expenditures from Trust Fund Amounts in the Agricultural Disaster Relief Trust Fund shall be available for the purposes of making expenditures to meet those obligations of the United States incurred under section 2497 of this title or section 1531 of title 7 (as such sec- tions are in effect on the date of the enactment of the Food, Conservation, and Energy Act of 2008). (e) Authority to borrow (1) In general There are authorized to be appropriated, and are appropriated, to the Agricultural Disaster Relief Trust Fund, as repayable advances, such sums as may be necessary to carry out the purposes of such Trust Fund. (2) Repayment of advances (A) In general Advances made to the Agricultural Dis- aster Relief Trust Fund 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 avail- able for such purposes in such Trust Fund. (B) Rate of interest Interest on advances made pursuant to this subsection shall be— (i) at a rate determined by the Secretary of the Treasury (as of the close of the cal- endar month preceding the month in which the advance is made) to be equal to the current average market yield on out- standing marketable obligations of the United States with remaining periods to maturity comparable to the anticipated period during which the advance will be outstanding, and (ii) compounded annually. (Pub. L. 93–618, title IX, § 902, as added Pub. L. 110–234, title XV, § 15101(a), May 22, 2008, 122 Stat. 1498, and Pub. L. 110–246, § 4(a), title XV, § 15101(a), June 18, 2008, 122 Stat. 1664, 2260.) Editorial Notes REFERENCES IN TEXT The Harmonized Tariff Schedule of the United States, referred to in subsec. (b)(1), is not set out in the Code. See Publication of Harmonized Tariff Schedule note set out under section 1202 of this title. The date of the enactment of the Food, Conservation, and Energy Act of 2008, referred to in subsec. (d), is the date of enactment of Pub. L. 110–246, which was ap- proved June 18, 2008. CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 enacted identical sections. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Enactment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture. § 2497b. Jurisdiction Legislation in the Senate of the United States amending section 2497 or 2497a of this title shall be referred to the Committee on Finance of the Senate. (Pub. L. 93–618, title IX, § 903, as added Pub. L. 110–234, title XV, § 15101(a), May 22, 2008, 122 Stat. 1499, and Pub. L. 110–246, § 4(a), title XV, § 15101(a), June 18, 2008, 122 Stat. 1664, 2261.) Editorial Notes CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 enacted identical sections. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.