Sec. 3. Citrus Disease Research and Development Trust Fund
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The Trade Act of 1974 ( 19 U.S.C. 2102 et seq. ) is amended by adding at the end the following: There is established in the Treasury of the United States a trust fund to be known as the Citrus Disease Research and Development Trust Fund (in this section referred to as the Trust Fund ), consisting of such amounts as may be transferred to the Trust Fund under subsection (b)(1) and any amounts that may be credited to the Trust Fund under subsection (d)(2). Subject to paragraph (2), the Secretary of the Treasury shall transfer to the Trust Fund, from the general fund of the Treasury, amounts determined by the Secretary to be equivalent to amounts received in the general fund that are attributable to the duties collected on articles that are citrus or citrus products classifiable under chapters 8, 20, 21, 22, and 33 of the Harmonized Tariff Schedule of the United States.
The amount transferred to the Trust Fund under paragraph
(1)in any fiscal year may not exceed the lesser of— an amount equal to 1/3 of the amount attributable to the duties received on articles described in paragraph (1); or $30,000,000. Amounts in the Trust Fund shall remain available until expended without further appropriation. Amounts in the Trust Fund shall be available to the Secretary of Agriculture— for expenditures relating to citrus disease research and development under section 4 of the Citrus Disease Research and Development Trust Fund Act of 2013 , including costs relating to contracts or other agreements entered into to carry out citrus disease research and development; and to cover administrative costs incurred by the Secretary in carrying out the provisions of that Act. The Secretary of the Treasury shall invest such portion of the Trust Fund as is not required to meet current withdrawals in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. Such obligations may be acquired on original issue at the issue price or by purchase of outstanding obligations at the market price. Any obligation acquired by the Trust Fund may be sold by the Secretary of the Treasury at the market price. The interest on, and the proceeds from the sale or redemption of, any obligations held in the Trust Fund shall be credited to and form a part of the Trust Fund. Not later than January 15, 2014, and each year thereafter until the year after the termination of the Trust Fund, the Secretary of the Treasury, in consultation with the Secretary of Agriculture, shall submit to Congress a report on the financial condition and the results of the operations of the Trust Fund that includes— a detailed description of the amounts disbursed from the Trust Fund in the preceding fiscal year and the manner in which those amounts were expended; an assessment of the financial condition and the operations of the Trust Fund for the current fiscal year; and an assessment of the amounts available in the Trust Fund for future expenditures. The Secretary of the Treasury may remit to the general fund of the Treasury such amounts as the Secretary of Agriculture reports to be in excess of the amounts necessary to meet the purposes of the Citrus Disease Research and Development Trust Fund Act of 2013 . The Trust Fund shall terminate on December 31 of the fifth calendar year that begins after the date of the enactment of the Citrus Disease Research and Development Trust Fund Act of 2013 and all amounts in the Trust Fund on December 31 of that fifth calendar year shall be transferred to the general fund of the Treasury. The President shall notify the chairperson and ranking member of the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives not later than 90 days before entering into a trade agreement if the President determines that entering into the trade agreement could result— in a decrease in the amount of duties collected on articles that are citrus or citrus products classifiable under chapters 8, 20, 21, 22, and 33 of the Harmonized Tariff Schedule of the United States; and in a decrease in the amount of funds being transferred into the Citrus Disease Research and Development Trust Fund under section 1001 so that amounts available in the Trust Fund are insufficient to meet the purposes of the Citrus Disease Research and Development Trust Fund Act of 2013 . . The table of contents for the Trade Act of 1974 is amended by adding at the end the following: TITLE X—Citrus Disease Research and Development Trust Fund Sec. 1001. Citrus Disease Research and Development Trust Fund. Sec. 1002. Reports required before entering into certain trade agreements. .
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Sec. 3
Citrus Disease Research and Development Trust Fund
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