Sec. 20. Agency retention of proceeds

262 words·~1 min read·/bill/114/hr/4465/eh/section-20

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 571 of title 40, United States Code, is amended by striking subsections

(a)and

(b)and inserting the following: Net proceeds described in subsection

(c)shall be deposited into the appropriate real property account of the agency that had custody and accountability for the real property at the time the real property is determined to be excess. The net proceeds deposited pursuant to paragraph

(1)may only be expended, as authorized in annual appropriations Acts, for activities described in sections 543 and 545, including paying costs incurred by the General Services Administration for any disposal-related activity authorized by this chapter. Any net proceeds described in subsection

(c)from the sale, lease, or other disposition of surplus real property that are not expended under paragraph

(2)shall be used for deficit reduction. Any net proceeds not obligated within 3 years after the date of deposit and not expended within 5 years after such date shall be deposited as miscellaneous receipts in the Treasury. Nothing in this section is intended to affect section 572(b), 573, or 574. The net proceeds described in this subsection are proceeds under this chapter, less expenses of the transfer or disposition as provided in section 572(a), from a— transfer of excess real property to a Federal agency for agency use; or sale, lease, or other disposition of surplus real property. . The provisions of this section, including the amendments made by this section, shall take effect upon the termination of the Board pursuant to section 10 and shall not apply to proceeds from transactions conducted under section 14.