Sec. 138. Program administration

269 words·~1 min read·/bill/114/s/2533/is/section-138

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The Secretary of the Interior shall establish a uniform system to service the Federal credit instruments made available under this subtitle. There is established in the Treasury of the United States a fund, to be known as the Reclamation Loan Finance Capital Reserve Fund . The Secretary of the Treasury shall deposit in the fund established by subparagraph

(A)an amount equal to the amount of capital reserve fees collected under paragraph

(2)for each applicable fiscal year. The amounts deposited in the fund under subparagraph

(B)shall be credited as offsetting collections. To the extent required by appropriations Acts, the Secretary of the Interior may assess, collect, and spend capital reserve fees at a level that is sufficient to cover all or a portion of the costs to the Federal Government of servicing the Federal credit instruments provided under this subtitle, including all or a portion of the outlays associated with the provision of the Federal credit instruments under this subtitle. The capital reserve fees under this paragraph shall be established at amounts that will result in the collection, during each fiscal year, of an amount that can be reasonably expected to equal the outlays associated with the provision of the Federal credit instruments under this subtitle. The Secretary of the Interior may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments provided under this subtitle. A servicer appointed under paragraph

(1)shall act as the agent for the Secretary of the Interior. A servicer appointed under paragraph

(1)shall receive a servicing fee, subject to approval by the Secretary of the Interior.