Sec. 12627. National Oilheat Research Alliance
449 words·~2 min read·
/bill/115/hr/2/eas/section-12627·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 713 of the National Oilheat Research Alliance Act of 2000 ( 42 U.S.C. 6201 note; Public Law 106–469 ) is repealed. The National Oilheat Research Alliance Act of 2000 ( 42 U.S.C. 6201 note; Public Law 106–469 ) is amended by inserting after section 707 the following: In each fiscal year of the covered period, the Alliance may not obligate an amount greater than the sum of— 75 percent of the amount of assessments estimated to be collected under section 707 in that fiscal year; 75 percent of the amount of assessments actually collected under section 707 in the most recent fiscal year for which an audit report has been submitted under section 706(f)(2)(B) as of the beginning of the fiscal year for which the amount that may be obligated is being determined, less the estimate made pursuant to paragraph
(1)for that most recent fiscal year; and amounts permitted in preceding fiscal years to be obligated pursuant to this subsection that have not been obligated. Assessments collected under section 707 in excess of the amount permitted to be obligated under subsection
(a)in a fiscal year shall be deposited in an escrow account for the duration of the covered period. During the covered period, the Alliance may not obligate, expend, or borrow against amounts required under subsection
(b)to be deposited in the escrow account. Any interest earned on amounts described in paragraph
(1)shall be— deposited in the escrow account; and unavailable for obligation for the duration of the covered period. After the expiration of the covered period, the Alliance may withdraw and obligate in any fiscal year an amount in the escrow account that does not exceed 1⁄5 of the amount in the escrow account on the last day of the covered period. For purposes of subsection (a)(1), the amount of assessments estimated to be collected under section 707 in a fiscal year described in paragraph
(2)shall be equal to 62 percent of the amount of assessments actually collected under that section in the most recent fiscal year for which an audit report has been submitted under section 706(f)(2)(B) as of the beginning of the fiscal year for which the amount that may be obligated is being determined. The fiscal years referred to in paragraph
(1)are the 9th and 10th fiscal years that begin on or after the date of enactment of the Agriculture Improvement Act of 2018. In this section, the term covered period means the period that begins on the date of enactment of the Agriculture Improvement Act of 2018 and ends on the last day of the 11th fiscal year that begins on or after that date of enactment. .
Connectionstraces to 1
Traces to 1 document
1 reference not yet in our index
- Pub. L. 106-469
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources