Sec. 2913. Disposition of assets beyond useful life
173 words·~1 min read·
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Section 5334 of title 49, United States Code, is further amended by adding at the end the following: If a recipient, or subrecipient, for assistance under this chapter disposes of an asset with a current market value, or proceed from the sale of such asset, acquired under this chapter at least in part with such assistance, after such asset has reached the useful life of such asset, the Secretary shall allow the recipient, or subrecipient, to use the proceeds attributable to the Federal share of such asset calculated under paragraph
(3)for capital projects under section 5307, 5310, or 5311. This subsection shall only apply to assets with a current market value, or proceeds from sale, of at least $5,000. The proceeds attributable to the Federal share of an asset described in paragraph
(1)shall be calculated by multiplying— the current market value of, or the proceeds from the disposition of, such asset; by the Federal share percentage for the acquisition of such asset at the time of acquisition of such asset. .