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Code · BILL · 116th Congress · H.R. 6239 (Introduced in House) — To establish the Leadership Institute for Transatlantic Engagement to develop a diverse community of transatlantic le... · Sec. 6

Sec. 6. Leadership institute for Transatlantic Engagement Trust Fund

428 words·~2 min read·/bill/116/hr/6239/ih/section-6

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There is established in the Treasury of the United States a trust fund to be known as the Leadership Institute for Transatlantic Engagement Trust Fund . The Fund shall consist of amounts which may be appropriated, credited, or transferred to it under this section. Any money or other property donated, bequeathed, or devised to the Institute under the authority of this section shall be credited to the Fund. At the request of the Institute, it shall be the duty of the Secretary of the Treasury to invest in full the amounts appropriated to the Fund.
Such investments may be made only in interest-bearing obligations of the United States issued directly to the Fund. The purposes for which obligations of the United States may be issued under chapter 31 of title 31, United States Code, are hereby extended to authorize the issuance at par of special obligations directly to the Fund. Such special obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month next preceding the date of such issue, borne by all marketable interest-bearing obligations of the United States then forming a part of the public debt, except that if such average rate is not a multiple of one-eighth of 1 per centum, the rate of interest of such special obligations shall be the multiple of one-eighth of 1 per centum next lower than such average rate.
All requests of the Institute to the Secretary of the Treasury provided for in this section shall be binding upon the Secretary. At the request of the Institute, the Secretary of the Treasury shall redeem any obligation issued directly to the Fund. Obligations issued to the Fund under subsection (c)(2) shall be redeemed at par plus accrued interest. Any other obligations issued directly to the Fund shall be redeemed at the market price. In addition to the appropriations received pursuant to this Act, the interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund pursuant to this Act, shall be credited to and form a part of the Fund.
Five to ten percent of the original amount appropriated to the Fund must remain in the Fund at all times. The Secretary of the Treasury is authorized to pay to the Institute from the interests and earnings of the Fund, and moneys credited to the Fund pursuant to this section, such sums as the Board determines are necessary and appropriate to enable the Institute to carry out the provisions of this Act.
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