Sec. 601. Public Safety and Secure Networks Fund
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There is established in the Treasury of the United States a fund to be known as the Public Safety and Secure Networks Fund (in this section referred to as the Fund ). In the case of the proceeds of any system of competitive bidding under section 309(j) of the Communications Act of 1934 ( 47 U.S.C. 309(j) ) with respect to the frequencies between 2496 megahertz and 2690 megahertz, inclusive, that are deposited in the Fund as required by section 501(b) of this Act, the first $1,800,000,000 of such proceeds shall be deposited in the general fund of the Treasury, where such amounts shall be dedicated for the sole purpose of deficit reduction.
The remainder of such proceeds shall be available or deposited under subsection (c). In the case of the proceeds of the system of competitive bidding required by subparagraph
(A)of section 101(b)(3) that are deposited in the Fund as required by subparagraph
(D)of such section, the first $17,300,000,000 of such proceeds shall be deposited in the general fund of the Treasury, where such amounts shall be dedicated for the sole purpose of deficit reduction. The remainder of such proceeds shall be available or deposited under subsection (c). Except as provided in subsection (b), as amounts are deposited in the Fund, such amounts shall be available or deposited as follows: $3,080,000,000 shall be available to the Federal Communications Commission until expended to carry out the program established under section 4 of the Secure and Trusted Communications Networks Act of 2019 ( 47 U.S.C. 1603 ). After the amount required to be made available by paragraph
(1)is so made available, $10,000,000,000 shall be available to the Assistant Secretary of Commerce for Communications and Information until expended to carry out sections 159, 160, and 161 of the National Telecommunications and Information Administration Organization Act, as added by section 301(a) of this Act, except that not more than 4 percent of the amount made available by this paragraph may be used for administrative purposes (including carrying out such sections 160 and 161). After the amount required to be made available by paragraph
(2)is so made available, $117,400,000 shall be available to the Assistant Secretary of Commerce for Communications and Information until expended to carry out section 120 of the National Telecommunications and Information Administration Organization Act, as added by section 401 of this Act. After the amount required to be made available by paragraph
(3)is so made available, any remaining amounts deposited in the Fund shall be deposited in the general fund of the Treasury, where such amounts shall be dedicated for the sole purpose of deficit reduction.
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