Sec. 6. Repayments to Fund
491 words·~2 min read·
/bill/117/s/1926/is/section-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As a condition of receiving a purchase transfer from the Fund, a purchasing agency shall enter into a written agreement with the Administrator under which the purchasing agency shall agree to make annual repayments to the Fund in accordance with this section. Subject to paragraph (2), the amount of an annual repayment to the Fund by a purchasing agency under this section shall be an amount equal to the quotient obtained by dividing— the amount of the purchase transfer provided to the purchasing agency; by the number of years in the repayment period, as determined under subsection (c).
In any case described in subparagraph (B), after a purchasing agency repays to the Fund the applicable repayment amount, the Administrator shall adjust the repayment amount owed by the purchasing agency for each fiscal year thereafter by such uniform amount as the Administrator determines to be necessary to ensure that the sum of all repayments (including any repayments already paid to the Fund) by the purchasing agency is equal to the actual cost of the eligible agency project of the purchasing agency.
A case referred to in subparagraph
(A)is any case in which— the actual cost of the eligible agency project of the purchasing agency is less than the purchase transfer to the purchasing agency; the actual cost of the eligible agency project of the purchasing agency is greater than the purchase transfer to the purchasing agency; and an additional purchase transfer in an amount equal to the amount of the difference has been approved in advance in an appropriations Act; the total amount of repayments by the purchasing agency exceeds the annual repayment amount described in paragraph (1); or the amount of the purchase transfer is reduced under section 5(g). The period over which a purchasing agency shall repay to the Fund the amount described in subsection
(b)shall be— such period as may be agreed to by the purchasing agency and the Administrator; but not longer than 15 years, beginning in the fiscal year for which the first repayment amount is appropriated to the purchasing agency pursuant to subsection (e)(1). Repayments shall be made under this section not less frequently than annually during the period described in subsection (c). There are authorized to be appropriated to each purchasing agency such sums as are necessary for the repayments owed by the purchasing agency to the Fund under this section for each fiscal year during the period— beginning in the first fiscal year during which amounts are transferred from the Fund to the purchasing agency under section 5(c)(3); and ending on the last day of the repayment period determined for the purchasing agency under subsection (c). The receipt by a purchasing agency of amounts made available pursuant to paragraph
(1)for a fiscal year shall be considered to be a legal obligation of the purchasing agency during that fiscal year to make a repayment to the Fund in accordance with this section.