Sec. 602. Spectrum Auction Trust Fund
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There is established in the Treasury of the United States a fund to be known as the Spectrum Auction Trust Fund (in this section referred to as the Fund ) for the purposes described in subparagraphs
(A)through
(D)of subsection (c)(1). Amounts deposited in the Fund shall remain available until expended. Except as provided in section 309(j)(8)(B) of the Communications Act of 1934 ( 47 U.S.C. 309(j)(8)(B) ), and notwithstanding any other provision of law— the first $17,300,000,000 of the proceeds of systems of competitive bidding required under section 90008 of the Infrastructure Investment and Jobs Act ( 47 U.S.C. 921 note) shall be deposited in the general fund of the Treasury, where such proceeds shall be dedicated for the sole purpose of deficit reduction; and the remainder of the proceeds of the systems of competitive bidding described in subparagraph
(A)shall be deposited in accordance with subsection (c). Except as provided in section 309(j)(8)(B) of the Communications Act of 1934 ( 47 U.S.C. 309(j)(8)(B) ), and notwithstanding any other provision of law— the first $300,000,000 of the proceeds of the system of competitive bidding required under section 1004 of the Spectrum Pipeline Act of 2015 ( 47 U.S.C. 921 note) shall be deposited in the general fund of the Treasury, where such proceeds shall be dedicated for the sole purpose of deficit reduction; and the remainder of the proceeds of the system of competitive bidding described in subparagraph
(A)shall be deposited in accordance with subsection (c). Except as provided in section 309(j)(8)(B) of the Communications Act of 1934 ( 47 U.S.C. 309(j)(8)(B) ), and notwithstanding any other provision of law, any proceeds from covered auctions conducted under section 309(j) of the Communications Act of 1934 ( 47 U.S.C. 309(j) ), shall be deposited as follows (unless the covered auction is a system of competitive bidding described in paragraph
(1)or
(2)of this subsection, in which case those proceeds shall be deposited in accordance with paragraph
(1)or
(2)of this subsection, as applicable): The first $2,000,000,000 of those proceeds shall be deposited in the general fund of the Treasury, where such amounts shall be dedicated for the sole purpose of deficit reduction. Any remaining proceeds after carrying out subparagraph
(A)shall be deposited in accordance with subsection (c). Except as provided in subsection
(b)and paragraph (2), and notwithstanding any other provision of law (except for that subsection), an aggregate total amount of $23,080,000,000 from covered auctions shall be deposited in the Fund as follows: 30 percent of any such amounts, but no more than $3,080,000,000 cumulatively, shall be transferred to the general fund of the Treasury to reimburse the amount borrowed under subsection
(d)of this section. 30 percent of any such amounts, but no more than $14,800,000,000 cumulatively, shall be made 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 of this Act, except that not more than 4 percent of the amount made available by this subparagraph may be used for administrative purposes (including carrying out such sections 160 and 161). 30 percent of any such amounts, but no more than $5,000,000,000 cumulatively, shall be made available to the Assistant Secretary of Commerce for Communications and Information to carry out section 60401 of the Infrastructure Investment and Jobs Act ( 47 U.S.C. 1741 ). 10 percent of such amounts, but no more than $200,000,000 cumulatively, shall be transferred to the general fund of the Treasury to reimburse the amount borrowed under subsection
(e)of this section. If the maximum amount permitted under a subparagraph of paragraph
(1)is met, whether through covered auction proceeds or appropriations to the program specified in such subparagraph, any remaining proceeds shall be deposited pro rata based on the original distribution to all subparagraphs of paragraph
(1)for which the maximum amount permitted has not been met. After the amount required to be made available by paragraphs
(1)and
(2)is so made available, any remaining amounts shall be deposited in the general fund of the Treasury, where such amounts shall be dedicated for the sole purpose of deficit reduction. The Federal Communications Commission may borrow from the Treasury of the United States, not later than 90 days after the date of the enactment of this Act, an amount not to exceed $3,080,000,000 to carry out the Secure and Trusted Communications Networks Act of 2019 ( 47 U.S.C. 1601 et seq. ), provided that the Commission shall not use any funds borrowed under this subsection in a manner that may result in outlays on or after December 31, 2032. The Assistant Secretary of Commerce for Communications and Information may borrow from the Treasury of the United States, not later than 90 days after the date of the enactment of this Act, an amount not to exceed $200,000,000 to carry out the Minority Serving Institutions Program created under title IX of this Act, provided that the Assistant Secretary shall not use any funds borrowed under this subsection in a manner that may result in outlays on or after December 31, 2032. Not later than 2 years after the date of the enactment of this Act, and every year thereafter until funds are fully expended, the agencies to which the funds are made available shall submit to the Committee on Energy and Commerce of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report on the amount transferred or made available under each subparagraph of subsection (c)(1).
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