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 (referred to in this section as the Fund ) for the purposes described in subparagraphs

(A)through

(I)of subsection (c)(1). Amounts deposited in the Fund shall remain available until expended. Notwithstanding any other provision of law, except section 309(j)(8)(B) of the Communications Act of 1934 ( 47 U.S.C. 309(j)(8)(B) ), the proceeds (including deposits and upfront payments from successful bidders) from any covered auction shall be deposited or available as follows: With respect to a covered auction described in paragraph

(3)or

(4)of section 601, the proceeds of the covered auction shall be deposited or available as follows: With respect to a covered auction described in section 601(3)— such amount of those proceeds as is necessary to cover 110 percent of the relocation or sharing costs (as defined in subsection (g)(3) of section 113 of the National Telecommunications and Information Administration Organization Act ( 47 U.S.C. 923 )) of Federal entities (as defined in subsection

(I)shall be deposited in accordance with subsection (c). With respect to a covered auction described in section 601(4)— such amount of those proceeds as the Commission has agreed to share with licensees under section 309(j)(8)(G) of the Communications Act of 1934 ( 47 U.S.C. 309(j)(8)(G) ) shall be shared with those licensees; and any remaining proceeds after sharing proceeds, as described in subclause (I), shall be deposited in accordance with subsection (c). After carrying out subparagraph

(A)(if that subparagraph is applicable to the covered auction), $2,000,000,000 of the proceeds of the covered auction shall be deposited in the general fund of the Treasury, where those proceeds shall be dedicated for the sole purpose of deficit reduction. Any proceeds of the covered auction that remain after carrying out subparagraphs

(A)and

(B)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 (including paragraph (1)), 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 or available as follows: If that system of competitive bidding is a covered auction described in paragraph

(3)or

(4)of section 601, the proceeds of the system of competitive bidding shall be deposited or available as follows: With respect to a covered auction described in section 601(3), such amount of those proceeds as is necessary to cover 110 percent of the relocation or sharing costs (as defined in subsection (g)(3) of section 113 of the National Telecommunications and Information Administration Organization Act ( 47 U.S.C. 923 )) of Federal entities (as defined in subsection

(l)of such section 113) relocated from or sharing such eligible frequencies shall be deposited in the Spectrum Relocation Fund established under section 118 of such Act ( 47 U.S.C. 928 ). With respect to a covered auction described in section 601(4), such amount of those proceeds as the Commission has agreed to share with licensees under section 309(j)(8)(G) of the Communications Act of 1934 ( 47 U.S.C. 309(j)(8)(G) ) shall be shared with those licensees. After carrying out subparagraph

(A)(if that subparagraph is applicable to that system of competitive bidding), $300,000,000 of the proceeds of that system of competitive bidding shall be deposited in the general fund of the Treasury, where those proceeds shall be dedicated for the sole purpose of deficit reduction. Any proceeds of that system of competitive bidding that remain after carrying out subparagraphs

(A)and

(B)shall be deposited in accordance with subsection (c). Notwithstanding any other provision of law (except for subsection (b)), an aggregate total amount of $20,605,000,000 of the proceeds of covered auctions that remain after carrying out that subsection shall be deposited in the Fund as follows: 12 percent of those remaining amounts, but not 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)(1)(A). 12 percent of those remaining amounts, but not more than $5,000,000,000 cumulatively, shall be transferred to the general fund of the Treasury to reimburse the amount borrowed under subsection (d)(1)(B). 12 percent of those remaining amounts, but not more than $2,000,000,000 cumulatively, shall be transferred to the general fund of the Treasury to reimburse the amount borrowed under subsection (e)(1)(A). 12 percent of those amounts, but not more than $3,000,000,000 cumulatively, shall be transferred to the general fund of the Treasury to reimburse the amount borrowed under subsection (e)(1)(B). 12 percent of those remaining amounts, but not more than $2,000,000,000 cumulatively, shall be made available to the Under Secretary, to remain available until expended, to carry out sections 159, 160, and 161 of the National Telecommunications and Information Administration Organization Act, as added by section 801 of this Act, except that not more than 4 percent of the amount made available under this subparagraph may be used for administrative purposes (including carrying out such sections 160 and 161). 12 percent of those remaining amounts, but not more than $3,300,000,000 cumulatively, shall be made available to the Director of the National Science Foundation to carry out research and related activities, of which— $1,650,000,000 shall be for the Directorate for Technology, Innovation, and Partnerships established under section 10381 of the Research and Development, Competition, and Innovation Act ( 42 U.S.C. 19101 ); and $1,650,000,000 shall be used to carry out other research and related activities for which amounts are authorized to be appropriated under section 10303 of the Research and Development, Competition, and Innovation Act ( Public Law 117–167 ). 12 percent of those remaining amounts, but not more than $1,700,000,000 cumulatively, shall be made available to the Under Secretary of Commerce for Standards and Technology, of which— $1,475,000,000 shall be used to carry out scientific and technical research and services laboratory activities under subtitle B of title II of the Research and Development, Competition, and Innovation Act ( 42 U.S.C. 18931 et seq. ); and $225,000,000 shall be used for Safety, Capacity, Maintenance, and Major Repairs for which amounts are authorized to be appropriated under section 10211 of the Research and Development, Competition, and Innovation Act ( Public Law 117–167 ). 12 percent of those remaining amounts, but not more than $500,000,000 cumulatively, shall be made available to the Under Secretary to carry out the Telecommunications Workforce Training Grant Program established under section 503. 4 percent of those remaining amounts, but not more than $25,000,000 cumulatively, shall be made available to the Under Secretary and the Secretary of Defense for the purpose of research and development, engineering studies, economic analyses, activities with respect to systems, or other planning activities to improve efficiency and effectiveness of spectrum use of the Department of Defense. If the maximum amount permitted under any subparagraph of paragraph

(1)is reached, whether through covered auction proceeds or appropriations to the program specified in that subparagraph, any remaining proceeds from the amount of proceeds of covered auctions described in that paragraph 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 amounts required to be made available by paragraphs

(1)and

(2)are 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. Subject to the limitation under paragraph (2), not later than 90 days after the date of enactment of this Act, the Commission may borrow from the Treasury of the United States 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. ); and $5,000,000,000 to carry out section 904 of division N of the Consolidated Appropriations Act, 2021 ( 47 U.S.C. 1752 ). The Commission may not use any funds borrowed under this subsection in a manner that may result in outlays on or after December 31, 2033. Subject to the limitation under paragraph (2), not later than 90 days after the date of enactment of this Act, the Secretary of Commerce may borrow from the Treasury of the United States an amount not to exceed— $2,000,000,000 to carry out section 28 of the Stevenson-Wydler Technology Innovation Act of 1980 ( 15 U.S.C. 3722a ); and $3,000,000,000 for the fund established under section 102(a) of the CHIPS Act of 2022 ( 15 U.S.C. 4651 note), which shall be used to carry out section 9902 of the William M.

(Mac)Thornberry National Defense Authorization Act for Fiscal Year 2021 ( 15 U.S.C. 4652 ). The Secretary of Commerce may not use any funds borrowed under this subsection in a manner that may result in outlays on or after December 31, 2033. Not later than 2 years after the date of enactment of this Act, and annually thereafter until funds are fully expended, the heads of the agencies to which funds are made available under each subparagraph of subsection (c)(1) shall submit to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Energy and Commerce of the House of Representatives a report on the amount transferred or made available under the applicable subparagraph.

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