§ 5404. SPECTRUM AUCTION TRUST FUND.
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Establishment.— In general .— 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 subsection (b). Amounts available until expended .— Amounts deposited in the Fund shall remain available until expended. Deposit of Proceeds.— In general .— 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 in accordance with this subsection.
Treasury reimbursement .— Notwithstanding any other provision of law, an aggregate total amount of $3,300,000,000 of the proceeds of covered auctions shall be deposited in the Fund as follows: 50 percent of those 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 (c)(1). 50 percent of those amounts, but not more than $220,000,000 cumulatively, shall be transferred to the general fund of the Treasury to reimburse the amount borrowed under subsection (d)(1).
Distribution .— If the maximum amount permitted under any subparagraph of paragraph
(2)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
(2)for which the maximum amount permitted has not been met. Extra amounts.— In general .— After the amounts required to be made available by paragraphs
(2)and
(3)are so made available, any remaining amounts up to $280,000,000 shall be made available to the Secretary of Commerce to carry out section 28 of the Stevenson-Wydler Technology Innovation Act of 1980 ( 15 U.S.C. 3722a ). Limitation .— The Secretary of Commerce may not use any funds made available under subparagraph
(A)in a manner that may result in outlays on or after December 31, 2033 . Deficit reduction .— After the amounts required to be made available by subparagraph
(A)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. FCC Borrowing Authority.— In general .— Subject to the limitation under paragraph (2), not later than 90 days after the date of enactment of this Act [ Dec. 23, 2024 ], 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.). Limitation .— 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 . Department of Commerce Borrowing Authority.— In general .— 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 $220,000,000 to carry out section 28 of the Stevenson-Wydler Technology Innovation Act of 1980 ( 15 U.S.C. 3722a ). Limitation .— 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 . Reporting Requirement .— Not later than 2 years after the date of enactment of this Act, and annually thereafter until funds are fully expended, the head of an agency that receives funds under subsection (b)(4)(A), (c)(1), or (d)(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 uses of the amounts received by that agency head under the applicable subsection.”
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