22 USC 9634 - Corporate funds

U.S Code last checked for updates: Nov 23, 2024

§ 9634.

Corporate funds

(a)

Corporate Capital Account

(b)

Funding

The Corporate Capital Account shall consist of—

(1)

fees charged and collected pursuant to subsection (c);

(2)

any amounts received pursuant to subsection (e);

(3)

investments and returns on such investments pursuant to subsection (g);

(4)

unexpended balances transferred to the Corporation pursuant to subsection (i);

(5)

payments received in connection with settlements of all insurance and reinsurance claims of the Corporation; and

(6)

all other collections transferred to or earned by the Corporation, excluding the cost, as defined in section 661a of title 2, of loans and loan guaranties.

(c)

Fee authority

(d)

Uses

(1)

In general

Subject to Acts making appropriations, the Corporation is authorized to pay—

(A)

the cost, as defined in section 661a of title 2, of loans and loan guaranties;

(B)

administrative expenses of the Corporation;

(C)

for the cost of providing support authorized by subsections (c), (e), (f), and (g) of section 9621 of this title; 1

 So in original. Probably should be followed by “and”.

(D)

project-specific transaction costs.

(2)

Income and revenue

In order to carry out the purposes of the Corporation, all collections transferred to or earned by the Corporation, excluding the cost, as defined in section 661a of title 2, of loans and loan guaranties, shall be deposited into the Corporate Capital Account and shall be available to carry out its purpose, including without limitation—

(A)

payment of all insurance and reinsurance claims of the Corporation;

(B)

repayments to the Treasury of amounts borrowed under subsection (e); and

(C)

dividend payments to the Treasury under subsection (f).

(e)

Full faith and credit

(1)

In general

(2)

Authority to borrow

(f)

Dividends

(g)

Investment authority

(1)

In general

(2)

Form of investments

(h)

Collections

(i)

Transfer from predecessor agencies and programs

(j)

Transfer of funds

(k)

Definition

In this section, the term “project-specific transaction costs”—

(1)

means those costs incurred by the Corporation for travel, legal expenses, and direct and indirect costs incurred in claims settlements associated with the provision of support under subchapter II of this chapter and shall not be considered administrative expenses for the purposes of this section; and

(2)

does not include information technology (as such term is defined in section 11101 of title 40).

(Pub. L. 115–254, div. F, title III, § 1434, Oct. 5, 2018, 132 Stat. 3501.)

cite as: 22 USC 9634