25 USC 1616a-1 - Scholarship and Loan Repayment Recovery Fund

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

§ 1616a–1.

Scholarship and Loan Repayment Recovery Fund

(a)

Establishment

(b)

Authorization of appropriations

For each fiscal year, there is authorized to be appropriated to the Fund an amount equal to the sum of—

(1)

the amount collected during the preceding fiscal year by the Federal Government pursuant to—

(A)

the liability of individuals under subparagraph (A) or (B) of section 1613a(b)(5) of this title for the breach of contracts entered into under section 1613a of this title; and

(B)

the liability of individuals under section 1616a(l) of this title for the breach of contracts entered into under section 1616a of this title; and

(2)

the aggregate amount of interest accruing during the preceding fiscal year on obligations held in the Fund pursuant to subsection (d) and the amount of proceeds from the sale or redemption of such obligations during such fiscal year.

(c)

Use of funds

(1)

Amounts in the Fund and available pursuant to appropriation Acts may be expended by the Secretary, acting through the Service, to make payments to an Indian tribe or tribal organization administering a health care program pursuant to a contract entered into under the Indian Self-Determination Act [25 U.S.C. 5321 et seq.]—

(A)

to which a scholarship recipient under section 1613a of this title or a loan repayment program participant under section 1616a of this title has been assigned to meet the obligated service requirements pursuant to 1

 So in original. Probably should be “to such”.

sections; and

(B)

that has a need for a health professional to provide health care services as a result of such recipient or participant having breached the contract entered into under section 1613a of this title or section 1616a of this title.

(2)

An Indian tribe or tribal organization receiving payments pursuant to paragraph (1) may expend the payments to recruit and employ, directly or by contract, health professionals to provide health care services.

(d)

Investment of excess funds

(1)

The Secretary of the Treasury shall invest such amounts of the Fund as such Secretary determines are not required to meet current withdrawals from the Fund. Such investments may be made only in interest-bearing obligations of the United States. For such purpose, such obligations may be acquired on original issue at the issue price, or by purchase of outstanding obligations at the market price.

(2)

Any obligation acquired by the Fund may be sold by the Secretary of the Treasury at the market price.

(Pub. L. 94–437, title I, § 108A, as added Pub. L. 102–573, title I, § 110, Oct. 29, 1992, 106 Stat. 4538.)

cite as: 25 USC 1616a-1