42 U.S.C. § 4104d : US Code - Section 4104D: National Flood Mitigation Fund

Search 42 U.S.C. § 4104d : US Code - Section 4104D: National Flood Mitigation Fund

(a) Establishment and availability
The Director shall establish in the Treasury of the United States
a fund to be known as the National Flood Mitigation Fund, which
shall be credited with amounts described in subsection (b) of this
section and shall be available, to the extent provided in
appropriation Acts, for providing assistance under section 4104c of
this title.
(b) Credits
The National Flood Mitigation Fund shall be credited with -
(1) in each fiscal year, amounts from the National Flood
Insurance Fund not exceeding $40,000,000, to remain available
until expended;
(2) any penalties collected under section 4012a(f) of this
title; and
(3) any amounts recaptured under section 4104c(i) of this
title.
(c) Administrative expenses
The Director may use not more than 5 percent of amounts made
available under subsection (b) of this section to cover salaries,
expenses, and other administrative costs incurred by the Director
to make grants and provide assistance under sections 4104c and 4030
of this title.
(d) Investment
If the Director determines that the amounts in the National Flood
Mitigation Fund are in excess of amounts needed under subsection
(a) of this section, the Director may invest any excess amounts the
Director determines advisable in interest-bearing obligations
issued or guaranteed by the United States.
(e) Report
The Director shall submit a report to the Congress not later than
the expiration of the 1-year period beginning on September 23,
1994, and not less than once during each successive 2-year period
thereafter. The report shall describe the status of the Fund and
any activities carried out with amounts from the Fund.