Notes on 7 U.S.C. § 7101 : US Code - Notes

Search Notes on 7 U.S.C. § 7101 : US Code - Notes

(Pub. L. 103-407, Sec. 2, Oct. 22, 1994, 108 Stat. 4210.)
SHORT TITLE OF 2004 AMENDMENT                   
Pub. L. 108-429, title IV, Sec. 4001, Dec. 3, 2004, 118 Stat.
2600, provided that: "This title [amending provisions set out as a
note under this section] may be cited as the 'Wool Suit and Textile
Trade Extension Act of 2004'."
SHORT TITLE                            
Section 1 of Pub. L. 103-407 provided that: "This Act [enacting
this chapter] may be cited as the 'Sheep Promotion, Research, and
Information Act of 1994'."
WOOL RESEARCH, DEVELOPMENT, AND PROMOTION TRUST FUND       
Pub. L. 106-200, title V, Sec. 506, May 18, 2000, 114 Stat. 303,
as amended by Pub. L. 107-210, div. E, title L, Sec. 5102(c)(2),
Aug. 6, 2002, 116 Stat. 1047; Pub. L. 108-429, title IV, Sec.
4002(c)(5), Dec. 3, 2004, 118 Stat. 2603; Pub. L. 109-280, title
XIV, Sec. 1633(b)(2), Aug. 17, 2006, 120 Stat. 1166, provided that:
"(a) Establishment. - There is hereby established within the
Treasury of the United States a trust fund to be known as the Wool
Research, Development, and Promotion Trust Fund (hereafter in this
section referred to as the 'Trust Fund'), consisting of such
amounts as may be transferred to the Trust Fund under subsection
(b)(1) and any amounts as may be credited to the Trust Fund under
subsection (c)(2).
"(b) Transfer of Amounts. - 
"(1) In general. - The Secretary of the Treasury shall transfer
to the Trust Fund out of the general fund of the Treasury of the
United States amounts determined by the Secretary of the Treasury
to be equivalent to the amounts received into such general fund
that are attributable to the duty received on articles under
chapters 51 and 52 of the Harmonized Tariff Schedule of the
United States [see Publication of Harmonized Tariff Schedule note
set out under section 1202 of Title 19, Customs Duties], subject
to the limitation in paragraph (2).
"(2) Limitation. - The Secretary shall not transfer more than
$2,250,000 to the Trust Fund in any fiscal year.
"(3) Transfers based on estimates. - The amounts required to be
transferred under paragraph (1) shall be transferred at least
quarterly from the general fund of the Treasury of the United
States to the Trust Fund on the basis of estimates made by the
Secretary of the Treasury of the amounts referred to in paragraph
(1) that are received into the Treasury. Proper adjustments shall
be made in the amounts subsequently transferred to the extent
prior estimates were in excess of, or less than, the amounts
required to be transferred.
"(c) Investment of Trust Fund. - 
"(1) In general. - It shall be the duty of the Secretary of the
Treasury to invest such portion of the Trust Fund as is not, in
the Secretary's judgment, required to meet current withdrawals.
Such investments may be made only in interest-bearing obligations
of the United States or in obligations guaranteed as to both
principal and interest by 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. Any obligation acquired by the Trust Fund may be sold by
the Secretary of the Treasury at the market price.
"(2) Interest and proceeds from sale or redemption of
obligations. - The interest on, and the proceeds from the sale or
redemption of, any obligations held in the Trust Fund shall be
credited to and form a part of the Trust Fund.
"(d) Availability of Amounts from Trust Fund. - From amounts
available in the Trust Fund (including any amounts not obligated in
previous fiscal years), the Secretary of Agriculture is authorized
to provide grants to a nationally-recognized council established
for the development of the United States wool market for the
following purposes:
"(1) Assist United States wool producers to improve the quality
of wool produced in the United States, including to improve wool
production methods.
"(2) Disseminate information on improvements described in
paragraph (1) to United States wool producers generally.
"(3) Assist United States wool producers in the development and
promotion of the wool market.
"(e) Reports to Congress. - The Secretary of the Treasury, in
consultation with the Secretary of Agriculture, shall prepare and
submit to Congress an annual report on the financial condition and
the results of the operations of the Trust Fund, including a
description of the use of amounts of grants provided under
subsection (d), during the preceding fiscal year and on its
expected condition and operations during the next fiscal year.
"(f) Sunset Provision. - Effective January 1, 2010, the Trust
Fund shall be abolished and all amounts in the Trust Fund on such
date shall be transferred to the general fund of the Treasury of
the United States."