50 USC 4534 – Defense Production Act Fund
(a) Establishment of Fund
There is established in the Treasury of the United States a separate fund to be known as the “Defense Production Act Fund” (in this section referred to as the “Fund”).
(b) Moneys in Fund
Terms Used In 50 USC 4534
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
There shall be credited to the Fund—
(1) all moneys appropriated for the Fund, as authorized by section 4561 of this title; and
(2) all moneys received by the Fund on transactions entered into pursuant to section 4533 of this title.
(c) Use of Fund
The Fund shall be available to carry out the provisions and purposes of this subchapter, subject to the limitations set forth in this chapter and in appropriations Acts.
(d) Duration of Fund
Moneys in the Fund shall remain available until expended.
(e) Fund balance
The Fund balance at the close of each fiscal year shall not exceed $750,000,000, excluding any moneys appropriated to the Fund during that fiscal year or obligated funds. If, at the close of any fiscal year, the Fund balance exceeds $750,000,000, the amount in excess of $750,000,000 shall be paid into the general fund of the Treasury.
(f) Fund manager
The President shall designate a Fund manager. The duties of the Fund manager shall include—
(1) determining the liability of the Fund in accordance with subsection (g);
(2) ensuring the visibility and accountability of transactions engaged in through the Fund; and
(3) reporting to the Congress each year regarding activities of the Fund during the previous fiscal year.
(g) Liabilities against Fund
When any agreement entered into pursuant to this subchapter after December 31, 1991, imposes any contingent liability upon the United States, such liability shall be considered an obligation against the Fund.