7 USC 518e - Tobacco Trust Fund

U.S Code last checked for updates: Apr 27, 2024

§ 518e.

Tobacco Trust Fund

(a)

Establishment

There is established in the Commodity Credit Corporation a revolving trust fund, to be known as the “Tobacco Trust Fund”, which shall be used in carrying out this subchapter. The Tobacco Trust Fund shall consist of the following:

(1)

Assessments collected under section 518d of this title.

(2)

Such amounts as are necessary from the Commodity Credit Corporation.

(3)

Any interest earned on investment of amounts in the Tobacco Trust Fund under subsection (c).

(b)

Expenditures

(1)

Authorized expenditures

Subject to paragraph (2), and notwithstanding any other provision of law, the Secretary shall use amounts in the Tobacco Trust Fund, in such amounts as the Secretary determines are necessary—

(A)

to make payments under sections 518a and 518b of this title;

(B)

to provide reimbursement under section 519(c) of this title;

(C)

to reimburse the Commodity Credit Corporation for costs incurred by the Commodity Credit Corporation under paragraph (2); and

(D)

to make payments to financial institutions to satisfy contractual obligations under section 518a or 518b of this title.

(2)

Expenditures by Commodity Credit Corporation

(c)

Investment of amounts

(1)

In general

(2)

Interest-bearing obligations

(3)

Acquisition of obligations

For the purpose of investments under paragraph (1), obligations may be acquired—

(A)

on original issue at the issue price; or

(B)

by purchase of outstanding obligations at the market price.

(4)

Sale of obligations

(5)

Credits to Fund

(Pub. L. 108–357, title VI, § 626, Oct. 22, 2004, 118 Stat. 1533.)

cite as: 7 USC 518e