23-U.S.C.-608
§608 – Funding
Pathway
Title 23 > Chapter 6 > Section 608
Details
- Reference: Section 608
- Legend: §608 – Funding
- USCode Year: 2013
Provision Content
(a) Funding.—
(1) Spending and borrowing authority.—Spending and borrowing authority for a fiscal year to enter into Federal credit instruments shall be promptly apportioned to the Secretary on a fiscal-year basis.
(2) Reestimates.—If the subsidy cost of a Federal credit instrument is reestimated, the cost increase or decrease of the reestimate shall be borne by, or benefit, the general fund of the Treasury, consistent with section 504(f) the Congressional Budget Act of 1974 (2 U.S.C. 661c(f)).
(3) Rural set-aside.—
(A) In general.—Of the total amount of funds made available to carry out this chapter for each fiscal year, not more than 10 percent shall be set aside for rural infrastructure projects.
(B) Reobligation.—Any amounts set aside under subparagraph (A) that remain unobligated by June 1 of the fiscal year for which the amounts were set aside shall be available for obligation by the Secretary on projects other than rural infrastructure projects.
(4) Redistribution of authorized funding.—
(A) In general.—Beginning in fiscal year 2014, on April 1 of each fiscal year, if the cumulative unobligated and uncommitted balance of funding available exceeds 75 percent of the amount made available to carry out this chapter for that fiscal year, the Secretary shall distribute to the States the amount of funds and associated obligation authority in excess of that amount.
(B) Distribution.—The amounts and obligation authority distributed under this paragraph shall be distributed, in the same manner as obligation authority is distributed to the States for the fiscal year, based on the proportion that—
(i) the relative share of each State of obligation authority for the fiscal year; bears to
(ii) the total amount of obligation authority distributed to all States for the fiscal year.
(C) Purpose.—Funds distributed under subparagraph (B) shall be available for any purpose described in section 133(b).
(5) Availability.—Amounts made available to carry out this chapter shall remain available until expended.
(6) Administrative costs.—Of the amounts made available to carry out this chapter, the Secretary may use not more than 0.50 percent for each fiscal year for the administration of this chapter.
(b) Contract Authority.—
(1) In general.—Notwithstanding any other provision of law, execution of a term sheet by the Secretary of a Federal credit instrument that uses amounts made available under this chapter shall impose on the United States a contractual obligation to fund the Federal credit investment.
(2) Availability.—Amounts made available to carry out this chapter for a fiscal year shall be available for obligation on October 1 of the fiscal year.
(Added and amended Pub. L. 105–178, title I, §1503(a), (c), June 9, 1998, 112 Stat. 249, §188; Pub. L. 105–206, title IX, §9007(a), July 22, 1998, 112 Stat. 849; Pub. L. 108–88, §5(a)(10), Sept. 30, 2003, 117 Stat. 1115; Pub. L. 108–202, §5(a)(10), Feb. 29, 2004, 118 Stat. 481; Pub. L. 108–224, §4(a)(10), Apr. 30, 2004, 118 Stat. 629; Pub. L. 108–263, §4(a)(10), June 30, 2004, 118 Stat. 700; Pub. L. 108–280, §4(a)(10), July 30, 2004, 118 Stat. 879; Pub. L. 108–310, §5(a)(10), Sept. 30, 2004, 118 Stat. 1149; Pub. L. 109–14, §4(a)(10), May 31, 2005, 119 Stat. 327; Pub. L. 109–20, §4(a)(10), July 1, 2005, 119 Stat. 348; Pub. L. 109–35, §4(a)(10), July 20, 2005, 119 Stat. 381; Pub. L. 109–37, §4(a)(10), July 22, 2005, 119 Stat. 396; Pub. L. 109–40, §4(a)(10), July 28, 2005, 119 Stat. 413; renumbered §608 and amended Pub. L. 109–59, title I, §§1601(g), 1602(b)(5), (d), Aug. 10, 2005, 119 Stat. 1242, 1247; Pub. L. 112–141, div. A, title II, §2002, July 6, 2012, 126 Stat. 620.)
Amendments
2012—Pub. L. 112–141 amended section generally. Prior to amendment, section related to funding for fiscal years 2005 through 2009 and contract authority.
2005—Pub. L. 109–59, §1602(d), renumbered section 188 of this title as this section.
Pub. L. 109–59, §1601(g), reenacted section catchline without change and amended text generally, substituting provisions relating to funding for fiscal years 2005 through 2009 and contract authority, consisting of subsecs. (a) and (b), for provisions relating to funding for fiscal years 1999 through 2004 and for the period of Oct. 1, 2004, through July 30, 2005, contract authority, and limitations on credit amounts, consisting of subsecs. (a) to (c).
Subsec. (a)(1). Pub. L. 109–59, §1602(b)(5), substituted this chapter for this subchapter.
Subsec. (a)(1)(G). Pub. L. 109–40, §4(a)(10)(A), added subpar. (G) and struck out former subpar. (G) which read as follows: $106,849,340 for the period of October 1, 2004, through July 27, 2005.
Pub. L. 109–37, §4(a)(10)(A), added subpar. (G) and struck out former subpar. (G) which read as follows: $105,300,000 for the period of October 1, 2004, through July 21, 2005.
Pub. L. 109–35, §4(a)(10)(A), added subpar. (G) and struck out former subpar. (G) which read as follows: $104,000,000 for the period of October 1, 2004, through July 19, 2005.
Pub. L. 109–20, §4(a)(10)(A), added subpar. (G) and struck out former subpar. (G) which read as follows: $97,500,000 for the period of October 1, 2004, through June 30, 2005.
Pub. L. 109–14, §4(a)(10)(A), added subpar. (G) and struck out former subpar. (G) which read as follows: $86,666,667 for the period of October 1, 2004, through May 31, 2005.
Subsec. (a)(2). Pub. L. 109–40, §4(a)(10)(B), substituted $1,660,000 for the period of October 1, 2004, through July 30, 2005 for $1,643,836 for the period of October 1, 2004, through July 27, 2005.
Pub. L. 109–37, §4(a)(10)(B), substituted $1,643,836 for the period of October 1, 2004, through July 27, 2005 for $1,620,000 for the period of October 1, 2004, through July 21, 2005.
Pub. L. 109–35, §4(a)(10)(B), substituted $1,620,000 for the period of October 1, 2004, through July 21, 2005 for $1,600,000 for the period of October 1, 2004, through July 19, 2005.
Pub. L. 109–20, §4(a)(10)(B), substituted $1,600,000 for the period of October 1, 2004, through July 19, 2005 for $1,500,000 for the period of October 1, 2004, through June 30, 2005.
Pub. L. 109–14, §4(a)(10)(B), substituted $1,500,000 for the period of October 1, 2004, through June 30, 2005 for $1,333,333 for the period of October 1, 2004, through May 31, 2005.
Subsec. (a)(3). Pub. L. 109–59, §1602(b)(5), substituted administration of this chapter for administration of this subchapter.
Subsec. (b)(1). Pub. L. 109–59, §1602(b)(5), substituted this chapter for this subchapter.
Subsec. (c). Pub. L. 109–40, §4(a)(10)(C), substituted $2,158,000,000 for $2,136,986,800 in item relating to fiscal year 2005 in table.
Pub. L. 109–37, §4(a)(10)(C), substituted $2,136,986,800 for $2,106,000,000 in item relating to fiscal year 2005 in table.
Pub. L. 109–35, §4(a)(10)(C), substituted $2,106,000,000 for $2,080,000,000 in item relating to fiscal year 2005 in table.
Pub. L. 109–20, §4(a)(10)(C), substituted $2,080,000,000 for $1,950,000,000 in item relating to fiscal year 2005 in table.
Pub. L. 109–14, §4(a)(10)(C), substituted $1,950,000,000 for $1,733,333,333 in item relating to fiscal year 2005 in table.
2004—Subsec. (a)(1)(F). Pub. L. 108–280, §4(a)(10)(A), added subpar. (F) and struck out former subpar. (F) which read as follows: $116,666,667 for the period of October 1, 2003, through July 31, 2004.
Pub. L. 108–263, §4(a)(10)(A), added subpar. (F) and struck out former subpar. (F) which read as follows: $105,000,000 for the period of October 1, 2003, through June 30, 2004.
Pub. L. 108–224, §4(a)(10)(A), added subpar. (F) and struck out former subpar. (F) which read as follows: $81,666,666 for the period of October 1, 2003, through April 30, 2004.
Pub. L. 108–202, §5(a)(10)(A), added subpar. (F) and struck out former subpar. (F) which read as follows: $58,333,333 for the period of October 1, 2003, through February 29, 2004.
Subsec. (a)(1)(G). Pub. L. 108–310, §5(a)(10)(A), added subpar. (G).
Subsec. (a)(2). Pub. L. 108–310, §5(a)(10)(B), inserted and $1,333,333 for the period of October 1, 2004, through May 31, 2005 before period at end.
Pub. L. 108–280, §4(a)(10)(B), struck out 2003 and $1,666,667 for the period of October 1, 2003, through July 31, before 2004.
Pub. L. 108–263, §4(a)(10)(B), substituted $1,666,667 for the period of October 1, 2003, through July 31, 2004 for $1,500,000 for the period of October 1, 2003, through June 30, 2004.
Pub. L. 108–224, §4(a)(10)(B), substituted $1,500,000 for the period of October 1, 2003, through June 30, 2004 for $1,166,667 for the period of October 1, 2003, through April 30, 2004.
Pub. L. 108–202, §5(a)(10)(B), substituted $1,166,667 for the period of October 1, 2003, through April 30, 2004 for $833,333 for the period of October 1, 2003, through February 29, 2004.
Subsec. (c). Pub. L. 108–310, §5(a)(10)(C), substituted 2005 for 2004 in introductory provisions and inserted item in table relating to fiscal year 2005.
Pub. L. 108–280, §4(a)(10)(C), substituted $2,600,000,000 for $2,166,666,667 in item relating to fiscal year 2004 in table.
Pub. L. 108–263, §4(a)(10)(C), substituted $2,166,666,667 for $1,950,000,000 in item relating to fiscal year 2004 in table.
Pub. L. 108–224, §4(a)(10)(C), substituted $1,950,000,000 for $1,516,666,667 in item relating to fiscal year 2004 in table.
Pub. L. 108–202, §5(a)(10)(C), substituted $1,516,666,667 for $1,083,333,333 in item relating to fiscal year 2004 in table.
2003—Subsec. (a)(1)(F). Pub. L. 108–88, §5(a)(10)(A), added subpar. (F).
Subsec. (a)(2). Pub. L. 108–88, §5(a)(10)(B), inserted and $833,333 for the period of October 1, 2003, through February 29, 2004 after 2003.
Subsec. (c). Pub. L. 108–88, §5(a)(10)(C), substituted 2004 for 2003 and inserted item in table relating to fiscal year 2004.
1998—Subsec. (a)(2). Pub. L. 105–178, §1503(c)(1), as added by Pub. L. 105–206, §9007(a), substituted 1999 for 1998.
Subsec. (c). Pub. L. 105–178, §1503(c)(2), as added by Pub. L. 105–206, §9007(a), substituted 1999 for 1998 in introductory provisions, and substituted table for former table which read as follows:
| Fiscal year: | Maximum amount of credit: |
|---|---|
| 1998 | $1,200,000,000 |
| 1999 | $1,200,000,000 |
| 2000 | $1,800,000,000 |
| 2001 | $1,800,000,000 |
| 2002 | $2,300,000,000 |
| 2003 | $2,300,000,000. |
Effective Date of 2012 Amendment
Amendment by Pub. L. 112–141 effective Oct. 1, 2012, see section 3(a) of Pub. L. 112–141, set out as an Effective and Termination Dates of 2012 Amendment note under section 101 of this title.
Effective Date of 1998 Amendment
Title IX of Pub. L. 105–206 effective simultaneously with enactment of Pub. L. 105–178 and to be treated as included in Pub. L. 105–178 at time of enactment, and provisions of Pub. L. 105–178, as in effect on day before July 22, 1998, that are amended by title IX of Pub. L. 105–206 to be treated as not enacted, see section 9016 of Pub. L. 105–206, set out as a note under section 101 of this title.
U.S. Encyclopedia of Law Coverage
23-U.S.C.-504 in the Legal Encyclopedia: Highways
In this entry about 23-U.S.C.-504, find legal reference material, bibliographies and premiere content related to highways in the American Encyclopedia of Law, presenting a comprehensive view of the United States highways-specific issues, written by authorities in the field.
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