§5908. Alternative Agricultural Research and Commercialization Revolving Fund

(a) Establishment

There is established in the Treasury of the United States a revolving fund to be known as the Alternative Agricultural Research and Commercialization Revolving Fund. The Fund shall be available to the Corporation, without fiscal year limitation, to carry out this subchapter.

(b) Contents of Fund

There shall be deposited in the Fund-

(1) such amounts as may be appropriated or transferred to support programs and activities of the Corporation;

(2) payments received from any source for products, services, or property furnished in connection with the activities of the Corporation;

(3) fees and royalties collected by the Corporation from licensing or other arrangements relating to commercialization of products developed through projects funded in whole or part by grants, contracts, or cooperative agreements executed by the Corporation;

(4) proceeds from the sale of assets, loans, and equity interests made in furtherance of the purposes of the Corporation;

(5) donations or contributions accepted by the Corporation to support authorized programs and activities; and

(6) any other funds acquired by the Corporation.

(c) Funding allocations

Funding of projects and activities under this subchapter shall be subject to the following restrictions:

(1) Of the total amount of funds made available for a fiscal year under this subchapter-

(A) not more than the lesser of 15 percent or $3,000,000 may be set aside to be used for authorized administrative expenses of the Corporation;

(B) not more than 1 percent may be set aside to be used for generic studies and specific reviews of individual proposals for financial assistance; and

(C) except as provided in subsection (e) of this section, not less than 84 percent shall be set aside to be awarded to qualified applicants who file project applications with, or respond to requests for proposals from, the Corporation under sections 5904 and 5905 of this title.

(2) Any funds remaining uncommitted at the end of a fiscal year shall be credited to the Fund and added to the total program funds available to the Corporation for the next fiscal year.

(d) Authorized administrative expenses

For the purposes of this section, authorized administrative expenses shall include all ordinary and necessary expenses, including all compensation for personnel and consultants, expenses for computer usage, or space needs of the Corporation and similar expenses. Funds authorized for administrative expenses shall not be available for the acquisition of real property.

(e) Project monitoring

The Corporate Board may establish, in the bylaws of the Corporate Board, that a percentage (which shall not exceed 1 percent) of the funds provided under subsection (c) of this section for any commercialization project shall be expended to ensure that project funds are being utilized in accordance with the project agreement.

(f) Termination of Fund

On expiration of the authority provided by this subchapter, all assets (after payment of all outstanding obligations) of the Fund shall revert to the general fund of the Treasury.

(g) Authorization of appropriations; capitalization

(1) Authorization of appropriation

There are authorized to be appropriated to the Fund $75,000,000 for each of fiscal years 1996 through 2002.

(2) Capitalization

The Executive Director may pay in as capital of the Corporation, out of dollar receipts made available through annual appropriations, $75,000,000 for each of fiscal years 1996 through 2002. On the payment of an amount of capital by the Executive Director, the Corporation shall issue an equivalent amount of capital stock to the Secretary of the Treasury.

(3) Transfer

All obligations, assets, and related rights and responsibilities of the former Alternative Agricultural Research and Commercialization Center established under former section 5902 of this title (as in effect on the day before April 4, 1996) are transferred to the Corporation.

( Pub. L. 101–624, title XVI, §1664, Nov. 28, 1990, 104 Stat. 3766 ; Pub. L. 104–127, title VII, §728, Apr. 4, 1996, 110 Stat. 1120 .)

References in Text

Former section 5902 of this title, referred to in subsec. (g)(3), means section 5902 of this title as in effect before the general amendment of that section by Pub. L. 104–127, title VII, §722(a), Apr. 4, 1996, 110 Stat. 1113 .

Amendments

1996-Pub. L. 104–127 amended section generally, substituting present provisions for provisions providing for establishment of Alternative Agricultural Research and Commercialization Revolving Fund, including provisions relating to contents of Fund, funding allocations, termination of Fund, and authorization of appropriations.