§669b. Authorization of appropriations; disposition of unexpended funds

(a) An amount equal to all revenues accruing each fiscal year (beginning with the fiscal year 1975) from any tax imposed on specified articles by sections 4161(b) and 4181 of title 26, shall, subject to the exemptions in section 4182 of such title, be covered into the Federal aid to wildlife restoration fund in the Treasury (hereinafter referred to as the "fund") and is authorized to be appropriated and made available until expended to carry out the purposes of this chapter. So much of such appropriations apportioned to any State for any fiscal year as remains unexpended at the close thereof is authorized to be made available for expenditure in that State until the close of the succeeding fiscal year. Any amount apportioned to any State under the provisions of this chapter which is unexpended or unobligated at the end of the period during which it is available for expenditure on any project is authorized to be made available for expenditure by the Secretary of the Interior in carrying out the provisions of the Migratory Bird Conservation Act [16 U.S.C. 715 et seq.].

(b)(1) The Secretary of the Treasury shall invest in interest-bearing obligations of the United States such portion of the fund as is not, in his judgment, required for meeting a current year's withdrawals. For purposes of such investment, the Secretary of the Treasury may-

(A) acquire obligations at the issue price and purchase outstanding obligations at the market price; and

(B) sell obligations held in the fund at the market price.

(2) The interest on obligations held in the fund-

(A) shall be credited to the fund;

(B) constitute the sums available for allocation by the Secretary under section 4407 of this title;

(C) shall become available for apportionment under this chapter at the beginning of fiscal year 2006.

(Sept. 2, 1937, ch. 899, §3, 50 Stat. 917 ; 1939 Reorg. Plan No. II, §4(f), eff. July 1, 1939, 4 F.R. 2731, 53 Stat. 1433; Oct. 23, 1970, Pub. L. 91–503, title I, §101, 84 Stat. 1097 ; Oct. 25, 1972, Pub. L. 92–558, title I, §101(a), 86 Stat. 1172 ; Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095 ; Dec. 13, 1989, Pub. L. 101–233, §7(a)(1), 103 Stat. 1974 .)

References in Text

The Migratory Bird Conservation Act, referred to in subsec. (a), is act Feb. 18, 1929, ch. 257, 45 Stat. 1222 , as amended, which is classified generally to subchapter III (§715 et seq.) of chapter 7 of this title. For complete classification of this Act to the Code, see section 715 of this title and Tables.

Amendments

1989-Pub. L. 101–233 designated existing provisions as subsec. (a) and added subsec. (b).

1986-Pub. L. 99–514 substituted "Internal Revenue Code of 1986" for "Internal Revenue Code of 1954", which for purposes of codification was translated as "title 26" thus requiring no change in text.

1972-Pub. L. 92–558 substituted "(beginning with the fiscal year 1975)" for "(beginning with the fiscal year 1971)" and inserted reference to section 4161(b) of title 26.

1970-Pub. L. 91–503 inserted provisions for the deposit of the 10 per cent tax on pistols and revolvers under section 4181 of title 26 into the Federal aid to wildlife restoration fund beginning in fiscal year 1971.

Effective Date of 1989 Amendment

Section 7(a)(3) of Pub. L. 101–233 provided that: "The amendments made by this subsection of this Act [amending this section and section 669c of this title] take effect October 1, 1989."

Effective Date of 1972 Amendment

Section 101(c) of Pub. L. 92–558, as amended by Pub. L. 93–313, June 8, 1974, 88 Stat. 238 , provided that: "The amendments made by subsections (a) and (b) [amending this section and section 669c of this title] shall take effect January 1, 1975."

Transfer of Functions

Reorg. Plan No. II of 1939, set out in the Appendix to Title 5, Government Organization and Employees, transferred functions of Secretary of Agriculture relating to conservation of wildlife, game, and migratory birds to Secretary of the Interior.

Section Referred to in Other Sections

This section is referred to in sections 669b–1, 669c, 669e, 1535, 4404, 4405, 4407, 4411 of this title.