§3723. Direct loan revolving fund

(a) For the purposes of section 3711 of this title, the revolving fund heretofore established by section 513 of the Servicemen's Readjustment Act of 1944 is continued in effect. For the purposes of further augmenting the revolving fund, the Secretary of the Treasury is authorized and directed to advance to the Secretary from time to time after December 31, 1958, and until June 30, 1961, such sums (not in excess of $150,000,000 in any one fiscal year, including prior advancements in fiscal year 1959) as the Secretary may request, except that the aggregate so advanced in any one quarter annual period shall not exceed the sum of $50,000,000, less that amount which has been returned to the revolving fund during the preceding quarter annual period from the sale of loans pursuant to section 3711(g) of this title. In addition to the sums authorized in this subsection the Secretary of the Treasury shall also advance to the Secretary such additional sums, not in excess of $100,000,000, as the Secretary may request, and the sums so advanced shall be made available without regard to any limitation contained in this subsection with respect to the amount which may be advanced in any one quarter annual period. The Secretary of the Treasury shall also advance to the Secretary from time to time such additional sums as the Secretary may request, not in excess of $100,000,000 to be immediately available, plus an additional amount not in excess of $400,000,000 after June 30, 1961, plus $200,000,000 after June 30, 1962, plus $150,000,000 after June 30, 1963, plus $150,000,000 after June 30, 1964, plus $100,000,000 after June 30, 1965, plus $100,000,000 after June 30, 1966. Any such authorized advance which is not requested by the Secretary in the fiscal year in which the advance may be made shall be made thereafter when requested by the Secretary, except that no such request or advance may be made after June 30, 1967. Such authorized advances are not subject to the quarter annual limitation in the second sentence of this subsection, but the amount authorized to be advanced in any fiscal year after June 30, 1962, shall be reduced only by the amount which has been returned to the revolving fund during the preceding fiscal year from the sale of loans pursuant to section 3711(g) of this title. In addition the Secretary of the Treasury is authorized and directed to make available to the Secretary for this purpose from time to time as the Secretary may request the amount of any funds which may have been deposited to the credit of miscellaneous receipts under this subsection or subsection (c) of this section.

(b) On advances to such revolving fund by the Secretary of the Treasury, less those amounts deposited in miscellaneous receipts under subsections (a) and (c) the Secretary shall pay semiannually to the Treasurer of the United States interest at the rate or rates determined by the Secretary of the Treasury, taking into consideration the current average rate on outstanding marketable obligations of the United States as of the last day of the month preceding the advance. The Secretary shall not be required to pay interest on transfers made pursuant to the Act of February 13, 1962 (76 Stat. 8), from the capital of the "direct loans to veterans and reserves revolving fund" to the "loan guaranty revolving fund" and adjustments shall be made for payments of interest on such transfers before February 29, 1964.

(c) In order to make advances to such revolving fund, as authorized by law to effectuate the purposes and functions authorized in section 3711 of this title, the Secretary of the Treasury may use, as a public debt transaction, the proceeds of the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 include such purposes. Such sums, together with all receipts under this section and section 3711 of this title, shall be deposited with the Treasurer of the United States, in a special deposit account, and shall be available, respectively, for disbursement for the purposes of section 3711 of this title. Except as otherwise provided in subsection (a) of this section, the Secretary shall from time to time cause to be deposited into the Treasury of the United States, to the credit of miscellaneous receipts, such of the funds in such account as in the Secretary's judgment are not needed for the purposes for which they were provided, including the proceeds of the sale of any loans.

(d)(1) The Secretary of the Treasury shall transfer from the direct loan revolving fund to the loan guaranty revolving fund established by section 3724(a) of this title such amounts as the Secretary determines are not needed in the direct loan revolving fund.

(2) Not later than 30 days after the date on which the Secretary of the Treasury makes a transfer under paragraph (1) of this subsection, the Secretary shall submit a notice of such transfer to the appropriate committees of the Congress.

( Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1214 , §1823; Pub. L. 86–73, §4, June 30, 1959, 73 Stat. 156 ; Pub. L. 86–665, §4, July 14, 1960, 74 Stat. 532 ; Pub. L. 87–84, §3, July 6, 1961, 75 Stat. 202 ; Pub. L. 88–274, Feb. 29, 1964, 78 Stat. 147 ; Pub. L. 88–560, title VII, §701(e)(2), Sept. 2, 1964, 78 Stat. 801 ; Pub. L. 94–324, §§6, 7(27), June 30, 1976, 90 Stat. 721 , 722; Pub. L. 97–295, §4(68), Oct. 12, 1982, 96 Stat. 1310 ; Pub. L. 97–452, §2(e)(2), Jan. 12, 1983, 96 Stat. 2479 ; Pub. L. 99–576, title IV, §405, Oct. 28, 1986, 100 Stat. 3281 ; Pub. L. 101–237, title III, §313(b)(1), (8), (9), Dec. 18, 1989, 103 Stat. 2077 , 2078; renumbered §3723 and amended Pub. L. 102–83, §5(a), (c)(1), Aug. 6, 1991, 105 Stat. 406 .)

References in Text

Section 513 of the Servicemen's Readjustment Act of 1944, referred to in subsec. (a), is section 513 of act June 22, 1944, ch. 268, 58 Stat. 284 , as added by act Apr. 20, 1950, ch. 94, title III, §301(h), 64 Stat. 75 which was not classified to the Code. The Servicemen's Readjustment Act of 1944 was repealed by Pub. L. 85–857, §14(87), Sept. 2, 1958, 72 Stat. 1273 , the first section of which enacted Title 38, Veterans' Benefits. Such of the provisions of section 513 as were restated in Title 38 by Pub. L. 85–857, are set out in sections 3723 and 3711(k) thereof.

Act of February 13, 1962, referred to in subsec. (b), is act February 13, 1962, Pub. L. 87–404, 76 Stat. 8 , which was an appropriations act and not classified to the Code.

Amendments

1991-Pub. L. 102–83, §5(a), renumbered section 1823 of this title as this section.

Subsec. (a). Pub. L. 102–83, §5(c)(1), substituted "3711" for "1811" and substituted "3711(g)" for "1811(g)" in two places.

Subsec. (c). Pub. L. 102–83, §5(c)(1), substituted "3711" for "1811" wherever appearing.

Subsec. (d)(1). Pub. L. 102–83, §5(c)(1), substituted "3724(a)" for "1824(a)".

1989-Subsec. (a). Pub. L. 101–237, §313(b)(8), inserted "of the Treasury" after "In addition the Secretary" in last sentence.

Pub. L. 101–237, §313(b)(1), substituted "Secretary" for "Administrator" wherever appearing.

Subsecs. (b), (c). Pub. L. 101–237, §313(b)(1), substituted "Secretary" and "Secretary's" for "Administrator" and "Administrator's", respectively, wherever appearing.

Subsec. (d)(1). Pub. L. 101–237, §313(b)(1), substituted "Secretary" for "Administrator" before "determines".

Subsec. (d)(2). Pub. L. 101–237, §313(b)(1), (9), inserted "of the Treasury" after "Secretary" and substituted "Secretary" for "Administrator" before "shall".

1986-Subsec. (d). Pub. L. 99–576 added subsec. (d).

1983-Subsec. (c). Pub. L. 97–452 substituted "chapter 31 of title 31" for "the Second Liberty Bond Act" wherever appearing.

1982-Subsec. (b). Pub. L. 97–295 substituted "February 29, 1964" for "the date of enactment of this sentence".

1976-Subsec. (a). Pub. L. 94–324, §§6(1), 7(27), struck out provision directing Administrator to deposit with Treasurer of the United States, funds representing unexpended advances from loan program under section 1811 of this title as well as funds derived from repayment of principal of direct home loans, and substituted "the Administrator may" for "he may".

Subsec. (c). Pub. L. 94–324, §§6(2), 7(27), struck out provision directing Administrator to deposit in special deposit account amounts received in repayment of outstanding obligations after June 30, 1976, and substituted "the Administrator's" for "his".

1964-Subsec. (a). Pub. L. 88–560, §701(e)(2)(1), inserted ", and a reasonable reserve for meeting commitments pursuant to subsection 1820(e) of this title".

Subsec. (b). Pub. L. 88–274 provided that the Administrator shall not be required to pay interest on transfers pursuant to Act Feb. 13, 1962 (76 Stat. 8), from the "direct loans to veterans and reserves revolving fund" to the "loan guaranty revolving fund", and that adjustments shall be made for such payments made before this amendment.

Subsec. (c). Pub. L. 88–560, §701(e)(2), inserted "and for the purposes of meeting commitments under subsection 1820(e) of this title".

1961-Subsec. (a). Pub. L. 87–84, §3(a), substituted "1961" for "1962" in second sentence, authorized Secretary of the Treasury to advance sums to be available immediately and after June 30 in years 1961–1966, free of quarter annual limitation but subject to certain reduction after June 30, 1962, and struck out "except that no sums may be made available after July 25, 1962" after "miscellaneous receipts under this subsection or subsection (c) of this section".

Subsec. (c). Pub. L. 87–84, §3(b), substituted "1976" for "1963".

1960-Subsec. (a). Pub. L. 86–665, §4(a), substituted "1962" for "1960" in two places.

Subsec. (c). Pub. L. 86–665, §4(b), substituted "1963" for "1961".

1959-Subsec. (a). Pub. L. 86–73 authorized an additional $100,000,000 for direct home loans to veterans.

Effective Date of 1976 Amendment

Amendment by Pub. L. 94–324 effective June 30, 1976, see section 9(a) of Pub. L. 94–324, set out as a note under section 3701 of this title.

Reduction of Amount of Advances After June 30, 1966

Pub. L. 89–555, title I, Sept. 6, 1966, 80 Stat. 679 , provided that: "The amount authorized by section 1823(a) [now 3723(a)] of title 38, United States Code, to be advanced after June 30, 1966, by the Secretary of the Treasury to the Administrator, for the purposes of the 'Direct loan revolving fund' is hereby reduced by the amount of $100,000,000."

Section Referred to in Other Sections

This section is referred to in sections 2106, 3711, 3720, 3727 of this title.