§817c. Trust fund

(a) Establishment of fund

There shall be established in the Treasury of the United States a trust fund which shall be known as the "Congressional Recognition for Excellence in Arts Education Awards Trust Fund". The fund shall be administered by the Board, and shall consist of amounts donated to the Board under section 817(c) of this title and amounts credited to the fund under subsection (d) of this section.

(b) Investment

(1) In general

It shall be the duty of the Secretary of the Treasury to invest, at the direction of the Director of the Board, such portion of the fund that is not, in the judgment of the Director of the Board, required to meet the current needs of the fund.

(2) Authorized investments

Such investments shall be in public debt obligations with maturities suitable to the needs of the fund, as determined by the Director of the Board. Investments in public debt obligations shall bear interest at rates determined by the Secretary of the Treasury taking into consideration the current market yield on outstanding marketable obligations of the United States of comparable maturity.

(c) Authority to sell obligations

Any obligation acquired by the fund may be sold by the Secretary of the Treasury at the market price.

(d) Proceeds from certain transactions credited to fund

The interest on, and the proceeds from the sale or redemption of, any obligations held in the fund shall be credited to and form a part of the fund.

(Pub. L. 96–114, title II, §211, as added Pub. L. 106–533, §1(a), Nov. 22, 2000, 114 Stat. 2552 .)

Section Referred to in Other Sections

This section is referred to in section 817 of this title.