42 USC 4104d: National Flood Mitigation Fund

42 USC 4104d: National Flood Mitigation Fund Text contains those laws in effect on January 2, 2001

From Title 42-THE PUBLIC HEALTH AND WELFARECHAPTER 50-NATIONAL FLOOD INSURANCESUBCHAPTER III-COORDINATION OF FLOOD INSURANCE WITH LAND-MANAGEMENT PROGRAMS IN FLOOD-PRONE AREAS

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§4104d. National Flood Mitigation Fund

(a) Establishment and availability

The Director shall establish in the Treasury of the United States a fund to be known as the National Flood Mitigation Fund, which shall be credited with amounts described in subsection (b) of this section and shall be available, to the extent provided in appropriation Acts, for providing assistance under section 4104c of this title.

(b) Credits

The National Flood Mitigation Fund shall be credited with-

(1) amounts from the National Flood Insurance Fund, in amounts not exceeding-

(A) $10,000,000 in the fiscal year ending September 30, 1994;

(B) $15,000,000 in the fiscal year ending September 30, 1995;

(D) $20,000,000 in each fiscal year thereafter;

(2) any penalties collected under section 4012a(f) of this title; and

(3) any amounts recaptured under section 4104c(i) of this title.

(c) Investment

If the Director determines that the amounts in the National Flood Mitigation Fund are in excess of amounts needed under subsection (a) of this section, the Director may invest any excess amounts the Director determines advisable in interest-bearing obligations issued or guaranteed by the United States.

(d) Report

The Director shall submit a report to the Congress not later than the expiration of the 1-year period beginning on September 23, 1994, and not less than once during each successive 2-year period thereafter. The report shall describe the status of the Fund and any activities carried out with amounts from the Fund.

(Pub. L. 90–448, title XIII, §1367, as added Pub. L. 103–325, title V, §554(a), Sept. 23, 1994, 108 Stat. 2273 .)

Codification

September 23, 1994, referred to in subsec. (d), was in the original "the date of enactment of this Act", which was translated as meaning the date of enactment of Pub. L. 103–325, which enacted this section, to reflect the probable intent of Congress.

Section Referred to in Other Sections

This section is referred to in sections 4012a, 4017, 4104c of this title.