BPLA (Contents)
Budget Process Law Annotated (1993)
Section 505
Congressional Budget and Impoundment Control Act of 1974
[PAGES 293-295]
[PAGE 293]
SEC. 505.826 AUTHORIZATIONS.
(a) Authorization of Appropriations for Costs.827—There are authorized to be appropriated to each Federal agency authorized to make direct loan obligations828 or loan guarantee commitments,829 such sums as may be necessary to pay the cost associated with such direct loan obligations or loan guarantee commitments.
826. Section 505 is codified at 2 U.S.C. §661d (Supp. IV 1992). For legislative history of section 505, see infra note 839.
827. Section 502(5) defines “cost”. See supra p. 281.
828. Section 502(2) defines “direct loan obligation”. See supra p. 280.
829. Section 502(4) defines “loan guarantee commitment”. See supra p. 281.
(b) Authorization for Financing Accounts.830—In order to implement the accounting required by this title, the President is authorized to establish such non-budgetary accounts as may be appropriate.
830. Section 502(7) defines “financing account”. See supra p. 283.
(c) Treasury Transactions With the Financing Accounts.831—The Secretary of the Treasury shall borrow from, receive from, lend to, or pay to the financing accounts such amounts as may be appropriate. The Secretary of the Treasury may prescribe forms and denominations, maturities, and terms and conditions for the transactions described above. The authorities described above shall not be construed to supercede[1] or override the authority of the head of a Federal agency to administer and operate a direct loan832 or loan guarantee program.833 All of the transactions provided in this subsection shall be subject to the provisions of subchapter II of chapter 15 of title 31, United States Code. Cash balances of the financing accounts in excess of current requirements shall be maintained in a form of uninvested funds and the Secretary of the Treasury shall pay interest on these funds.
831. Section 502(7) defines “financing account”. See supra p. 283.
832. Section 502(1) defines “direct loan”. See supra p. 280.
833. Section 502(3) defines “loan guarantee”. See supra p. 280.
(d) Authorization for Liquidating Accounts.834 –If funds in liquidating accounts are insufficient to satisfy the obligations and commitments of said accounts, there is hereby provided permanent, indefinite authority to make any payments required to be made on such obligations and commitments.
834. Section 502(8) defines “liquidating account”. See supra p. 283.
(e) Authorization of Appropriations for Implementation Expenses.—There are authorized to be appropriated to existing accounts such sums as may be necessary for salaries and expenses to carry out the responsibilities under this title.
(f) Reinsurance.—Nothing in this title shall be construed as authorizing or requiring the purchase of insurance or reinsurance on a direct loan835 or loan guarantee836 from private insurers. If any such reinsurance for a direct loan or loan guarantee is authorized, the cost837 of such insurance and any recoveries to the Government shall be included in the calculation of the cost.
835. Section 502(1) defines “direct loan”. See supra p. 280.
836. Section 502(3) defines “loan guarantee”. See supra p. 280.
837. Section 502(5) defines “cost”. See supra p. 281.
(g) Eligibility and Assistance.—Nothing in this title shall be construed to change the authority or the responsibility of a Federal agency to determine the terms and condition of eligibility for, or the amount of assistance provided by a direct loan838 or a loan guarantee.839
838. Section 502(1) defines “direct loan”. See supra p. 280.
839. Section 502(3) defines “loan guarantee”. See supra p. 280.
Section 13201(a) of the Budget Enforcement Act of 1990 created the new title V on credit reform, including section 505, and repealed what used to be section 505. See infra p. 713. Before enactment of the Budget Enforcement Act of 1990, section 505 read as follows:
repeals
Sec. 505. The following provisions of law are repealed:
(1) the ninth paragraph under the heading “Legislative Establishment”, “Senate”, of the Deficiency Appropriation Act, fiscal year 1934 (48 Stat. 1022; 2 U.S.C. 66); and
(2) the proviso to the second paragraph under the heading “House of Representatives”, “Salaries, Mileage, and Expenses of Members”, of the Legislative-Judiciary Appropriation Act, 1955 (68 Stat. 400; 2 U.S.C. 81).
Counsel Notes
SECTION 505, in Current Law
Section 505, as in the current Congressional Budget Act of 1974 (Pub. L. 97-344).
Endnotes
[1] This spelling error was corrected to read “supersede” by the Bipartisan Budget Act of 2013 (Pub. L. 113–67).
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