Section 503, as Enacted
Sec. 503. (a) Subsection (a) (1) of the first section of the Act entitled “An Act to simplify accounting, facilitate the payment of obligations, and for other purposes”, approved July 25, 1956, as amended (31 U.S.C. 701), is amended to read as follows:
“(1) The obligated balance shall be transferred, at the time specified in subsection (b) (1) of this section, to an appropriation account of the agency or subdivision thereof responsible for the liquidation of the obligation, in which account shall be merged the amounts so transferred from all appropriation accounts for the same general purposes; and”,
(b) Subsection (b) of such section is amended to read as follows:
“(b) (1) Any obligated balance referred to in subsection (a) (1) of this section shall be transferred as follows:
“(A) for any fiscal year or years ending on or before June 30, 1976, on that June 30 which falls in the first month of June which occurs twenty-four months after the end of such fiscal year or years; and
“(B) for the period commencing on July 1, 1976, and ending on September 30, 1976, and for any fiscal year commencing on or after October 1, 1976, on September 30 of the second fiscal year following that period or the fiscal year or years, as the case may be, for which the appropriation is available for obligation.
“(2) The withdrawals required by subsection (a) (2) of this section shall be made—
“(A) for any fiscal year ending on or before June 30, 1976, not later than September 30 of the fiscal year immediately following the fiscal year in which the period of availability for obligation expires; and
“(B) for the period commencing on July 1, 1976, and ending on September 30, 1976, and for any fiscal year commencing on or after October 1, 1976, not later than November 15 following such period or fiscal year, as the case may be, in which the period of availability for obligation expires.”
JOINT EXPLANATORY STATEMENT OF CONFERENCE COMMITTEE
The managers on the part of the House and the Senate of the conference of the two Houses on the amendments of the Senate to the bill (H.R. 7130) issued an explanatory statement of the legislation. This was included in a House Budget Committee print in 1975 after the bill’s enactment. It included the following description of this section:
Section 503. Accounting Procedures
The Senate amendment contained technical provisions for the adjustment of accounts to the new fiscal year. The conference substitute accepts the Senate provision for the transfer of obligated balances and withdrawals from accounts.
[Joint Explanatory Statement on the Committee of Conference on H.R. 7130; (Committee Print), Committee on the Budget, House of Representatives, 93d Congress, 2d Session, Washington D.C. 1975.]
Section 503. CBO and OMB Analysis. (Enacted section replaced by FCRA 1990).
Classification to the U.S. Code
This section was not classified to the U.S. Code as originally enacted.
Legislative History Notes
Pub. L. 93–344, §503, July 12, 1974, 88 Stat. 321. The Congressional Budget and Impoundment Control Act of 1974 enacted this section into law.
Revision of title 31 of the u.s. code
Most of the Congressional Budget Act of 1974 was classified to Title 31 of the U.S. Code but has since been transferred either to title 2 (The Congress) or to a revised Title 31. See the following for more information:
- Pub. L. 97–258, §1, Sept. 13, 1982, 96 Stat. 877
- Title 31 Revision and Codification Law of 1982
- Revision of Title 31
- Table on the House Law Revision Counsel Website.
[BCR § 153e]