Us Code § 8715 - Limitations on obligation of funds
Full text of Us Code United States Code § 8715 — Limitations on obligation of funds, with citation guidance and answers to common questions.
§ 8715. Limitations on obligation of funds
(a) In general
In each fiscal year of the covered period, the Board may not obligate an amount greater than the sum of—
(1) 73 percent of the amount of assessments estimated to be collected under section 8705 of this title in such fiscal year;
(2) 73 percent of the amount of assessments actually collected under section 8705 of this title in the most recent fiscal year for which an audit report has been submitted under section 8704(f)(2)(B) of this title as of the beginning of the fiscal year for which the amount that may be obligated is being determined, less the estimate made pursuant to paragraph (1) for such most recent fiscal year; and
(3) amounts permitted in preceding fiscal years to be obligated pursuant to this subsection that have not been obligated.
(b) Excess amounts deposited in escrow account
Assessments collected under section 8705 of this title in excess of the amount permitted to be obligated under subsection (a) in a fiscal year shall be deposited in an escrow account for the duration of the covered period.
(c) Treatment of amounts in escrow account
During the covered period, the Board may not obligate, expend, or borrow against amounts required under subsection (b) to be deposited in the escrow account. Any interest earned on such amounts shall be deposited in the escrow account and shall be unavailable for obligation for the duration of the covered period.
(d) Release of amounts in escrow account
After the covered period, the Board may withdraw and obligate in any fiscal year an amount in the escrow account that does not exceed 1/5 of the amount in the escrow account on the last day of the covered period.
(e) Special rule for estimates for particular fiscal years
(1) Rule
For purposes of subsection (a)(1), the amount of assessments estimated to be collected under section 8705 of this title in a fiscal year specified in paragraph (2) shall be equal to 62 percent of the amount of assessments actually collected under such section in the most recent fiscal year for which an audit report has been submitted under section 8704(f)(2)(B) of this title as of the beginning of the fiscal year for which the amount that may be obligated is being determined.
(2) Fiscal years specified
The fiscal years specified in this paragraph are the 9th and 10th fiscal years that begin on or after October 5, 2018.
(f) Covered period defined
In this section, the term "covered period" means the period that begins on October 5, 2018, and ends on the last day of the 11th fiscal year that begins on or after such date.
(Pub. L. 115–254, div. E, §1316, Oct. 5, 2018, 132 Stat. 3483.)
About This Section
15 U.S.C. § 8715 is part of Title 15 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
This section may be cited in legal writing as 15 U.S.C. § 8715. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.
How to Read This Statute
Statutes are organized by title, chapter, section, and subsection. Pay attention to words like "shall," "may," "and," and "or," because they determine whether a requirement is mandatory or permissive and whether multiple conditions must all be met. Historical notes and amendments often appear at the end of a section.
Using This Page
This page is intended for research and educational use. Lawyers, students, journalists, and compliance professionals can use it as a starting point, but should always verify the current text through an official government source before relying on it for legal advice, filings, or compliance decisions.