[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4076 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 4076

 To authorize the Secretary of the Treasury to issue Disaster Recovery 
            Bonds for disaster relief and recovery efforts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 18, 2005

 Mr. Young of Alaska introduced the following bill; which was referred 
to the Committee on Ways and Means, and in addition to the Committee on 
  Transportation and Infrastructure, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To authorize the Secretary of the Treasury to issue Disaster Recovery 
            Bonds for disaster relief and recovery efforts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Disaster Recovery Act of 2005''.

SEC. 2. DISASTER RECOVERY BONDS AND TRUST FUND.

    (a) Authority to Issue Disaster Recovery Bonds.--Section 3102 of 
title 31, United States Code, is amended by adding at the end the 
following new subsection:
    ``(f) Disaster Recovery Bonds.--
            ``(1) In general.--The Secretary is authorized to issue 
        bonds under this section, to be known as `Disaster Recovery 
        Bonds'.
            ``(2) Form.--The bonds authorized by paragraph (1) shall be 
        in such form and denominations, and shall be subject to such 
        terms and conditions of issue, conversion, redemption, 
        maturation, payment, and rate of interest as the Secretary may 
        prescribe.
            ``(3) Marketing.--The Secretary shall carry out a program 
        to encourage sales of Disaster Recovery Bonds, including 
        activities to facilitate the purchase of such bonds through 
        payroll deductions and incremental stamp programs.''.
    (b) Disaster Recovery Trust Fund.--
            (1) Establishment of trust fund.--There is established in 
        the Treasury of the United States a trust fund to be known as 
        the ``Disaster Recovery Trust Fund'', consisting of such 
        amounts as may be appropriated, credited, or transferred to 
        such Trust Fund as provided in this section or other provision 
        of law.
            (2) Transfers to trust fund.--There are hereby appropriated 
        to the Disaster Recovery Trust Fund amounts equivalent to all 
        revenues derived from the sale and issuance of Disaster 
        Recovery Bonds issued under section 3102 of title 31, United 
        States Code.
            (3) Expenditures from trust fund.--
                    (A) In general.--Amounts in the Disaster Recovery 
                Trust Fund shall be available only as provided for in 
                appropriation Acts and only for purposes of making 
                expenditures to carry out relief and recovery efforts 
                related to a major disaster declared by the President 
                under section 401 of the Robert T. Stafford Disaster 
                Relief and Emergency Assistance Act.
                    (B) Limitations.--
                            (i) Per disaster limitation.--Not more than 
                        50 percent of the balance of the trust fund 
                        shall be available for any single disaster. For 
                        purposes of this clause, the balance of the 
                        trust fund shall be determined as of the 
                        beginning of the calendar year in which such 
                        disaster is declared.
                            (ii) Annual limitation.--Not more than 75 
                        percent of the balance of the trust fund shall 
                        be available for disasters declared in single 
                        calendar year. For purposes of this clause, the 
                        balance of the trust fund shall be determined 
                        as of the beginning of such calendar year.
                                 <all>