ASBESTOS HAZARD EMERGENCY RESPONSE ACT OF 1986
Public Law 99–519, as amended
ASBESTOS HAZARD EMERGENCY RESPONSE ACT OF 1986
519
108–201
Statute Compilation
United States House of Representatives
Office of the Legislative Counsel
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Asbestos Hazard Emergency Response Act of 1986
882
99
1986-10-22
ASBESTOS HAZARD EMERGENCY RESPONSE ACT OF 1986
[Public Law 99–519]
[As Amended Through P.L. 108–201, Enacted February 24, 2004]
[Currency: This publication is a compilation of the text of Public Law 99–519. It was last amended by the public law listed in the As Amended Through note above and below at the bottom of each page of the pdf version and reflects current law through the date of the enactment of the public law listed at https://www.govinfo.gov/app/collection/comps/]
[Note: While this publication does not represent an official version of any Federal statute, substantial efforts have been made to ensure the accuracy of its contents. The official version of Federal law is found in the United States Statutes at Large and in the United States Code. The legal effect to be given to the Statutes at Large and the United States Code is established by statute (1 U.S.C. 112, 204).]
* * * * * * *
SEC. 4.

AUTHORIZATION.
* * * * * * *
(b)
(1)
Notwithstanding section 505(c) of the Asbestos School Hazard Abatement Act of 1984, for fiscal years 1988 and 1989 the Administrator shall provide financial assistance under section 505 of such Act in the form of grants to States or local educational agencies to carry out inspections for asbestos-containing material in school buildings and preparation of management plans for school buildings under this title.
(2)
Not more than 2 percent of any grant awarded to a State pursuant to paragraph (1) may be used by the State for administrative purposes. For purposes of the preceding sentence, administrative purposes do not include salaries of persons who inspect for asbestos-containing material or assist in the preparation of management plans.
(3)
In determining which local educational agencies to approve grants for, the Administrator shall take into account the financial need of the agency. Of the amount available under the Asbestos School Hazard Abatement Act of 1984 for fiscal years 1988 and 1989, not more than 10 percent may be obligated for the purposes described in this subsection.
[20 U.S.C. 4014 note]
SEC. 5.

ASBESTOS TRUST FUND.
(a)

Creation of Trust Fund.—
There is established in the Treasury of the United States a trust fund to be known as the “Asbestos Trust Fund”, consisting of such amounts as may be transferred or credited to such Trust Fund as provided in this section.
(b)

Transfers to Trust Fund.—
(1)

Transfer.—
There are hereby transferred to the Asbestos Trust Fund amounts equivalent to—
(A)
amounts received in the Treasury on or after January 1, 1987, as repayments of loans made under section 505 of the Asbestos School Hazard Abatement Act of 1984 (Public Law 98–377; 20 U.S.C. 4011 et seq.),
(B)
amounts received as deposits from local educational agencies under section 207(a) of the Toxic Substances Control Act (as added by section 2 of this Act), and
(C)1
amounts received as proceeds from any judgment recovered in any suit brought pursuant to section 508(a)(1) of the Asbestos School Hazard Abatement Act of 1984 (20 U.S.C. 4017(a)(1)).
^1
So in law. Indention is incorrect.
(2)

Monthly transfers.—
The amounts transferred by paragraph (1) shall be transferred at least monthly from the general fund of the Treasury to the Asbestos Trust Fund on the basis of estimates made by the Secretary of the Treasury of the amounts referred to in such paragraph. Adjustments shall be made in the amounts subsequently transferred to the extent prior estimates were more or less than the amounts required to be transferred.
(c)

Management of Trust Fund.—
(1)

Investment.—
(A)

In general.—
The Secretary of the Treasury shall invest such portion of the Asbestos Trust Fund as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States and may be acquired—
(i)
on original issue at the issue price, or
(ii)
by purchase of outstanding obligations at the market price.
(B)

Sale of obligations.—
Any obligation acquired by the Asbestos Trust Fund may be sold by the Secretary of the Treasury at the market price.
(C)

Interest of certain proceeds.—
The interest on, and the proceeds from the sale or redemption of, any obligations held in the Asbestos Trust Fund shall be credited to and form a part of the Trust Fund.
(2)
[Repealed by section 1131(c) of Public Law 104–66 (109 Stat. 725).]
(d)

Expenditures From Asbestos Trust Fund.—
Amounts in the Asbestos Trust Fund shall be available, as provided by appropriation Acts, only for purposes of carrying out the Asbestos Hazards Abatement Assistance Program under section 505 of the Asbestos School Hazard Abatement Act of 1984.
(e)

Authority To Borrow.—
(1)

In general.—
There are authorized to be appropriated to the Asbestos Trust Fund, as repayable advances, $25,000,000 for each of fiscal years 1987, 1988, 1989, and 1990.
(2)

Repayment of advances.—
(A)

In general.—
Advances made under this subsection shall be repaid, and interest on such advances shall be paid, to the general fund of the Treasury when the Secretary determines that moneys are available for such purposes in the Asbestos Trust Fund.
(B)

Rate of interest.—
Interest on advances made under this subsection shall be at a rate determined by the Secretary (as of the close of the calendar month preceding the month in which the advance is made) to be equal to the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the anticipated period during which the advance will be outstanding and shall be compounded annually.
(f)

Effective Date.—
The amendments made by this section shall take effect on January 1, 1986.
[20 U.S.C. 4022]