Revolving fund; establishment; availability; reimbursement; transfer of funds; limitation

33 U.S.C. § 576
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
(a) Revolving fundFor establishment of a revolving fund, to be available without fiscal year limitation, for expenses necessary for the maintenance and operation of the plant and equipment of the Corps of Engineers used in civil works functions, including acquisition of plant and equipment, maintenance, repair, and purchase, operation, and maintenance of not to exceed four aircraft at any one time, temporary financing of services finally chargeable to appropriations for civil works functions, and the furnishing of facilities and services for military functions of the Department of the Army and other Government agencies and private persons, as authorized by law. In addition, the Secretary of the Army is authorized to provide capital for the fund by capitalizing the present inventories, plant and equipment of the civil works functions of the Corps of Engineers. The fund shall be credited with reimbursements or advances for the cost of equipment, facilities, and services furnished, at rates which shall include charges for overhead and related expenses, depreciation of plant and equipment, and accrued leave: Provided, That on July 1, 1953, (1) the fund shall assume the assets, liabilities, and obligations of the Plant accounts, as carried on the records of the Corps of Engineers as of June 30, 1953, under the appropriations for “Maintenance and improvement of existing river and harbor works”, “Flood control, general”, and “Flood control, Mississippi River and tributaries”, and (2) there shall be transferred from said appropriations to the fund amounts equivalent to the unexpended cash balances of the Plant accounts on June 30, 1953: Provided further, That the total capital of said fund shall not exceed $140,000,000. (b) Prohibition(1) In generalNo funds may be expended or obligated from the revolving fund described in subsection (a) to newly construct, or perform a major renovation on, a building for use by the Corps of Engineers unless specifically authorized by law. (2) Statutory constructionNothing in this subsection may be construed to—(A) change any authority provided under subchapter I of chapter 169 of title 10; 11 See References in Text note below. or (B) change the use of funds under subsection (a) for purposes other than those described in paragraph (1). (c) Transmission to Congress of prospectusTo secure consideration for an authorization under subsection (b), the Secretary shall transmit to the Committee on Transportation and Infrastructure of the House of Representative and the Committee on Environment and Public Works of the Senate a prospectus of the proposed construction or major renovation of a building that includes—(1) a brief description of the building; (2) the location of the building; (3) an estimate of the maximum cost to be provided by the revolving fund for the building to be constructed or renovated; (4) the total size of the building after the proposed construction or major renovation; (5) the number of personnel proposed to be housed in the building after the construction or major renovation; (6) a statement that other suitable space owned by the Federal Government is not available; (7) a statement of rents and other housing costs currently being paid for the tenants proposed to be housed in the building; and (8) the size of the building currently housing the tenants proposed to be housed in the building. (d) Provision of building project surveys(1) In generalIf requested by resolution by the Committee on Environment and Public Works of the Senate or the Committee on Transportation and Infrastructure of the House of Representatives, the Secretary shall create a building project survey for the construction or major renovation of a building described in subsection (b). (2) ReportWithin a reasonable time after creating a building project survey under paragraph (1), the Secretary shall submit to Congress a report on the survey that includes the information required to be included in a prospectus under subsection (c). (e) Major renovation definedIn this section, the term “major renovation” means a renovation or alteration of a building for use by the Corps of Engineers with a total expenditure of more than $20,000,000.

Starting a business? Corpus forms LLCs in all 50 states and DC.