(a) In general
There is established in the Treasury a fund, to be known as the "Capitol Preservation Fund" (hereafter in this part referred to as the "fund"), which shall consist of (1) amounts deposited, and interest and proceeds credited, under subsection (d), (2) obligations obtained under subsection (e), and (3) all surcharges received by the Secretary of the Treasury from the sale of coins minted under the Bicentennial of the United States Congress Commemorative Coin Act.
(b) Availability of fund
The fund shall be available to the Commission—
(1) for payment of transaction costs and similar expenses incurred under section 2082 of this title;
(2) subject to the approval of the Committee on Appropriations of the House of Representatives and the Committee on Appropriations of the Senate, for improvement and preservation projects for the United States Capitol;
(3) for disbursement with respect to works of fine art and other property as provided in section 2082 of this title; and
(4) for such other payments as may be required to carry out section 2081 of this title or section 2082 of this title.
(c) Transaction costs and proportionality
In carrying out this section, the Commission shall, to the extent practicable, take such action as may be necessary—
(1) to minimize disbursements under subsection (b)(1); and
(2) to equalize disbursements under subsection (b) between the Senate and the House of Representatives.
(d) Deposits, credits, and disbursements
The Commission shall deposit in the fund gifts of money and proceeds of transactions under section 2082 of this title. The Secretary of the Treasury shall credit to the fund the interest on, and the proceeds from sale or redemption of, obligations held in the fund. Disbursements from the fund shall be made on vouchers approved by the Commission and signed by the co-chairmen.
(e) Investments
The Secretary of the Treasury shall invest any portion of the fund that, as determined by the Commission, is not required to meet current withdrawals. Each investment shall be made in an interest bearing obligation of the United States or an obligation guaranteed as to principal and interest by the United States that, as determined by the Commission has a maturity suitable for the fund. In carrying out this subsection, the Secretary may make such purchases, sales, and redemptions of obligations as may be approved by the Commission.
Editorial Notes
References in Text
The Bicentennial of the United States Congress Commemorative Coin Act, referred to in subsec. (a), is Pub. L. 100–673, Nov. 17, 1988, 102 Stat. 3992, which is set out as a note under section 5112 of Title 31, Money and Finance.
Codification
Section was classified to section 188a–2 of former Title 40, prior to the enactment of Title 40, Public Buildings, Property, and Works, by Pub. L. 107–217, §1, Aug. 21, 2002, 116 Stat. 1062.
Amendments
1990—Subsec. (b). Pub. L. 101–302, §312(b)(1), struck out "subject to the approval, except for the purchase of fine art and antiques, of the Committees on Appropriations of the House of Representatives and Senate, respectively" after "The fund shall be available to the Commission".
Subsec. (b)(2). Pub. L. 101–302, §312(b)(2), inserted "subject to the approval of the Committee on Appropriations of the House of Representatives and the Committee on Appropriations of the Senate," before "For improvement".
Statutory Notes and Related Subsidiaries
Capitol Visitor Center Funding
Pub. L. 107–117, div. B, §913, Jan. 10, 2002, 115 Stat. 2324, provided that:
"(a) Notwithstanding any other provision of law, the United States Capitol Preservation Commission established under section 801 of the Arizona-Idaho Conservation Act of 1988 (40 U.S.C. 188a) [now 2 U.S.C. 2081] may transfer to the Architect of the Capitol amounts in the Capitol Preservation Fund established under section 803 of such Act (40 U.S.C. 188a–2) [now 2 U.S.C. 2083] if the amounts are to be used by the Architect for the planning, engineering, design, or construction of the Capitol Visitor Center.
"(b) Any amounts transferred pursuant to subsection (a) shall remain available for the use of the Architect of the Capitol until expended.
"(c) This section shall apply with respect to fiscal year 2002 and each succeeding fiscal year."
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