2013 US Code
Title 10 - Armed Forces
Subtitle D - Air Force (§§ 8010 - 9842)
Part III - TRAINING (§§ 9301 - 9448)
Chapter 903 - UNITED STATES AIR FORCE ACADEMY (§§ 9331 - 9362)
Section 9356 - Acceptance of guarantees with gifts for major projects
Publication Title | United States Code, 2012 Edition, Supplement 1, Title 10 - ARMED FORCES |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 10 - ARMED FORCES Subtitle D - Air Force PART III - TRAINING CHAPTER 903 - UNITED STATES AIR FORCE ACADEMY Sec. 9356 - Acceptance of guarantees with gifts for major projects |
Contains | section 9356 |
Date | 2013 |
Laws in Effect as of Date | January 16, 2014 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Added Pub. L. 106-65, div. B, title XXVIII, §2871(c)(1), Oct. 5, 1999, 113 Stat. 875; amended Pub. L. 106-398, §1 [[div. A], title X, §1087(a)(17)], Oct. 30, 2000, 114 Stat. 1654, 1654A-291; Pub. L. 108-136, div. A, title X, §1031(a)(59), Nov. 24, 2003, 117 Stat. 1603. |
Statutes at Large References | 108 Stat. 2775 110 Stat. 315 113 Stat. 875 114 Stat. 1654 117 Stat. 1603 |
Public Law References | Public Law 103-337, Public Law 104-106, Public Law 106-65, Public Law 106-398, Public Law 108-136 |
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(a)
(b)
(c)
(d)
(e)
(1)
(2)
(A) is made by one or more persons in connection with a donation, specifically for the project, of a total amount in cash or securities that, as determined by the Secretary of the Air Force, is sufficient to defray a substantial portion of the total cost of the project;
(B) is made to facilitate or expedite the completion of the project in reasonable anticipation that other donors will contribute sufficient funds or other resources in amounts sufficient to pay for completion of the project;
(C) is set forth as a written agreement that provides for the donor to furnish in cash or securities, in addition to the donor's other gift or gifts for the project, any additional amount that may become necessary for paying the cost of completing the project by reason of a failure to obtain from other donors or sources funds or other resources in amounts sufficient to pay the cost of completing the project; and
(D) is accompanied by—
(i) an irrevocable and unconditional standby letter of credit for the benefit of the Academy that is in the amount of the guarantee and is issued by a major United States commercial bank; or
(ii) a qualified account control agreement.
(3)
(A) ensures the availability of sufficient funds or other financial resources to pay the amount guaranteed during the period of the guarantee;
(B) provides for the perfection of a security interest in the assets of the account for the United States for the benefit of the Academy with the highest priority available for liens and security interests under applicable law;
(C) requires the donor to maintain in an account with the investment management firm assets having a total value that is not less than 130 percent of the amount guaranteed; and
(D) requires the investment management firm, at any time that the value of the account is less than the value required to be maintained under subparagraph (C), to liquidate any noncash assets in the account and reinvest the proceeds in Treasury bills issued under section 3104 of title 31.
(4)
(A) is an insured bank (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813));
(B) is headquartered in the United States; and
(C) has net assets in a total amount considered by the Secretary of the Air Force to qualify the bank as a major bank.
(5)
(A) is headquartered in the United States; and
(B) holds for the account of others investment assets in a total amount considered by the Secretary of the Air Force to qualify the firm as a major investment management firm.
(Added Pub. L. 106–65, div. B, title XXVIII, §2871(c)(1), Oct. 5, 1999, 113 Stat. 875; amended Pub. L. 106–398, §1 [[div. A], title X, §1087(a)(17)], Oct. 30, 2000, 114 Stat. 1654, 1654A–291; Pub. L. 108–136, div. A, title X, §1031(a)(59), Nov. 24, 2003, 117 Stat. 1603.)
PRIOR PROVISIONSA prior section 9356, added Pub. L. 103–337, div. A, title V, §556(c)(1), Oct. 5, 1994, 108 Stat. 2775, related to position of athletic director of Academy and to administration of nonappropriated fund account for athletics program of Academy, prior to repeal by Pub. L. 104–106, div. A, title V, §533(c)(1), Feb. 10, 1996, 110 Stat. 315.
AMENDMENTS2003—Subsec. (c). Pub. L. 108–136 inserted before period at end "or, if earlier, the expiration of 14 days following the date on which a copy of the report is provided in an electronic medium pursuant to section 480 of this title".
2000—Subsec. (e)(5). Pub. L. 106–398 inserted a closing parenthesis after "80b–2)" in introductory provisions.
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