U.S. Code » Title 26 » Subtitle Subtitle I— Trust Fund Code › Chapter CHAPTER 98— TRUST FUND CODE › Subchapter Subchapter B— General Provisions

26 U.S.C. § 9602

Management of Trust Funds

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(a) Report

It shall be the duty of the Secretary of the Treasury to hold each Trust Fund established by subchapter A, and (after consultation with any other trustees of the Trust Fund) to report to the Congress each year on the financial condition and the results of the operations of each such Trust Fund during the preceding fiscal year and on its expected condition and operations during the next 5 fiscal years. Such report shall be printed as a House document of the session of the Congress to which the report is made.

(b) Investment(1) In generalIt shall be the duty of the Secretary of the Treasury to invest such portion of any Trust Fund established by subchapter A 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. For such purpose, such obligations may be acquired—(A) on original issue at the issue price, or(B) by purchase of outstanding obligations at the market price.(2) Sale of obligations

Any obligation acquired by a Trust Fund established by subchapter A may be sold by the Secretary of the Treasury at the market price.

(3) Interest on certain proceeds

The interest on, and the proceeds from the sale or redemption of, any obligations held in a Trust Fund established by subchapter A shall be credited to and form a part of the Trust Fund.

(Added Pub. L. 97–119, title I, § 103(a), Dec. 29, 1981, 95 Stat. 1638.)
Notes of Decisions
Cited in 3 cases, 1995–2014 · leading case: Am. Color & Chem. Corp. v. Tenneco Polymers, Inc., 918 F. Supp. 945 (D.S.C. 1995).
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Am. Color & Chem. Corp. v. Tenneco Polymers, Inc., 918 F. Supp. 945 (D.S.C. 1995). “” 26 U.S.C. § 9602 (b)(1). Based on this directive, the interest rates have been computed by averaging the auction average annual rate of six (6) month treasury bills and the average annual rate of composite long term government securities for that year.”
Pneumo Abex Corp. v. Bessemer & Lake Erie R.R., 936 F. Supp. 1250 (E.D. Va. 1996). “” 26 U.S.C. § 9602 (b)(1) (1994). The district court in American Color & Chem.”
Great Am. Ins. v. United States, 55 F. Supp. 3d 1053 (N.D. Ill. 2014). “§ 2701 (11) ("‘Fund’ means the Oil Spill Liability Trust Fund, established by section 9509 of Title 26”); see also 26 U.S.C. § 9602 (b) (dealing with the management of the Fund, and in particular investing portions of the Fund).”
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