74 



(b) Transfer to Trust Fund of amounts equivalent 

 to certain taxes. 



There is hereby appropriated to the Trust Fund — 



( 1 ) amounts equivalent to the taxes received in 

 the Treasury after June 30, 1970, and before July 1, 

 1980, under subsections (O and (d) of section 4041 

 (taxes on aviation fuel) and under sections 4261, 

 4271, and 4491 (taxes on transportation by air and 

 on use of civil aircraft) of the Internal Revenue 

 Code of 1954; 



(2) amounts determined by the Secretary of 

 the Treasury to be equivalent to the taxes received 

 in the Treasury after June 30, 1970, and before 

 July 1, 1980, under section 4081 of such Code, with 

 respect to gasoline used in aircraft; and 



(3) amounts determined by the Secretary of the 

 Treasury to be equivalent to the taxes received in 

 the Treasury after June 30, 1970, and before 

 July 1, 1980, under paragraphs (2) and (3) of sec- 

 tion 4071(a) of such Code, with respect to tires 

 and tubes of the types used on aircraft. 



The amounts appropriated by paragraphs (1). (2), 

 and (3) shall be transferred at least quarterly from 

 the general fund of the Treasury to the Trust Fund 

 on the basis of estimates made by the Secretary of 

 "the Treasury of the amounts referred to in para- 

 graphs (1), (2), and (3) received in the Treasury. 

 Proper adjustments shall be made in the amounts 

 subsequently transferred to the extent prior esti- 

 mates were in excess of or less than the amounts 

 required to be transferred. 



(c) Transfer of unexpended funds. 



At the close of June 30, 1970, there shall be trans- 

 ferred to the Trust Fund all unexpended funds which 

 have been appropriated before July 1, 1970, out of 

 the general fund of the Treasury to meet obligations 

 of the United States d) described in subparagraph 

 (B) or (C) of subsection (f)(1) of this section, or 

 (2) incurred under the Federal Airport Act (49 

 U.S.C. sec. 1101 et seq.). 



(d) .\ppropriation of additional sums. 



There are hereby authorized to be appropriated 

 to the Trust Fund such additional sums as may be 

 required to make the expenditures referred to in 

 subsection (f ) of this section. 



(e) ManaRement; report to Congress; investment: 

 pciieral provision, sale of obligations, interest on 

 certain proceeds. 



(1) It shall be the duty of the Secretary of the 

 Treasury to hold the Trust Fund, and (after consul- 

 tation with the Secretary of Transportation) to re- 

 port to the Congress each year on the financial 

 condition and the results of the operations of the 

 Trust Fund during the preceding fiscal year and on 

 its expected condition and operations during the 

 next five fiscal years. Such report shall be printed 

 as a House document of the session of tlic Congress 

 to which the report is made. 



(2) (A) It shall be the duty of the Secretary of the 

 Treasury to invest such portion of the 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 

 or In obliBations guaranteed as to both principal 



and Interest by the United States. For such purpose, 

 such obligations may be acquired (i) on original 

 Issue at the issue price, or (ii) by purchase of out- 

 standing obligations at the market price. The pur- 

 pose for which obligations of the United States may 

 be issued under the Second Liberty Bond Act, as 

 amended, are hereby extended to authorize the issu- 

 ance at par of special obligations exclusively to the 

 Trust Fund. Such special obligations shall bear in- 

 terest at a rate equal to the average rate of interest, 

 computed as to the end of the calendar month next 

 preceding the date of such issue, borne by all mar- 

 ketable interest- bearing obligations of the United 

 States then forming a part of the Public Debt; ex- 

 cept that where such average rate is not a multiple 

 of one-eighth of 1 percent, the rale of interest of 

 such special obligations shall be the multiple of one- 

 eighth of 1 percent next lower than such average 

 rate. Such special obligations shall be issued only 

 if the Secretary of the Treasury determines that the 

 purchase of other interest- bearing obligations of the 

 Unitied States, or of obligations guaranteed as to 

 both principal and interest by the United States on 

 original issue or at the market price, is not in the 

 public Interest. 



(B) Any obligation acquired by the Trust Fund 

 (except special obligations issued exclusively to the 

 Trust Fund) may be sold by the Secretary of the 

 Treasury at the market price, and such special obli- 

 gations may be redeemed at par plus accrued 

 interest. 



(C) The interest on, and the proceeds from the 

 sale or redemption of, any obligations held in the 

 Trust F^ind shall be credited to and form a part of 

 the Trust Fund. 



(3) Paragraph (2) of this subsection shall not 

 apply until the beginning of the fiscal year imme- 

 diately following the first fiscal year beginning after 

 June 30, 1970, in which the receipts of the Trust 

 Fund under subsection (b) of this section exceed 80 

 percent of the expenditures from the Trust Fund 

 under subsection (f)(1) of this section. 



(f) Expenditures from Trust Fund; iiirpoi' ;ind air- 

 way program; traiisfiMS from TniM I'lind on 

 Hccnuiit of certain refunds; IransfiTs fiom Trust 

 Fund on account of cerlain section 'M credits. 

 (1) Amounts in the Trust Fund shall be avail- 

 able, as provided by appropriation Acts, for making 

 expenditures after June 30, 1970, and before Octo- 

 ber 1, 1980, to meet those obligations of the United 

 States — 



(A) incurred under subchapter I of this chap- 

 ter or of the Airport and Airway Development 

 Act Amendments of 1976 (as such Acts were in 

 effect on the date of the enactment of the Airport 

 and Airway Development Act Amendments of 

 1976) ; 



(D) heretofore or hereafter incurred under the 

 Federal Aviation Act of 1958, as amended, which 

 are attributable to plnnnliig, research and develop- 

 ment, construction, or operation and mainlcnnncc 

 of— 



(1) air trafTic control, 

 (il) air navigation. 



