View all text of Subchapter I [§ 12511 - § 12657]

§ 12601.
Establishment of the National Service Trust
(a)
Establishment
There is established in the Treasury of the United States an account to be known as the National Service Trust. The Trust shall consist of—
(1)
from the amounts appropriated to the Corporation and made available to carry out this division, such amounts as the Corporation may designate to be available for the payment of—
(A) national service educational awards, summer of service educational awards, and silver scholar educational awards; and
(B) interest expenses pursuant to section 12604(e) of this title;
(2) any amounts received by the Corporation as gifts, bequests, devises, or otherwise pursuant to section 12651g(a)(2) of this title, if the terms of such donations direct that the donated amounts be deposited in the National Service Trust;
(3) any amounts recovered by the Corporation pursuant to section 12602a of this title; and
(4) the interest on, and proceeds from the sale or redemption of, any obligations held by the Trust.
(b)
Investment of Trust

It shall be the duty of the Secretary of the Treasury to invest in full the amounts appropriated to the Trust. Except as otherwise expressly provided in instruments concerning a gift, bequest, devise, or other donation and agreed to by the Corporation, such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose, such obligations may be acquired on original issue at the issue price or by purchase of outstanding obligations at the market price. Any obligation acquired by the Trust may be sold by the Secretary at the market price.

(c)
Expenditures from Trust
Amounts in the Trust shall be available, to the extent provided for in advance by appropriation, for—
(1) payments of national service educational awards, summer of service educational awards, and silver scholar educational awards in accordance with section 12604 of this title; and
(2) payments of interest in accordance with section 12604(e) of this title.
(d)
Reports to the authorizing committees on receipts and expenditures
Not later than March 1 of each year, the Corporation shall submit a report to the authorizing committees on the financial status of the Trust during the preceding fiscal year. Such report shall—
(1) specify the amount deposited to the Trust from the most recent appropriation to the Corporation, the amount received by the Corporation as gifts, bequests, devises, or otherwise pursuant to section 12651g(a)(2) of this title during the period covered by the report, and any amounts obtained by the Trust pursuant to subsection (a)(3);
(2) identify the number of individuals who are currently performing service to qualify, or have qualified, for national service educational awards, summer of service educational awards, or silver scholar awards;
(3)
identify the number of individuals whose expectation to receive national service educational awards, summer of service educational awards, or silver scholar awards during the period covered by the report—
(A) has been reduced pursuant to section 12603(c) of this title; or
(B) has lapsed pursuant to section 12602(d) of this title; and
(4) estimate the number of additional approved national service positions, additional approved summer of service positions, and additional approved silver scholar positions that the Corporation will be able to make available on the basis of any accumulated surplus in the Trust above the amount required to provide national service educational awards, summer of service educational awards, or silver scholar awards to individuals identified under paragraph (2), including any amounts available as a result of the circumstances referred to in paragraph (3).
(Pub. L. 101–610, title I, § 145, as added Pub. L. 103–82, title I, § 102(a), Sept. 21, 1993, 107 Stat. 816; amended Pub. L. 111–13, title I, § 1401(b), Apr. 21, 2009, 123 Stat. 1512.)