7 USC 2009d – Rural Development Trust Fund
(a) Establishment
There is established in the Treasury of the United States a trust fund which shall be known as the Rural Development Trust Fund (in this subchapter referred to as the “Trust Fund”).
(b) Accounts
Terms Used In 7 USC 2009d
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: shall include each of the several States, the Commonwealth of Puerto Rico, the Virgin Islands of the United States, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and, to the extent the Secretary determines it to be feasible and appropriate, the Trust Territory of the Pacific Islands. See 7 USC 1991
There are established in the Trust Fund the following accounts:
(1) The rural community facilities account.
(2) The rural utilities account.
(3) The rural business and cooperative development account.
(4) The federally recognized Indian tribe account.
(c) Deposits into accounts
Notwithstanding any other provision of law, each fiscal year—
(1) all amounts made available to carry out the authorities described in subsection (d)(1) for the fiscal year shall be deposited into the rural community facilities account of the Trust Fund;
(2) all amounts made available to carry out the authorities described in subsection (d)(2) for the fiscal year shall be deposited into the rural utilities account of the Trust Fund; and
(3) all amounts made available to carry out the authorities described in subsection (d)(3) for the fiscal year shall be deposited into the rural business and cooperative development account of the Trust Fund.
(d) Function categories
The function categories described in this subsection are the following:
(1) Rural community facilities
The rural community development category consists of all amounts made available for—
(A) community facility direct and guaranteed loans under section 1926(a)(1) of this title; or
(B) community facility grants under paragraph (19), (20), or (21) of section 1926(a) of this title.
(2) Rural utilities
The rural utilities category consists of all amounts made available for—
(A) water or waste disposal grants or direct or guaranteed loans under paragraph (1) or (2) of section 1926(a) of this title;
(B) rural water or wastewater technical assistance and training grants under section 1926(a)(14) of this title;
(C) emergency community water assistance grants under section 1926a of this title; or
(D) solid waste management grants under section 1932(b) of this title.
(3) Rural business and cooperative development
The rural business and cooperative development category consists of all amounts made available for—
(A) business and industry direct and guaranteed loans under section 1932(a)(2)(A) of this title; or
(B) rural business enterprise grants or rural educational network grants under section 1932(c) of this title.
(e) Federally recognized Indian tribe account
(1) Transfers into account
Each fiscal year, the Secretary shall transfer to the federally recognized Indian tribe account of the Trust Fund 3 percent of the amount deposited into the Trust Fund for the fiscal year under subsection (d).
(2) Use of funds
The Secretary shall make available to federally recognized Indian tribes the amounts in the federally recognized Indian tribe account for use pursuant to any authority described in subsection (d).
(f) Allocation among States
The Secretary shall allocate the amounts in each account specified in subsection (c) among the States in a fair, reasonable, and appropriate manner that takes into consideration rural population, levels of income, unemployment, and other relevant factors, as determined by the Secretary.
(g) Availability of funds allocated for States
The Secretary shall make available to each State the total amount allocated for the State under subsection (f) that remains after applying section 2009f of this title.