[Congressional Bills 103th Congress] [From the U.S. Government Publishing Office] [H.R. 895 Introduced in House (IH)] 103d CONGRESS 1st Session H. R. 895 To abolish the Economic Development Administration. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 16, 1993 Mr. Hefley introduced the following bill; which was referred jointly to the Committees on Banking and Finance and Public Works and Transportation _______________________________________________________________________ A BILL To abolish the Economic Development Administration. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE This Act may be cited as the ``Economic Development Administration Sunset Act''. SEC. 2. ABOLISHMENT OF ECONOMIC DEVELOPMENT ADMINISTRATION AND ITS PROGRAMS. (a) Abolishment of Economic Development Administration.--The Economic Development Administration is abolished. (b) Repeal of Acts.--The Public Works and Economic Development Act of 1965 (42 U.S.C. 3121 et seq.) and the Local Public Works Capital Development and Investment Act of 1976 (42 U.S.C. 6701 et seq.) are repealed. SEC. 3. CONCLUSION OF BUSINESS OF ECONOMIC DEVELOPMENT ADMINISTRATION. (a) Authority of Secretary of Commerce to Conclude Business and Honor Contracts.--The Secretary of Commerce shall provide for the conclusion of any outstanding affairs of the Economic Development Administration, including matters affecting the disposition of personnel. The Secretary of Commerce may take any action that (if this Act had not been enacted) would have been authorized as of the effective date of this Act under the Acts repealed by section 2(b) and is necessary or appropriate to administer and fulfill the terms of any grant, contract, agreement, loan, obligation, debenture, or guarantee made by the Secretary pursuant to the Acts repealed by section 2(b). (b) Effect of Abolishment on Expenditure of Funds Already Received.--Section 2 may not be construed to prevent the expenditure of any funds received from a grant or loan under the Acts repealed by section 2(b). Any grant or loan made under such Acts before the effective date of this Act shall be subject to any laws and regulations that would have applied to the grant or loan if this Act had not been enacted. (c) Continuance of Economic Development Revolving Fund to Finish Business.-- (1) Authorized purposes.--The Economic Development Revolving fund established by section 203 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3143) shall continue in existence for the following purposes: (A) Collections and repayments.--To receive collections and repayments in connection with assistance extended under the Acts repealed by section 2(b) that would have been required under the Acts repealed by section 2(b) to be deposited in the Economic Development Revolving Fund if this Act had not been enacted. (B) Payment of obligations.--To pay obligations and make expenditures in connection with the Acts repealed by section 2(b) that would have been required under the Acts repealed by section 2(b) if this Act had not been enacted. (2) Termination of fund.-- (A) Certification.--When, in the discretion of the Secretary of Commerce, the Economic Development Revolving Fund is no longer necessary to carry out the activities under paragraph (1), the Secretary of commerce shall certify to the Secretary of the Treasury that the Economic Development Revolving Fund is no longer necessary. (B) Termination.--Upon receipt of the certification under subparagraph (A), the Secretary of the Treasury shall deposit into the general fund of the Treasury as miscellaneous receipts any moneys remaining in the Economic Development Revolving Fund. The Secretary of the Treasury shall take any action necessary to terminate the Economic Development Revolving Fund. The Secretary of the Treasury shall deposit into the general fund of the Treasury any collections and repayments made after the termination of the Economic Development Revolving Fund in connection with the Acts repealed by section 2(b). SEC. 4. AUTHORIZATION OF APPROPRIATIONS. There are authorized to be appropriated such sums as may be necessary to carry out this Act. SEC. 5. EFFECTIVE DATE. This Act shall take effect on the 1st day of the 1st fiscal year that begins after the date of the enactment of this Act. <all>