republic-os/legal/us/code/title-50/chapter-37/section-1904.md

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LegalText	50 U.S.C. § 1904	National Security Education Trust Fund	us	united_states_code	code_section	50	WAR AND NATIONAL DEFENSE	37	NATIONAL SECURITY SCHOLARSHIPS, FELLOWSHIPS, AND GRANTS	1904	50 U.S.C. § 1904	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc50@119-100.zip	/us/usc/t50/s1904	data/legal/raw/us/code/title-50/usc50.xml	78bed85618411ce67d2cbab12b3a5f662cb7e2aa785863668e738cf5aa83b9bd	708c288b5448617cab7b03b8011860274671c9aec56686858b910a06948cd7ac	9189fdf3399aa9d5a1fa69f07b3486100e2384848409c5bef2dd9cb6dc771c0a	2026-07-04	official	legal us-code

50 U.S.C. § 1904 - National Security Education Trust Fund

Text

(a) Establishment of Fund There is established in the Treasury of the United States a trust fund to be known as the “National Security Education Trust Fund”. The assets of the Fund consist of amounts appropriated to the Fund and amounts credited to the Fund under subsection (e).

(b) Availability of sums in Fund Sums in the Fund shall, to the extent provided in appropriations Acts, be available—

(1) for awarding scholarships, fellowships, and grants in accordance with the provisions of this chapter; and

(2) for properly allocable costs of the Federal Government for the administration of the program under this chapter.

(c) Investment of Fund assets The Secretary of the Treasury shall invest in full the amount in the Fund that is not immediately necessary for expenditure. 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. The purposes for which obligations of the United States may be issued under chapter 31 of title 31 are hereby extended to authorize the issuance at par of special obligations exclusively to the Fund. Such special obligations shall bear interest 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 marketable interest-bearing obligations of the United States then forming a part of the public debt, except that where such average rate is not a multiple of ⅛ of 1 percent, the rate of interest of such special obligations shall be the multiple of ⅛ 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 purchases of other interest-bearing obligations of the United States, or of obligations guaranteed as to both principal and interest by the United States or original issue or at the market price, is not in the public interest.

(d) Authority to sell obligations Any obligation acquired by the Fund (except special obligations issued exclusively to the Fund) may be sold by the Secretary of the Treasury at the market price, and such special obligations may be redeemed at par plus accrued interest.

(e) Amounts credited to Fund (1) The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to and form a part of the Fund.

(2) Any amount paid to the United States under section 1902(b)(3) of this title shall be credited to and form a part of the Fund.

(3) Any gifts of money shall be credited to and form a part of the Fund.

(Pub. L. 102–183, title VIII, § 804, Dec. 4, 1991, 105 Stat. 1274; Pub. L. 102–496, title IV, § 404(e), Oct. 24, 1992, 106 Stat. 3186; Pub. L. 103–160, div. A, title III, § 375, Nov. 30, 1993, 107 Stat. 1637.)

Notes

Editorial Notes

Amendments1993—Subsec. (b). Pub. L. 103–160, § 375(b), struck out “(1)” before “Sums in the Fund”, redesignated former subpars. (A) and (B) as pars. (1) and (2), respectively, and struck out former par. (2) which read as follows: “No amount may be appropriated to the Fund, or obligated from the Fund, unless authorized by law.” Subsec. (e)(3). Pub. L. 103–160, § 375(a), added par. (3). 1992—Subsec. (c). Pub. L. 102–496 substituted “expenditure” for “obligation” in first sentence.