Pacific Islands Plant Conservation Fund

(a) Establishment There is established in the Treasury a separate account, to be known as the Pacific Islands Plant Conservation Fund, consisting of— (1) amounts transferred to the Secretary for deposit into the Fund under subsection (e); (2) amounts appropriated to the Fund under section 206; and (3) any interest earned on investment of amounts in the Fund under subsection (c). (b) Expenditures from fund (1) In general Subject to paragraph (2), at the request of the Secretary, the Secretary of the Treasury shall transfer from the Fund to the Secretary, without further appropriation, such amounts as the Secretary determines are necessary to carry out section 204. (2) Administrative expenses Of the amounts in the Fund available for each fiscal year, the Secretary may expend the greater of 3 percent of such amounts or $80,000 to pay the administrative expenses necessary to carry out this title. (c) Investment of amounts (1) In general The Secretary of the Treasury shall invest such portion of the Fund as is not, in the judgment of the Secretary of the Treasury, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States. (2) Acquisition of obligations For the purpose of investments under paragraph (1), obligations may be acquired— (A) on original issue at the issue price; or (B) by purchase of outstanding obligations at market price. (3) Sale of obligations Any obligation acquired by the Fund may be sold by the Secretary of the Treasury at market price. (4) Credits to fund 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. (d) Transfers of amounts (1) In general The Secretary of the Treasury shall transfer at least monthly the amounts required to be transferred to the Fund under this section from the general fund of the Treasury to the Fund on the basis of estimates made by the Secretary of the Treasury. (2) Adjustments The Secretary of the Treasury shall make proper adjustment in amounts subsequently transferred to the extent prior estimates were in excess of or less than the amounts required to be transferred. (e) Acceptance and use of donations (1) In general The Secretary may accept for the Government a gift of any of the following to provide assistance under section 204: (A) Money. (B) An obligation of the Government included in the public debt made only on the condition that the obligation be canceled and retired and not reissued. (C) Other intangible personal property made only on the condition that the property is sold on the best terms available and the proceeds are deposited in the Fund. (2) Discretion to reject a gift The Secretary may reject a gift under this section when the rejection is in the interest of the Government. (3) Taxes If a gift received under this subsection is subject to a gift or inheritance tax, the Secretary may pay the tax out of the proceeds of the gift or the proceeds of the redemption or sale of the gift.