revolving fund

revolving fund Sec. 606. (a) To carry out the lending and guaranty functions authorized under titles HI and IV of this Act, there is authorized to be established a revolving fund. The capital of the fund shall consist, of such amounts as may be advanced to it by the Director from funds appropriated pursuant to section 321 and shall remain available until expended. (b) The Director shall pay into miscellaneous receipts of the Treasury, at the close of each fiscal year, interest on the capital of the fund at a rate determined by the Secretary of the Treasury, taking into consideration the average market yield on outstanding Treasury obligations of comparable maturity during the last month of the preceding fiscal year. Interest payments may be deferred with the approval of the Secretary of the Treasury, but any interest payments so deferred shall themselves bear interest. (c) Whenever any capital in the fund is determined by the Director to be in excess of current needs, such capital shall be credited to the appropriation from which advanced, where it shall be held for future advances. (d) Receipts from any lending and guaranty operations under this Act (except operations under title IV carried on by the Small Business Administration) shall be credited to the fund. The fund shall 78 Stat. 532be available for the payment of all expenditures of the Director for loans, participations, and guaranties authorized under titles III and IV of this Act.