RETENTION OF ACCRUED INTEREST ON FUNDS DEPOSITED FOR CONSTRUCTION OF FAMILY HOUSING, SCOTT AIR FORCE BASE, ILLINOIS.

SEC. 2305. RETENTION OF ACCRUED INTEREST ON FUNDS DEPOSITED FOR CONSTRUCTION OF FAMILY HOUSING, SCOTT AIR FORCE BASE, ILLINOIS. (a) Retention of Interest.— Section 2310 of the Military Construction Authorization Act for Fiscal Year 1994 (division B of Public Law 103–160; 107 Stat. 1874) is amended— (1) by redesignating subsection (b) as subsection (c); and (2) by inserting after subsection (a) the following new subsection: “(b) Retention OF Interest—Interest accrued on the funds transferred to the County pursuant to subsection (a) shall be retained in the same account as the transferred funds and shall be available to the County for the same purpose as the transferred funds.”. 110 STAT. 535 (b) Limitation on Units Constructed.— Subsection (c) of such section, as redesignated by subsection (a)(1), is amended by adding at the end the following new sentence: ‘The number of units constructed using the transferred funds (and interest accrued on such funds) may not exceed the number of units of military family housing authorized for Scott Air Force Base in section 2302(a) of the Military Construction Authorization Act for Fiscal Year 1993”. (c) Effect of Completion of Construction.— Such section is further amended by adding at the end the following new subsection: “(d) Completion of Construction.— Upon the completion of the construction authorized by this section, all funds remaining from the funds transferred pursuant to subsection (a), and the remaining interest accrued on such funds, shall be deposited in the general fund of the Treasury of the United States.”. (d) Reports on Accrued Interest.— Such section is further amended by adding at the end the following new subsection: “(e) Reports on Accrued Interest.— Not later than March 1 of each year following a year in which funds available to the County under this section are used by the County for the purpose referred to in subsection (c), the Secretary shall submit to the congressional defense committees a report setting forth the amount of interest that accrued on such funds during the preceding year.”.