FLEXIBILITY IN FINANCING CLOSURE OF CERTAIN OUTSTANDING CONTRACTS FOR WHICH A SMALL FINAL PAYMENT IS DUE.

SEC. 1007. FLEXIBILITY IN FINANCING CLOSURE OF CERTAIN OUTSTANDING CONTRACTS FOR WHICH A SMALL FINAL PAYMENT IS DUE. (a) Closure of Outstanding Contracts.—The Secretary of Defense may make the final payment on a contract to which this 111 STAT. 1870section applies from the account established pursuant to subsection (d). (b) Covered Contracts.—This section applies to any contract of the Department of Defense— (1) that was entered into before December 5, 1990; and (2) for which an unobligated balance of an appropriation that had been initially applied to the contract was canceled before December 5, 1990, pursuant to section 1552 of title 31, United States Code, as in effect before that date. (c) Authority Limited to Small Final Payments.—The Secretary may use the authority provided by this section only for a contract for which the amount of the final payment due is not greater than the micro-purchase threshold (as defined in section 32 of the Office of Federal Procurement Policy Act (41 U.S.C. 428)). (d) Account.—The Secretary may establish an account for the purposes of this section. The Secretary may from time to time transfer into the account, from funds made available to the Department of Defense for procurement or for research, development, test, and evaluation, such amounts as the Secretary determines to be needed for the purposes of the account, except that the total of such transfers may not exceed $1,000,000. Amounts in the account may be used only for the purposes of this section. (e) Closure of Account.—When the Secretary determines that all contracts to which this section applies have been closed and there is no further need for the account established under subsection (d), the Secretary shall close the account. Any amounts remaining in the account shall be covered into the Treasury as miscellaneous receipts.