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097143 1 (1975-06-26)

handle is hein.gao/gaobadcgv0001 and id is 1 raw text is: i . , THE COMPTRLs.LER GENERAL DECISION OF THE UNITED STATES . . WASHINGTON. D.C. 20548 eL NITEV FILE: B-183819 DATE: JUN 2 6 1975 MATTER OF: Availability of Funds Transferred to Secretary of Commerce For Purposes of Trade Act of 1974 to Administer Loans and DIGEST: Guarantees Made Under Predecessor Statute Where unexpended balance of funds appropriated for pur- poses of a former adjustment assistance program is trans- ferred to the Secretary of Commerce to be used for a replacement program of adjustment assistance, while legislative authority to continue to administer the former program is preserved, the funds remain available for care and preservAtion of collateral and for honorino guarantees made under the former program. This decision is in response to a request by the General Counsel of the Department of Commerce. The question posed is as follows: Whether unexpended balances of funds appropriated under the Trade Expansion Act, which are transferred to the Secretary of Commerce under 5 256(c) of the Trade Act to carry out his functions under Chapter 3 thereof ('Adjust- ment Assistance for Firms '), may be used for the care and * preservation of collateral securing direct loans or guaranteed loans and/or to honor guarantees made or authorizied under the Trade Expansion Act. Under title III of the Trade Expansion Act of 1962, approved October 11, 1962, Pub. L. No. 87-794, 19 U.S.C. H§ 1901-1920 (1970), the Secretary of Commerce was authorized to provide adjustment assistance, including financial assistance, to firms in a domestic industry which has been or may be seriously injured by competition with imports as a result in major part of concessions granted under trade agreements. 19 U.S.C. § 1901. According to the General Counsel, approximately 15 loans and 3 guarantees of loans were made or authorized under the 1962 Act. Where the loans or guarantees are secured by collateral, the Department may have to incur expenses for care and preservation, i.e., for the purpose of protecting the collateral or the Government's lien, such as purchase of prior liens, insurance costs, custodial care, and appraisals. Also, expenditures may be necessary to honor guarantees made under the 1962 Act. The Trade Act of 1974, approved January 3, 1975, Pub. L. No. 93- 618, 88 Stat. 1978, repealed most of the adjustment assistance provisions PUBIJSHED DECISICN -4 Comp. Gen. ..........

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