to the Corporation, upon the request of the Executive Di-
rector, on a reimbursable or nonreimbursable basis, with
the consent of the appropriate authority having jurisdic-
tion over such employee. While so detailed, such employee
shall continue to receive the compensation provided pursu-
ant to law for the regular employment of such employee
and shall retain, without interruption, the rights and privi-
leges of such employment.
SEC. 13. PROFESSIONAL BOXING CORPORATION TRUST
FUND.
(a) ESTABLISHMENT.—There is established the Pro-
fessional Boxing Corporation Trust Fund in the Treasury
of the United States, consisting of such amounts as are
transferred to the Fund under subsection (b) of this sec-
tion and any interest earned on investment of amounts
in the Fund under subsection (e)(2) of this section.
(b) TRANSFER OF AMOUNTS EQUIVALENT TO CER-
TAIN FEES.—(1) The Secretary shall transfer to the Fund
an amount equal to the sum of the fees received in the
Treasury under section 8 after the effective date of this
Act.
(2) The amounts required to be transferred to the
Fund under paragraph (1) shall be transferred at least
quarterly from the general fund of the Treasury to the
Fund on the basis of estimates made by the Secretary.
Proper adjustment shall be made in amounts subsequently
transferred to the extent prior estimates were in excess
of or less than the amounts required to be transferred.
(c) EXPENDITURE FROM FUND.—Amounts in the
Fund shall be available, as provided in appropriation Acts,
only for purposes of making expenditures to carry out the
purposes of this Act.
(d) AUTHORITY TO BORROW.—(1) There are author-
ized to be appropriated to the Fund, as repayable ad-
vances, such sums as may be necessary to carry out the
purposes of the Fund.
(2)(A) Advances made to the Fund shall be repaid,
and interest on such advances shall be paid, to the general
fund of the Treasury when the Secretary determines that
moneys are available for such purposes in the Fund.
(B) No advance shall be made to the Fund after the
date occurring 5 years after the effective date of this Act,
and all advances to such Fund shall be repaid on or before
such date.
(C) Interest on advances made to the Fund shall be
at a rate determined by the Secretary (as of the close of
the calendar month preceding the month in which the ad-
vance is made) to be equal to the current average market
yield on outstanding marketable obligations of the United
States with remaining periods to maturity comparable to
the anticipated period during which the advance will be
outstanding and shall be compounded annually.
(e) INVESTMENT OF FUND.—(1) It shall be the duty
of the Secretary to invest such portion of the Fund as
is not, in the Secretary’s judgment, required to meet cur-
rent withdrawals. Such investments may be made only in
interest-bearing obligations of the United States or in obli-
gations guaranteed as to both principal and interest by
the United States. For such purpose, such obligations may
be acquired—
(A) on original issue at the issue price, or
(B) by purchase of outstanding obligations at
the market price.
The purposes for which obligations of the United States
may be issued under chapter 31 of title 31, of the United
States Code, are hereby extended to authorize the issuance
at par of special obligations exclusively to the Fund. Such
special obligations shall bear interest at a rate equal to
the average rate of interest, computed as to the end of
the calendar month next preceding the date of such issue,
borne by all marketable interest-bearing obligations of the
United States then forming a part of the Public Debt; ex-
cept that where such average rate is not a multiple of one-
eighth of 1 percent, the rate of interest of such special
obligations shall be the multiple of one-eighth of 1 percent
next lower than such average rate. Such special obligations
shall be issued only if the Secretary determines that the
purchase of other interest-bearing obligations of the
United States, or of obligations guaranteed as to both
principal and interest by the United States on original
issue or at the market price, is not in the public interest.
(2) Any obligation acquired by the Fund (except spe-
cial obligations issued exclusively to the Fund) may be sold
by the Secretary of the Treasury at the market price, and
such special obligations may be redeemed at par plus ac-
crued interest.
(3) 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.
(f) OBLIGATIONS FROM FUND.—The Corporation is
authorized to obligate such sums as are available in the
Fund (including any amounts not obligated in previous fis-
cal years) for—
(1) the functions of the Corporation under sec-
tion 8; and
(2) properly allocable administrative costs of
the Federal Government for the activities related to
such functions.
(g) REPORT TO CONGRESS.—It shall be the duty of
the Secretary to hold the Fund, and (after consultation
with the Corporation) to report to the Congress each year
on the financial condition and the results of the operations
of the Fund during the preceding fiscal year and on its
expected condition and operations during the next fiscal
year. Such report shall be printed as both a House and
Senate document of the session of the Congress to which
the report is made.
SEC. 14. AUDIT AND REPORT.
(a) AUDIT.—The Comptroller General shall conduct
an annual audit of the finances of the Corporation, to be
completed in time for inclusion in the report required by
subsection (b).
(b) REPORT.—The Corporation shall submit a report
to the Congress within 1 year after the effective date of
this Act and annually thereafter. Such report shall detail
the activities of the Corporation for the preceding year and
shall include—
(1) a description of the State boxing authority
in each State; and
(2) the results of the audit required under sub-
section (a).
(c) PUBLIC REPORT.—The Corporation shall annu-
ally issue a report made available to the public on the
progress made at Federal and State levels in the reform
of professional boxing and commenting on issues of con-
tinuing concern to the Corporation.
SEC. 15. PETITION TO REPEAL BEFORE EFFECTIVE DATE.
(a) PETITION TO CONGRESS.—During the 1-year pe-
riod preceding the effective date of this Act, a majority
of the State boxing authorities from all States may submit
a petition as described under subsection (b) to the Com-
mittee on Governmental Affairs of the Senate and the
Committee on Government Reform and Oversight of the
House of Representatives. Such committees shall take all
necessary actions to respond to such petition before the
effective date of this Act.
(b) CONTENTS.—The petition submitted under sub-
section (a) shall include—
(1) a statement with supporting evidence that
the provisions of this Act are unnecessary because
the State authorities have established an organiza-
tion to effectively carry out the purposes of this Act;
and
(2) a request for the Congress to enact legisla-
tion to delay the effective date of this Act or repeal
this Act.