usc:us:40:6701

text: U.S.C. Title 40 - PUBLIC BUILDINGS, PROPERTY, AND WORKS 40 U.S.C. United States Code, 2024 Edition Title 40 - PUBLIC BUILDINGS, PROPERTY, AND WORKS SUBTITLE II - PUBLIC BUILDINGS AND WORKS PART C - FEDERAL BUILDING COMPLEXES CHAPTER 67 - PENNSYLVANIA AVENUE DEVELOPMENT SUBCHAPTER I - TRANSFER AND ASSIGNMENT OF RIGHTS, AUTHORITIES, TITLE, AND INTERESTS Sec. 6701 - Transfer of rights and authorities of Pennsylvania Avenue Development Corporation From the U.S. Government Publishing Office, www.gpo.gov §6701. Transfer of rights and authorities of Pennsylvania Avenue Development Corporation (a) In General .—The Administrator of General Services— (1) may make and perform transactions with an agency or instrumentality of the Federal Government, a State, the District of Columbia, or any person as necessary to carry out the trade center plan at the Federal Triangle Project; and (2) has all the rights and authorities of the former Pennsylvania Avenue Development Corporation with regard to property transferred from the Corporation to the General Services Administration in fiscal year 1996. (b) Use of Amounts and Income.— (1) Activities associated with transferred responsibilities .—The Administrator may use amounts transferred from the Corporation or income earned on Corporation property for activities associated with carrying out the responsibilities of the Corporation transferred to the Administrator. Any income earned after October 1, 1998, shall be deposited to the Federal Buildings Fund to be available for the purposes authorized under this subchapter, notwithstanding section 592(c)(1) of this title. (2) Excess amounts or income .—Any amounts or income the Administrator considers excess to the amount needed to fulfill the responsibilities of the Corporation transferred to the Administrator shall be applied to any outstanding debt the Corporation incurred when acquiring real estate, except debt associated with the Ronald Reagan Building and International Trade Center. (c) Payment to District of Columbia .—With respect to real property transferred from the Corporation to the Administrator under section 6702 of this title, the Administrator shall pay to the District of Columbia government, in the same way as previously paid by the Corporation, an amount equal to the amount of real property tax which would have been payable to the government beginning on the date the Corporation acquired the real property if legal title to the property had been held by a private citizen on that date and during all periods to which that date relates. (Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1193.) Historical and Revision Notes Revised Section Source (U.S. Code) Source (Statutes at Large) 6701(a) 40:872 note (words before 1st proviso). Pub. L. 104–208, div. A, title I, §101(f) [title IV, 3d–6th provisos on p. 3009–335], Sept. 30, 1996, 110 Stat. 3009–335. 6701(b) 40:872 note (1st, 2d provisos). 40:872 note. Pub. L. 105–277, §101(h) [title IV, 9th proviso on p. 2681–502], Oct. 21, 1998, 112 Stat. 2681–502. 6701(c) 40:872 note (last proviso). 40:879(b). Pub. L. 92–578, §10(b), Oct. 27, 1972, 86 Stat. 1274. In subsection (a), before clause (1), the words "in fiscal year 1997 and thereafter" are omitted as obsolete. In clause (1), the words "leases, contracts or other" are omitted as unnecessary. The words "firm, association, or corporation" are omitted because of the definition of "person" in 1:1. In subsection (b)(1), the words "notwithstanding any other provision of law" are omitted as unnecessary. The words "That the remaining balances and associated assets and laibilites [sic] of the Pennsylvania Avenue Activities account are hereby transferred to the Federal Buildings Fund to be effective October 1, 1998" are omitted as executed. In subsection (c), the words "To the extent that the District of Columbia may not suffer undue loss of tax revenue by reason of the provisions of subsection (a) of this section" are omitted as unnecessary.