On and after March 1, 1938, all moneys deposited in the Treasury of the United States in the special fund designated the "Oregon and California land-grant fund" shall be distributed annually as follows:
(a) Fifty per centum to the counties in which the lands revested under the Act of June 9, 1916 (
(b) Twenty-five per centum to said counties as money in lieu of taxes accrued or which shall accrue to them prior to March 1, 1938, under the provisions of the Act of July 13, 1926 (
From and after payment of the above accrued taxes said 25 per centum shall be accredited annually to the general fund in the Treasury of the United States until all reimbursable charges against the Oregon and California land-grant fund owing to the general fund in the Treasury have been paid: Provided, That if for any year after the extinguishment of the tax indebtedness accruing to the counties prior to March 1, 1938, under the provisions of Forty-fourth Statutes, page 915, the total amount payable under subsection (a) of this section is less than 78 per centum of the aggregate amount of tax claims which accrued to said counties under said Act for the year 1934, there shall be additionally payable for such year such portion of said 25 per centum (but not in excess of three-fifths of said 25 per centum), as may be necessary to make up the deficiency. When the general fund in the Treasury has been fully reimbursed for the expenditures which were made charges against the Oregon and California land-grant fund said 25 per centum shall be paid annually, on or after September 30, to the several counties in the manner provided in subsection (a) hereof.
(c) Twenty-five per centum to be available for the administration of this subchapter, in such annual amounts as the Congress shall from time to time determine. Any part of such per centum not used for administrative purposes shall be covered into the general fund of the Treasury of the United States: Provided, That moneys covered into the Treasury in such manner shall be used to satisfy the reimbursable charges against the Oregon and California land-grant fund mentioned in subsection (b) so long as any such charges shall exist.
(Aug. 28, 1937, ch. 876, title II,
Act of June 9, 1916, referred to in subsec. (a), is act June 9, 1916, ch. 137,
Act of July 13, 1926 (
This subchapter, referred to in subsec. (c), was in the original "this Act", meaning act Aug. 28, 1937, ch. 876,
Section was formerly classified to section 1181f of this title prior to editorial reclassification and renumbering as this section.
Section comprises all of title II of act Aug. 28, 1937, except the last par. which is set out as a Repeals note under section 2601 of this title.
1976-Subsec. (b).
1954-Subsec. (a). Act June 24, 1954, inserted proviso relating to determination of assessment.