106 STAT. 2606 PUBLIC LAW 102-484—OCT. 23, 1992 "(B) the Secretary determines that the improvement project is no longer cost-effective after a review of post-design or bid cost estimates; "(C) the Secretary submits to the committees referred to in subsection (b)(1) a notice containing— "(i) an economic analysis demonstrating that the improvement project would exceed 70 percent of the cost of constructing replacement housing units intended for members of the armed forces in the same pay grade or grades as those members who occupy the existing housing units; and "(ii) if the replacement housing units are intended for members of the armed forces in a different pay grade or grades, a justification of the need for the replacement housing units based upon the long-term requirements of the armed forces in the location concerned; ana "(D) a period of 21 days elapses after the date on which the Secretary submits the notice required by subparagraph (C). "(2) The amount that may be expended to construct replacement military family housing units under this subsection may not exceed the amount that is otherwise available to carry out the previously authorized improvement project.". (b) CONFORMING AMENDMENT.— Section 2822(b) of such title is amended by adding at the end the following new paragraph: "(5) Replacement housing units constructed under section 2825(c) of this title.". Subtitle B—Defense Base Closure and Realignment SEC. 2821. USE OF PROCEEDS OF THE TRANSFER OR DISPOSAL OF COMMISSARY STORE AND OTHER FACILITIES AND PROP- ERTY. (a) BASE CLOSURES UNDER 1988 ACT.—(1) Section 204(b)(4) of the Defense Authorization Amendments and Base Closure and Realignment Act (title II of Public Law 100-526; 10 U.S.C. 2687 note) is amended by striking out subparagraphs (C) and (D) and inserting in lieu thereof the following new subparagraph: "(C)(i) If any real property or facility acqmred, constructed, or improved (in whole or in part) with conunissary store funds or nonappropriated funds is transferred or disposed of in connection with the closure or realignment of a military installation under this title, a portion of the proceeds of the transfer or other disposal of property on that installation shall be deposited in a reserve account established in the Treasury to be administered by the Secretary. The Secretary may use amounts in the account (in such an aggregate amount as is provided in advance in appropriation Acts) for the purpose of acquiring, constructing, and improving— "(I) commissary stores; and "(11) real property and facilities for nonappropriated fund instrumentalities. "(ii) The amount deposited under clause (i) shall be equal to the depreciated value of the investment made with such funds in the acquisition, construction, or improvement of that particular Regulations. real property or facility. The depreciated value of the investment shall be computed in accordance with regulations prescribed by the Secretary of Defense.
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