12 2 STA T .38 2 5PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 (1)bystrik i ng‘ ‘ Ja n u ary 1 ,20 1 4’ ’insub p aragrap h ( A ) an d ins e rting ‘‘ D e c e m ber 3 1, 201 8 ’’, and (2) by striking ‘‘January 1 a f ter 1 9 81’’ in subparagraph ( B ) and inserting ‘‘December 31 after 200 7 ’’ . (b) RESTRUC TUR INGOFT RUST F UN D DE B T. — (1) DEFINITIONS.—F o r purposes of this subsection— (A) MA R K ET V A L UEOFT H E OUTSTANDING RE P A Y ABLE ADVANCES, PLUS ACCRUED INTEREST.—The term ‘‘market v a l ue of the outstanding repayable advances, plus accrued interest’’ means the present value (determined by the S ec - retary of the Treasury as of the refinancing date and using the Treasury rate as the discount rate) of the stream of principal and interest payments derived assuming that each repayable advance that is outstanding on the refi- nancing date is due on the 30th anniversary of the end of the fiscal year in w hich the advance was made to the Trust Fund, and that all such principal and interest pay- ments are made on September 30 of the applicable fiscal year. (B) REFINANCING DATE.—The term ‘‘refinancing date’’ means the date occurring 2 days after the enactment of this Act. ( C ) REPAYABLE ADVANCE.—The term ‘‘repayable advance’’ means an amount that has been appropriated to the Trust Fund in order to make benefit payments and other e x penditures that are authori z ed under section 9 5 01 of the I nternal Revenue Code of 198 6 and are re q uired to be repaid when the Secretary of the Treasury determines that monies are available in the Trust Fund for such pur- pose. (D) TREASURY RATE.—The term ‘‘Treasury rate’’ means a rate determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the U nited States of comparable maturities. ( E ) TREASURY 1 -YEAR RATE.—The term ‘‘Treasury 1- year rate’’ means a rate determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States with remaining periods to maturity of approximately 1 year, to have been in effect as of the close of business 1 business day prior to the date on which the Trust Fund issues obligations to the Secretary of the Treasury under paragraph (2)(B). (2) REFINANCING OF OUTSTANDING PRINCIPAL OF REPAYABLE ADVANCES AND UNPAID INTEREST ON SUCH ADVANCES.— (A) TRANSFER TO GENERAL FUND.— O n the refinancing date, the Trust Fund shall repay the market value of the outstanding repayable advances, plus accrued interest, by transferring into the general fund of the Treasury the following sums
(i) The proceeds from obligations that the Trust Fund shall issue to the Secretary of the Treasury in such amounts as the Secretaries of L abor and the Treasury shall determine and bearing interest at the Treasury rate, and that shall be in such forms and denominations and be sub j ect to such other terms and 26USC9501note.
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