Establishment
There is established in the Treasury of the United States a fund to be known as the State and Local Implementation Fund.
Amounts available for State and Local Implementation Grant Program
section 1442 of this titleAny amounts borrowed under subsection (c)(1) and any amounts in the State and Local Implementation Fund that are not necessary to reimburse the general fund of the Treasury for such borrowed amounts shall be available to the Assistant Secretary to implement .
Borrowing authority
In general
section 1442 of this titlePrior to the end of fiscal year 2022, the Assistant Secretary may borrow from the general fund of the Treasury such sums as may be necessary, but not to exceed $135,000,000, to implement .
Reimbursement
The Assistant Secretary shall reimburse the general fund of the Treasury, without interest, for any amounts borrowed under paragraph (1) as funds are deposited into the State and Local Implementation Fund.
Transfer of unused funds
If there is a balance remaining in the State and Local Implementation Fund on , the Secretary of the Treasury shall transfer such balance to the general fund of the Treasury, where such balance shall be dedicated for the sole purpose of deficit reduction.