The Secretary shall approve this kind of State funds access application as eligible for Federal contributions into the reserve fund if—
A Point out can be permitted to get a collaborating Point out, and be suitable for an allocation of Federal money beneath the Program, When the State has contractual preparations with the implementation and administration of its State system with—
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The time period "Federal contribution" means the portion of the contribution made by a participating Point out to, or for the account of, an authorized State system that is certainly designed with Federal resources allotted on the Condition through the Secretary beneath area 5702 of this title.
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These cash accounts Merge solutions and characteristics comparable to examining, financial savings and/or financial investment accounts in a single item. Cash management accounts are typically provided by non-bank money establishments.
A State other credit rating support software approved beneath this portion will likely be qualified for acquiring Federal contributions to, or for your account of, the Condition method within an amount in keeping with the routine describing the apportionment of allocated Federal money amid State systems shipped through the Condition into the Secretary beneath the allocation agreement.
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