(b) Timing and recording requirements
(1) In general Notwithstanding subtitles C and D of title I of the National and Community Service Act of 1990 (
42 U.S.C.
12571 et seq.,
12601 et seq.), and any other provision of law, in approving a position as an approved national service position, the Corporation
(A) shall approve the position at the time the Corporation
(i) enters into an enforceable agreement with an individual participant to serve in a program carried out under subtitle E of title I of that Act (
42 U.S.C.
12611 et seq.) or title I of the Domestic Volunteer Service Act of 1973 (
42 U.S.C.
4951 et seq.); or
(ii) except as provided in clause (i), awards a grant to (or enters into a contract or cooperative agreement with) an entity to carry out a program for which such a position may be approved under section 123 of the National and Community Service Act of 1990 (
42 U.S.C.
12573); and
(B) shall record as an obligation an estimate of the net present value of the national service educational award associated with the position, based on a formula that takes into consideration historical rates of enrollment in such a program, and of earning and using national service educational awards for such a program.
(2) Formula
In determining the formula described in paragraph (1)(B), the Corporation shall consult with the Director of the Congressional Budget Office.
(3) Certification report
The Chief Executive Officer of the Corporation shall annually prepare and submit to Congress a report that contains a certification that the Corporation is in compliance with the requirements of paragraph (1).
(4) Approval The requirements of this subsection shall apply to each approved national service position that the Corporation approves
(A) during fiscal year 2003 (before or after July 3, 2003); and
(B) during any subsequent fiscal year.
(e) Availability of amounts Except as provided in subsection (c) of this section, all amounts included in the National Service Trust under paragraphs (1), (2), and (3) of section 145(a) of the National and Community Service Act of 1990 (
42 U.S.C.
12601 (a)) shall be available for payments of national service educational awards under section 148 of that Act (
42 U.S.C.
12604).