§ 2002. — Capital of the Postal Service.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 39USC2002]
TITLE 39--POSTAL SERVICE
PART III--MODERNIZATION AND FISCAL ADMINISTRATION
CHAPTER 20--FINANCE
Sec. 2002. Capital of the Postal Service
(a) The initial capital of the Postal Service shall consist of the
equity, as reflected in the budget of the President, of the Government
of the United States in the former Post Office Department. The value of
assets and the amount of liabilities transferred to the Postal Service
upon the commencement of operations of the Postal Service shall be
determined by the Postal Service subject to the approval of the
Comptroller General, in accordance with the following guidelines:
(1) Assets shall be valued on the basis of original cost less
depreciation, to the extent that such value can be determined. The
value recorded on the former Post Office Department's books of
account shall be prima facie evidence of asset value.
(2) All liabilities attributable to operations of the former
Post Office Department shall remain liabilities of the Government of
the United States, except that upon commencement of operations of
the Postal Service, the unexpended balances of appropriations made
to, held or used by, or available to the former Post Office
Department and all liabilities chargeable thereto shall become
assets and liabilities, respectively, of the Postal Service.
(b) The capital of the Postal Service at any time shall consist of
its assets, including the balance in the Fund, less its liabilities.
(c) The Postal Service, and the Administrator of General Services
where properties under the jurisdiction of the Administrator are
involved, with the approval of the Director of the Office of Management
and Budget, shall determine which Federal properties shall be
transferred to the Postal Service and which shall remain under the
jurisdiction of any other department, agency, or establishment of the
Government of the United States upon the commencement of operations of
the Postal Service. The transfer shall be accomplished at the time of or
as near as possible to the commencement of operations of the Postal
Service and the valuation of the assets and capital of the Postal
Service shall be adjusted accordingly. The following properties shall be
included in the transfer:
(1) the mail equipment shops located in Washington, District of
Columbia;
(2) all machinery, equipment, and appurtenances of the former
Post Office Department;
(3) all real property whose ownership was acquired by the
Postmaster General under former section 2103 of this title, as in
effect immediately prior to the effective date of this section, or
which immediately prior to such effective date, is under the
administration of the former Post Office Department for the purpose
of constructing a postal building from funds appropriated or
transferred to the former Post Office Department, together with all
funds appropriated or allocated therefor;
(4) all real property 55 percent or more of which is occupied by
or under control of the former Post Office Department immediately
prior to the effective date of this section;
(5) all contracts, records, and documents relating to the
operation of the departmental service and the postal field service
of the former Post Office Department; and
(6) all other property and assets of the former Post Office
Department.
(d) After the commencement of operations of the Postal Service, the
President is authorized to transfer to the Postal Service, and the
Postal Service is authorized to transfer to other departments, agencies,
or independent establishments of the Government of the United States,
with or without reimbursement, any property of that department, agency,
or independent establishment and the Postal Service, respectively, when
the public interest would be served by such transfer.
(Pub. L. 91-375, Aug. 12, 1970, 84 Stat. 738.)
References in Text
The effective date of this section, referred to in subsec. (c)(3),
(4), is July 1, 1971. See Effective Date note set out under section 2001
of this title.
Assets of Postal Service
Section 4(b) of Pub. L. 91-375 provided that: ``Postal revenues and
fees collected on and after the effective date of this section [see note
below] shall be considered assets of the Postal Service.''
Provisions of section 4(b) of Pub. L. 91-375 effective within 1 year
after Aug. 12, 1970, on date established therefor by the Board of
Governors of the United States Postal Service and published by it in the
Federal Register, see section 15(a) of Pub. L. 91-375, set out as an
Effective Date note preceding section 101 of this title.
Ex. Ord. No. 11672. Transfer or Furnishing of Property
Ex. Ord. No. 11672, June 6, 1972, 37 F.R. 11455, provided:
By virtue of the authority vested in me by the Postal Reorganization
Act (39 U.S.C. 2002(d)) and section 301 of title 3 of the United States
Code, and as President of the United States it is hereby ordered as
follows:
Section 1. The authority conferred upon the President by section
2002(d) of title 39 of the United States Code is hereby delegated to the
Administrator of General Services subject to the provisions of this
order.
Sec. 2. Property transferred to the Postal Service under this order
shall be subject to reimbursement at fair market value, as agreed to by
the Administrator of General Services and the Postmaster General, unless
the Director of the Office of Management and Budget finds that a
different basis of valuation, or transfer without reimbursement, is more
equitable or better serves the public interest.
Sec. 3. Reimbursement of fair market value required for property
transfers to the Postal Service under this order may consist of cash
payments or, subject to approval by the Director of the Office of
Management and Budget, property transferred from the Postal Service to
other departments, agencies, or independent establishments of the
Government of the United States, or both cash and approved properties.
Sec. 4. Heads of agencies furnishing property to the Postal Service
under section 411 of title 39 of the United States Code shall require
reimbursement at fair market value of such property or at a rate based
on appropriate commercial charges for comparable property, as agreed to
by the agency head and the Postmaster General, unless the Director of
the Office of Management and Budget finds that a different basis of
valuation is more equitable or better serves the public interest.
Sec. 5. Delegations of authority made in this order may be
redelegated.
Richard Nixon.
Section Referred to in Other Sections
This section is referred to in section 401 of this title.
