Adjustment of Dollar Amounts

(1)From time to time the dollar amounts in this title designated as subject to change shall change, as provided in this section, in accordance with and to the extent of changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers: U.S. City Average, All Items, 1957-59 = 100, compiled by the Bureau of Labor Statistics, United States Department of Labor, and hereafter referred to as the Index for December 1967, is the Reference Base Index.

(2)The designated dollar amounts shall change on July 1 of each evennumbered year if the percentage of change, calculated to the nearest whole percentage point, between the Index at the end of the preceding year and the Reference Base Index is ten per cent (10%), or more, except that:

(a)the portion of the percentage change in the Index in excess of a multiple of ten per cent (10%) shall be disregarded and the dollar COL070307 CH. 1 GENERAL PROVISIONS AND DEFINITIONS amounts shall change only in multiples of ten percent (10%) of the amounts appearing in this Title on June 30, 1969;

(b)the dollar amounts shall not change if the amounts required by this Section are those currently in effect pursuant to this Act and

(c)in no event shall the dollar amounts be reduced below the amounts appearing in this Act on the date of enactment.

(3)On or before April 30 of each year in which dollar amounts change, the Administrator shall issue a rule announcing the changes. Until the Administrator issues the rule required by this subsection, no person is in violation of this Title who acts in reliance upon the dollar amounts appearing in the last rule announcing changes, or, if no changes have been announced, upon the amounts appearing in this Act on the date of enactment.

(4)The designated dollar amount shall change upon the effective date of this Act if the percentage of change between the Index at the end of the odd-numbered year preceding the effective date of this Act and the Reference Base Index would require change pursuant to subsection (2). The Administrator shall promptly issue a rule announcing the changes. Until the Administrator issues the rule required by this subsection, no person is in violation of this Title who acts in reliance upon the dollar amounts appearing in this Title on the date of enactment.

(5)If the Index is revised after December 1967, the percentage of change pursuant to this Section shall be calculated on the basis of the revised Index. If the revision of the Index changes the Reference Base Index, a revised Reference Base Index shall be determined by multiplying the Reference Base Index then applicable by the ratio of the revised Index to the current Index, as each was for the first month in which the revised Index was available. If the Index is superseded, the Index referred to in this Section shall be the one represented by the Bureau of Labor Statistics as reflecting most accurately changes in the purchasing power of the dollar for consumers.