; or (C) 3 or more misdemeanor offenses; (7) does not pose a threat to national security or public safety; and (8) was granted deferred action status before the date of the enactment of this Act. (c) Period of deferred action status (1) In general Subject to paragraph (2), deferred action status granted under this section shall be valid for a period of 2 years beginning on the date on which the Secretary grants deferred action status to the eligible individual. (2) Renewal (A) In general On application to the Secretary, deferred action status granted under this section may be renewed for additional 2-year periods. (B) Renewal application Not more than 120 days before the date on which the deferred action status of an eligible individual expires, the eligible individual may submit to the Secretary an application for renewal of deferred action status. 3. Border security trust fund (a) Establishment There is established in the Treasury of the United States a trust fund to be known as the Border Security Trust Fund (in this section referred to as the Trust Fund ), consisting of amounts appropriated to the Trust Fund under subsection (b) and any amounts that may be credited to the Trust Fund under subsection (c). (b) Appropriation There is appropriated to the Trust Fund $25,000,000,000, to remain available until expended. (c) Investment of amounts (1) In general The Secretary of the Treasury shall invest such portion of the Trust Fund as is not required to meet current withdrawals in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. (2) Interest and proceeds The interest on, and the proceeds from the sale or redemption of, any obligations held in the Trust Fund shall be credited to and form a part of the Trust Fund. (d) Availability of amounts Amounts in the Trust Fund shall be available to the Secretary without further appropriation, for— (1) construction of not fewer than 700 miles of reinforced fencing, excluding vehicle barriers