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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Sep 6, 2016.
Returned Exclusively For Unpaid National Debt Act or the REFUND Act
This bill rescinds federal funds identified by a state as unwanted and requires the funds to be used for debt reduction. The bill applies to federal funds required to be allocated by formula among all states that agree to use the funds for a specified purpose. To identify the funds as unwanted, a state legislature must pass a concurrent resolution, and the state must then notify the head of the federal agency responsible for allocating the funds. The Department of the Treasury must deposit the rescinded funds in the Gifts to the United States for Reduction of the Public Debt account, use the funds to reduce the debt, and submit an annual report to Congress identifying funds received.