Sec. 102. Deficit Reduction Energy Security Fund and Coastal and Ocean Sustainability and Health Fund
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/bill/113/hr/70/ih/section-102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is hereby established in the Treasury a separate account to be known as the Deficit Reduction Energy Security Fund, consisting of such amounts as may be appropriated or credited to it. Except as provided in subparagraph (C), all rentals, royalties, bonus bids, and other sums due and payable to the United States under Deficit Reduction Acreage lease sales during the 15-fiscal-year period beginning with the first fiscal year in which such sums are received by the United States shall be deposited in the DRES fund. Any amount deposited into the DRES Fund under subparagraph (A)— shall remain in DRES Fund and be invested in accordance with paragraph
(2)until the end of the second full fiscal year after the amount is deposited into the DRES Fund; and upon the end of such fiscal year, shall be transferred to the general fund and applied solely to reduce the annual Federal budget deficit. This Act shall not affect any requirement under other law to pay to States amounts received by the United States as such royalties, bonus bids, and other sums due and payable to the United States. Amounts in the DRES Fund shall be invested by the Secretary of the Treasury in accordance with section 9602 of the Internal Revenue Code of 1986. All interest earned on, and the proceeds from the sale or redemption of, any obligations held in the DRES Fund— shall be credited to and form part of the DRES Fund; and shall remain in the DRES Fund until transferred under paragraph (5), without regard to paragraph (2)(B)(ii). Amounts credited to the DRES Fund under paragraph (3)(B) in excess of the amounts deposited into the DRES Fund under paragraph
(2)shall— be available for expenditure, without further appropriation, solely for the purpose of and activities eligible under this Act; and remain available until expended, without fiscal year limitation. Upon the transfer of an amount under paragraph (2)(B)(ii), the interest earned on such amount shall be transferred to the Coastal and Ocean Sustainability and Health Fund established under subsection (b). There is hereby established in the Treasury a separate account to be known as the Coastal and Ocean Sustainability and Health Fund, consisting of such amounts of interest as are transferred to it under subsection (a)(5). Of the amounts transferred to the COSH Fund under subsection (a)(5) each fiscal year— not more than 5 percent shall be available to the Secretary of Commerce to administer this title; and the remainder shall be available to the Secretary of Commerce until expended and without fiscal year limitation, for use for— the Coastal and Ocean Disaster Grant Program under section 102; and the National Grant Program under section 103. Of amounts available under paragraph (2)(B), the Secretary of Commerce shall allocate— 40 percent for the Coastal and Ocean Disaster Grant Program under section 103, of which— 50 percent shall be allocated equally among impacted coastal States; 20 percent shall be allocated based on intensity of impact of disasters on impacted coastal States; 15 percent shall be allocated based on tidal shorelines of impacted coastal States; and 15 percent of the funds shall be allocated based on the coastal population of impacted coastal States. Sixty percent for the National Grant Program for Coastal and Ocean Sustainability and Health under section 104, of which— 50 percent shall be allocated to coastal States; 50 percent shall be allocated to any State, local, territory, and tribal governments, institutions of higher learning, and non-profit and for-profit organizations that may receive and expend Federal funds as legal entities; and no more than 10 percent of the total amount of funds available shall be allocated to a single State or entity in a fiscal year. Grants issued under this Act shall not be subject to a general administrative charge. Any funds provided as a grant under this title that are not used by the grantee by the end of the fiscal year following the first fiscal year for which they were allocated shall be redeposited into the COSH Fund and be reallocated in accordance with this section.