Sec. 12004. National Endowment for the Oceans
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The Secretary and the Foundation are authorized to establish the National Endowment for the Oceans as a permanent Endowment fund, in accordance with this section, to further the purposes of this title and to support the programs established under this title. The Secretary and the Foundation may enter into such agreements as may be necessary to carry out the purposes of this title. There shall be deposited in the Fund, which shall constitute the assets of the Fund, amounts as follows:
Amounts appropriated or otherwise made available to carry out this title. Amounts earned through investment under subsection (d). The Foundation shall invest the Endowment fund corpus and income for the benefit of the Endowment. Any amounts received by the Foundation pursuant to this title shall be subject to the provisions of the National Fish and Wildlife Establishment Act (16 U.S.C. 3701 et seq.), except the provisions of section 10(a) of that Act (16 U.S.C. 3709(a)). Each fiscal year, the Foundation shall, in consultation with the Secretary, allocate an amount equal to not less than 3 percent and not more than 7 percent of the corpus of the Endowment fund and the income generated from the Endowment fund from the current fiscal year.
Except as provided in paragraph (3), of the amounts allocated under paragraph
(1)for each fiscal year— at least 59 percent shall be used by the Foundation to award grants to coastal States under section 12006(b); at least 39 percent shall be allocated by the Foundation to award grants under section 12006(c); and no more than 2 percent may be used by the Secretary and the Foundation for administrative expenses to carry out this title, which amount shall be divided between the Secretary and the Foundation pursuant to an agreement reached and documented by both the Secretary and the Foundation. In any fiscal year in which the amount described in subparagraph
(B)is less than $100,000,000, the Foundation, in consultation with the Secretary, may elect not to use any of the amounts allocated under paragraph
(1)for that fiscal year to award grants under section 12006(b). The amount described in this subparagraph for a fiscal year is the amount that is equal to the sum of— the amount that is 5 percent of the corpus of the Endowment fund; and the aggregate amount of income the Foundation expects to be generated from the Endowment fund in that fiscal year. After notice and an opportunity for a hearing, the Secretary is authorized to recover any Federal payments under this section if the Foundation— makes a withdrawal or expenditure of the corpus of the Endowment fund or the income of the Endowment fund that is not consistent with the requirements of section 12005; or fails to comply with a procedure, measure, method, or standard established under section 12006(a)(1).
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