Sec. 4. National Oceans and Coastal Security Fund
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The Secretary and the Foundation are authorized to establish the National Oceans and Coastal Security Fund as a tax exempt fund to further the purposes of this Act. There shall be deposited into the Fund, which shall constitute the Fund’s assets amounts as follows: Amounts appropriated or otherwise made available to carry out this Act. Amounts earned through investment under subsection (c). No amounts donated by a foreign government, as defined in section 7342 of title 5, United States Code, may be deposited into the Fund.
The Foundation shall invest the Fund corpus and income for the benefit of the Fund. Any amounts received by the Foundation pursuant to this Act shall be subject to the provisions of the National Fish and Wildlife Foundation Establishment Act ( 16 U.S.C. 3701 et seq. ), except the provisions of— section 4(e)(1)(B) of that Act ( 16 U.S.C. 3703(e)(1)(B) ); and 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 Fund and the income generated from the 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 6(b); at least 39 percent shall be allocated by the Foundation to award grants under section 6(c); and no more than 2 percent may be used by the Secretary and the Foundation for administrative expenses to carry out this Act, 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 subsection
(b)or
(c)of section 6. 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 Fund; and the aggregate amount of income the Foundation expects to be generated from the 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 Fund or the income of the Fund that is not consistent with the requirements of section 5; or fails to comply with a procedure, measure, method, or standard established under section 6(a)(1).
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