Sec. 123.

316 words·~1 min read·/bill/117/hr/8262/rh/section-123

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Effective upon the later of October 1, 2022, or the date of enactment of this Act, the fifth and sixth provisos under the amended heading Royalty and Offshore Minerals Management for the Minerals Management Service in Public Law 101–512 shall hereafter have no force or effect. Beginning on the later of October 1, 2022, or the date of enactment of this Act, and in each fiscal year hereafter— Notwithstanding section 3302 of title 31, any moneys hereafter received as a result of the forfeiture of a bond or other security by an Outer Continental Shelf permittee, lessee, or right-of-way holder that does not fulfill the requirements of its permit, lease, or right-of-way or does not comply with the regulations of the Secretary, or as a bankruptcy distribution or settlement associated with such failure or noncompliance, shall be credited to a separate account established in the Treasury for decommissioning activities and shall be available to the Bureau of Ocean Energy Management without further appropriation or fiscal year limitation to cover the cost to the United States of any improvement, protection, rehabilitation, or decommissioning work rendered necessary by the action or inaction that led to the forfeiture or bankruptcy distribution or settlement, to remain available until expended.

Amounts deposited into the decommissioning account may be allocated to the Bureau of Safety and Environmental Enforcement for such costs. Any moneys received for such costs currently held in the Ocean Energy Management account shall be transferred to the decommissioning account; and Any portion of the moneys so credited shall be returned to the bankruptcy estate, permittee, lessee, or right-of-way holder to the extent that the money is in excess of the amount expended in performing the work necessitated by the action or inaction which led to their receipt or, if the bond or security was forfeited for failure to pay the civil penalty, in excess of the civil penalty imposed.

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Pub. L. 101-512

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Sec. 123

Pub. L.Pub. L. 101-512

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