Sec. 201. Establishment of Fund
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There is established in the Treasury of the United States a separate account, to be administered by the Secretary (acting through the Economic Development Administration), to be known as the Coal Area Economic Revitalization Fund . Of the amount of royalty revenues collected by the United States for each fiscal year from coal leases under section 7 of the Mineral Leasing Act ( 30 U.S.C. 207 ) (as amended by section 101(2)), to the extent the revenues are available, there shall be deposited in the Coal Area Economic Revitalization Fund $75,000,000. Subject to subsection
(d)and notwithstanding any other provision of law, for each fiscal year, of the amounts deposited in the Coal Area Economic Revitalization Fund under subsection (b), there shall be made available, without further appropriation, the following amounts: $70,000,000 to the Secretary to provide grant assistance under covered programs for eligible projects, in accordance with section 202. $5,000,000 to the Secretary of Energy to provide funding for large-scale projects to capture and store carbon dioxide emissions from industrial sources, in accordance with section 203. If, with respect to a fiscal year, the amounts in the Coal Area Economic Revitalization Fund are insufficient to carry out paragraph (1), there shall be made available, without further appropriation, the following: To the Secretary for the purposes described in paragraph (1)(A), 93.333 percent of the amounts available in the Fund. To the Secretary of Energy for the purposes described in paragraph (1)(B), 6.666 percent of the amounts available in the fund. A participating agency that receives funds under subsection
(c)may not use not more than 2 percent of the amount the agency receives for each fiscal year to cover the administrative expenses of the participating agency in carrying out the covered program. The amounts deposited in the Coal Area Economic Revitalization Fund shall remain available without fiscal year limitation until expended.
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Sec. 201
Establishment of Fund
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