Sec. 350.1. Investment of Exxon Valdez Oil Spill Court Recovery in High Yield Investments and in Marine Research
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## SEC. 350.1 Investment of Exxon Valdez Oil Spill Court Recovery in High Yield Investments and in Marine Research **[**[43 U.S.C. 1474b note](/us/usc/t43/s1474b)**]** 1This section is from title III of division B of 1000(a)(3) of Public Law 106–113. ###
(a)Definitions In this section: ####
(1)Consent decree The term “**Consent Decree**” means the consent decree issued in United States v. Exxon Corporation, et al. (No. A91–082 CIV) and State of Alaska v. Exxon Corporation, et al. (No. A91–083 CIV). ####
(2)Fund The term “**Fund**” means the Natural Resource Damage Assessment and Restoration Fund established pursuant to title I of the Department of the Interior and Related Agencies Appropriations Act, 1992 (43 U.S.C. 1474b). ####
(3)Outside account The term “**outside account**” means any account outside the United States Treasury. ####
(4)Trustee The term “**Trustee**” means a Federal or State natural resource trustee for the Exxon Valdez oil spill. ###
(b)Deposits ####
(1)In general Notwithstanding any other provision of law and subject to subsection (g), upon the joint motion of the United States and the State of Alaska and the issuance of an appropriate order by the United States District Court for the District of Alaska, the joint trust funds, or any portion thereof, including any interest accrued thereon, previously received or to be received by the United States and the State of Alaska pursuant to the Agreement and Consent Decree may be deposited in— #####
(A)the Fund; #####
(B)an outside account; or #####
(C)both. ####
(2)Requirement for deposits in outside accounts Any funds deposited in an outside account may be invested only in income-producing obligations and other instruments or securities that have been determined unanimously by the Trustees to have a high degree of reliability and security. ###
(c)Transfers Any Joint trust funds deposited in the Fund or an outside account that have been approved unanimously by the Trustees for expenditure by or through a State or Federal agency shall be transferred promptly from the Fund or the outside account to the State of Alaska or United States upon the joint request of the governments. ###
(d)No Effect on Jurisdiction The transfer of joint trust funds outside the Court Registry shall not affect the supervisory jurisdiction of the district court under the Consent Decree or the Memorandum of Agreement and Consent Decree in United States v. State of Alaska (No. A91-081-CIV) over all expenditures of the joint trust funds. ###
(e)Effect on Other Law Nothing in ths section affects the requirement of section 207 of the dire emergency supplemental appropriations and transfers for relief from the effects of natural disasters, for other urgent needs, and for the incremental cost of “Operation Desert Shield / Desert Storm” Act of 1992 (Public Law 102-229; 42 U.S.C. 1474b note) that amounts received by the United States and designated by the Trustees for the expenditure by or through a Federal agency must be deposited into the Fund. ###
(f)Grants The Trustees, to the extent authorized by State law, are authorized to issue grants as needed to implement this section, prioritizing the issuance of grants to facilitate habitat protection and habitat restoration programs. ###
(g)Expiration ####
(1)In general The authority provided in this section shall expire on September 30, 2002, unless by September 30, 2001, the Trustees have submitted to the Congress a report recommending a structure the Trustees believe would be most effective and appropriate for the administration and expenditure of remaining funds and interest received. ####
(2)Return of funds On expiration of the authority provided in this section, all monies in the Fund or outside accounts shall be returned to the Court Registry or other account permitted by law. * * * * * * * # TITLE V INTERNATIONAL DEBT RELIEF
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- Pub. L. 106-113
- Pub. L. 102-229
- 42 USC 1474b
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Sec. 350.1
Investment of Exxon Valdez Oil Spill Court Recovery in High Yield Investments and in Marine Research
Pub. L.Pub. L. 106-113
Pub. L.Pub. L. 102-229
Cite42 USC 1474b
Cites 4Cited by 0 across 0 sources