Sec. 332. NAVAL PETROLEUM RESERVE NUMBERED 2 LEASE REVENUE ACCOUNT
655 words·~3 min read·
/statute-compilations/comps-10914/sec-332A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 332 NAVAL PETROLEUM RESERVE NUMBERED 2 LEASE REVENUE ACCOUNT **[**[10 U.S.C. 7420 note](/us/usc/t10/s7420)**]** ###
(a)Establishment There is established in the Treasury a special deposit account to be known as the “Naval Petroleum Reserve Numbered 2 Lease Revenue Account” (in this section referred to as the “lease revenue account”). The lease revenue account is a revolving account, and amounts in the lease revenue account shall be available to the Secretary of the Interior, without further appropriation, for the purposes specified in subsection (b). ###
(b)Purposes of Account ####
(1)Environmental-related costs The lease revenue account shall be the sole and exclusive source of funds to pay for any and all costs and expenses incurred by the United States for— #####
(A)environmental investigations (other than any environmental investigations that were conducted by the Secretary before the transfer of the Naval Petroleum Reserve Numbered 2 lands under section 331), remediation, compliance actions, response, waste management, impediments, fines or penalties, or any other costs or expenses of any kind arising from, or relating to, conditions existing on or below the Naval Petroleum Reserve Numbered 2 lands, or activities occurring or having occurred on such lands, on or before the date of the transfer of such lands; and #####
(B)any future remediation necessitated as a result of pre-transfer and leasing activities on such lands. ####
(2)Transition costs The lease revenue account shall also be available for use by the Secretary of the Interior to pay for transition costs incurred by the Department of the Interior associated with the transfer and leasing of the Naval Petroleum Reserve Numbered 2 lands. ###
(c)Funding The lease revenue account shall consist of the following: ####
(1)Notwithstanding any other provision of law, for a period of three years after the date of the transfer of the Naval Petroleum Reserve Numbered 2 lands under section 331, the sum of $500,000 per year of revenue from leases entered into before that date, including bonuses, rents, royalties, and interest charges collected pursuant to the Federal Oil and Gas Royalty Management Act of 1982 (30 U.S.C. 1701 et. seq.), derived from the Naval Petroleum Reserve Numbered 2 lands, shall be deposited into the lease revenue account. ####
(2)Subject to subsection (d), all revenues derived from leases on Naval Petroleum Reserve Numbered 2 lands issued on or after the date of the transfer of such lands, including bonuses, rents, royalties, and interest charges collected pursuant to the Federal Oil and Gas Royalty Management Act of 1982 (30 U.S.C. 1701 et seq.), shall be deposited into the lease revenue account. ###
(d)Limitation Funds in the lease revenue account shall not exceed $3,000,000 at any one time. Whenever funds in the lease revenue account are obligated or expended so that the balance in the account falls below that amount, lease revenues referred to in subsection (c)(2) shall be deposited in the account to maintain a balance of $3,000,000. ###
(e)Termination of Account At such time as the Secretary of the Interior certifies that remediation of all environmental contamination of Naval Petroleum Reserve Numbered 2 lands in existence as of the date of the transfer of such lands under section 331 has been successfully completed, that all costs and expenses of investigation, remediation, compliance actions, response, waste management, impediments, fines, or penalties associated with environmental contamination of such lands in existence as of the date of the transfer have been paid in full, and that the transition costs of the Department of the Interior referred to in subsection (b)(2) have been paid in full, the lease revenue account shall be terminated and any remaining funds shall be distributed in accordance with subsection (f). ###
(f)Distribution of Remaining Funds Section 35 of the Mineral Leasing Act (30 U.S.C. 191) shall apply to the payment and distribution of all funds remaining in the lease revenue account upon its termination under subsection (e).
Connectionstraces to 3
Citation graph
cites case law
Cites 3Cited by 0 across 0 sources