Sec. 603. USE OF VESSEL SALE PROCEEDS

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## SEC. 603 USE OF VESSEL SALE PROCEEDS ###

(a)Audit The Comptroller General of the United States shall conduct an audit of funds credited in each fiscal year after fiscal year 2004 to the Vessel Operations Revolving Fund that are attributable to the sale of obsolete vessels in the National Defense Reserve Fleet that were scrapped or sold under sections 57102, 57103, and 57104 of title 46, United States Code, including— ####

(1)a complete accounting of all vessel sale proceeds attributable to the sale of obsolete vessels in the National Defense Reserve Fleet that were scrapped or sold under sections 57102, 57103, and 57104 of title 46, United States Code, in each fiscal year after fiscal year 2004; ####

(2)the annual apportionment of proceeds accounted for under paragraph

(1)among the uses authorized under section 308704 of title 54, United States Code, in each fiscal year after fiscal year 2004, including— #####

(A)for National Maritime Heritage Grants, including a list of all annual National Maritime Heritage Grant grant and subgrant awards that identifies the respective grant and subgrant recipients and grant and subgrant amounts; #####

(B)for the preservation and presentation to the public of maritime heritage property of the Maritime Administration; #####

(C)to the United States Merchant Marine Academy and State maritime academies, including a list of annual awards; and #####

(D)for the acquisition, repair, reconditioning, or improvement of vessels in the National Defense Reserve Fleet; and ####

(3)an accounting of proceeds, if any, attributable to the sale of obsolete vessels in the National Defense Reserve Fleet that were scrapped or sold under sections 57102, 57103, and 57104 of title 46, United States Code, in each fiscal year after fiscal year 2004, that were expended for uses not authorized under section 308704 of title 54, United States Code. ###

(b)Submission to Congress Not later than 180 days after the date of the enactment this Act, the Comptroller General shall submit the audit conducted in subsection

(a)to the Committee on Armed Services, the Committee on Natural Resources, and the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate.