§ 3414. CONDITIONS ON SALE PROCESS.
270 words·~1 min read·
/usc/title-10/section-3414A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notice Regarding Sale Conditions .— The Secretary may not enter into any contract for the sale of Naval Petroleum Reserve Numbered 1 under section 3412 until the end of the 31-day period beginning on the date on which the Secretary submits to the appropriate congressional committees a written notification— describing the conditions of the proposed sale; and containing an assessment by the Secretary of whether it is in the best interests of the United States to sell the reserve under such conditions.
Authority to Suspend Sale .— The Secretary may suspend the sale of Naval Petroleum Reserve Numbered 1 under section 3412 if the Secretary and the Director of the Office of Management and Budget jointly determine that— the sale is proceeding in a manner inconsistent with achievement of a sale price that reflects the full value of the reserve; or a course of action other than the immediate sale of the reserve is in the best interests of the United States. Immediately after making a determination under paragraph
(1)to suspend the sale of Naval Petroleum Reserve Numbered 1, the Secretary shall submit to the appropriate congressional committees a written notification describing the basis for the determination and requesting a reconsideration of the merits of the sale of the reserve. Effect of Reconsideration Notice .— After the Secretary submits a notification under subsection (b), the Secretary may not complete the sale of Naval Petroleum Reserve Numbered 1 under section 3412 or any other provision of law unless the sale of the reserve is authorized in an Act of Congress enacted after the date of the submission of the notification.