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U.S. Code as of:
01/19/04
Section 1472. Deep Seabed Revenue Sharing Trust Fund; establishment
(a) Creation of Trust Fund
There is established in the Treasury of the United States a trust
fund to be known as the "Deep Seabed Revenue Sharing Trust Fund"
(hereinafter in this section referred to as the "Trust Fund"),
consisting of such amounts as may be appropriated or credited to
the Trust Fund as provided in this section.
(b) Transfer to Trust Fund of amounts equivalent to certain taxes
(1) In general
There are hereby appropriated to the Trust Fund amounts
determined by the Secretary of the Treasury to be equivalent to
the amounts of the taxes received in the Treasury under section
4495 (!1) of title 26.
(2) Method of transfer
The amounts appropriated by paragraph (1) shall be transferred
at least quarterly from the general fund of the Treasury to the
Trust Fund on the basis of estimates made by the Secretary of the
Treasury of the amounts referred to in paragraph (1) received in
the Treasury. Proper adjustments shall be made in the amounts
subsequently transferred to the extent prior estimates were in
excess of or less than the amount required to be transferred.
(c) Management of Trust Fund
(1) Report
It shall be the duty of the Secretary of the Treasury to hold
the Trust Fund, and to report to the Congress for the fiscal year
ending September 30, 1980, and each fiscal year thereafter on the
financial condition and the results of the operations of the
Trust Fund during the preceding year and on its expected
condition and operations during the fiscal year and the next five
fiscal years after the fiscal year. Such report shall be printed
as a House document of the session of the Congress to which the
report is made.
(2) Investment
(A) In general
It shall be the duty of the Secretary of the Treasury to
invest such portion of the Trust Fund as is not, in his
judgment, required to meet current withdrawals. Such
investments may be made only in interest-bearing obligations of
the United States. For such purpose, such obligations may be
acquired (i) on original issue at the issue price, or (ii) by
purchase of outstanding obligations at the market price.
(B) Sale of obligations
Any obligation acquired by the Trust Fund may be sold by the
Secretary at the market price.
(C) Interest on certain proceeds
The interest on, and the proceeds from the sale or redemption
of, any obligations held in the Trust Fund shall be credited to
and form a part of the Trust Fund.
(d) Expenditures from Trust Fund
If an international deep seabed treaty is ratified by and in
effect with respect to the United States on or before the date ten
years after June 28, 1980, amounts in the Trust Fund shall be
available, as provided by appropriations Acts, for making
contributions required under such treaty for purposes of the
sharing among nations of the revenues from deep seabed mining.
Nothing in this subsection shall be deemed to authorize any program
or other activity not otherwise authorized by law.
(e) Use of funds
If an international deep seabed treaty is not in effect with
respect to the United States on or before the date ten years after
June 28, 1980, amounts in the Trust Fund shall be available for
such purposes as Congress may hereafter provide by law.
(f) International deep seabed treaty
For purposes of this section, the term "international deep seabed
treaty" has the meaning given to such term by section 4498(b) (!1)
of title 26.
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