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Calendar No. 235
106th CONGRESS
1st Session
S. 711
[Report No. 106-124]
To allow for the investment of joint Federal and State funds from the
civil settlement of damages from the Exxon Valdez oil spill, and for
other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 24, 1999
Mr. Murkowski (for himself and Mr. Stevens) introduced the following
bill; which was read twice and referred to the Committee on Energy and
Natural Resources
July 28, 1999
Reported by Mr. Murkowski, with an amendment
[Strike out all after the enacting clause and insert the part printed
in italic]
_______________________________________________________________________
A BILL
To allow for the investment of joint Federal and State funds from the
civil settlement of damages from the Exxon Valdez oil spill, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
<DELETED>SECTION 1. AMENDMENT OF CONSENT DECREE</DELETED>
<DELETED> (a) Purpose.--Investment of Joint Trust Funds--
Notwithstanding any other provision of law, 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 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) (hereafter referred to as the ``Consent Decree''), may be
deposited in--</DELETED>
<DELETED> (1) the Natural Resource Damage Assessment and
Restoration Fund (hereafter referred to as the ``Fund'')
established in title I of the Department of the Interior and
Related Agencies Appropriations Act, 1992 (Public Law 102-154,
43 U.S.C. 147b);</DELETED>
<DELETED> (2) accounts outside the United States Treasury
(hereinafter referred to as ``outside accounts''); or</DELETED>
<DELETED> (3) both.</DELETED>
<DELETED>Any funds deposited in an outside account shall be invested in
incoming-producing obligations and other instruments or securities that
have been determined unanimously by the Federal and State natural
resource trustees for the Exxon Valdez oil spill to have a high degree
of reliability and security.</DELETED>
<DELETED> (b) 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 such
agency.</DELETED>
<DELETED> (c) 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 fund.</DELETED>
<DELETED> (d) Nothing herein shall affect 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, 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.</DELETED>
<DELETED> (e) Any interest accrued under the authority in this Act
shall be used only for a peer reviewed grant program, consisting of--
</DELETED>
<DELETED> (1) marine research, including applied fisheries
research;</DELETED>
<DELETED> (2) monitoring and</DELETED>
<DELETED> (3) restoration, other than habitat acquisition,
and additionally for community and economic restoration
projects and facilities (including projects proposed by the
communities of the EVOS Region or the fishing
industry).</DELETED>
<DELETED> (f) The trustees shall administer grants authorized by
this Act.</DELETED>
<DELETED> (g) The authority provided in this Act 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. Upon the expiration of the authorities granted in this Act
all monies in the Fund or outside accounts shall be returned to the
Court Registry.</DELETED>
SECTION 1.
(a) Notwithstanding any other provision of law and subject to the
provisions of subsections (e) and (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 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) (hereafter referred to as the ``Consent Decree''), may be
deposited in--
(1) the Natural Resource Damage Assessment and Restoration
Fund (hereafter referred to as the ``Fund'') established in
title I of the Department of the Interior and Related Agencies
Appropriations Act, 1992 (Public Law 102-154, 43 U.S.C. 1474b);
(2) accounts outside the United States Treasury (hereafter
referred to as ``outside accounts''); or
(3) both.
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 Federal and State natural
resource trustees for the Exxon Valdez oil spill (``trustees'') to have
a high degree of reliability and security.
(b) 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.
(c) 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.
(d) Nothing herein shall affect 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.
(e) All remaining settlement funds are eligible for the investment
authority granted under subsection (a) of this act so long as they are
managed and allocated consistent with the Resolution of the Trustees
adopted March 1, 1999, concerning the Restoration Reserve, as follows:
(1) $55 million of the funds remaining on October 1, 2002,
and the associated earnings thereafter shall be managed and
allocated for habitat protection programs including small
parcel habitat acquisitions. Such sums shall be reduced by--
(A) the amount of any payments made after the date
of enactment of this Act from the Joint Trust Funds
pursuant to an agreement between the Trustee Council
and Koniag, Inc. which includes those lands which are
presently subject to the Koniag Non-Development
Easement, including, but not limited to, the
continuation or modification of such Easement; and
(B) payments in excess of $6.32 million for any
habitat acquisition or protection from the joint trust
funds after the date of enactment of this Act and prior
to October 1, 2002, other than payments for which the
Council is currently obligated through purchase
agreements with the Kodiak Island Borough, Afognak
Joint Venture and the Eyak Corporation.
(2) All other funds remaining on October 1, 2002, and the
associated earnings shall be used to fund a program, consisting
of--
(A) marine research, including applied fisheries
research;
(B) monitoring; and
(C) restoration, other than habitat acquisition,
which may include community and economic restoration
projects and facilities (including projects proposed by
the communities of the EVOS Region or the fishing
industry), consistent with the Consent Decree.
(f) The Federal trustees and the State trustees, to the extent
authorized by State law, are authorized to issue grants as needed to
implement this program.
(g) The authority provided in this Act 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. Upon the
expiration of the authorities granted in this Act all monies in the
Fund or outside accounts shall be returned to the Court Registry or
other account permitted by law.
Calendar No. 235
106th CONGRESS
1st Session
S. 711
[Report No. 106-124]
_______________________________________________________________________
A BILL
To allow for the investment of joint Federal and State funds from the
civil settlement of damages from the Exxon Valdez oil spill, and for
other purposes.
_______________________________________________________________________
July 28, 1999
Reported with an amendment
Pages: 1 Other Popular 106th Congressional Bills Documents:
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