§ 1472. — Deep Seabed Revenue Sharing Trust Fund; establishment.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 30USC1472]
TITLE 30--MINERAL LANDS AND MINING
CHAPTER 26--DEEP SEABED HARD MINERAL RESOURCES
SUBCHAPTER III--ENFORCEMENT AND MISCELLANEOUS PROVISIONS
Sec. 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.
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\1\ See References in Text note below.
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(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.
(Pub. L. 96-283, title IV, Sec. 403, June 28, 1980, 94 Stat. 584; Pub.
L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095.)
References in Text
Sections 4495 and 4498 of title 26, referred to in subsecs. (b)(1)
and (f), were repealed by Pub. L. 105-34, title XIV, Sec. 1432(b)(1),
Aug. 5, 1997, 111 Stat. 1050.
Codification
Section was enacted as part of title IV of Pub. L. 96-283, and not
as part of title III of Pub. L. 96-283, which comprises this subchapter.
Amendments
1986--Subsec. (b)(1). Pub. L. 99-514 substituted ``Internal Revenue
Code of 1986'' for ``Internal Revenue Code of 1954'', which for purposes
of codification was translated as ``title 26'' thus requiring no change
in text.
Termination of Reporting Requirements
For termination, effective May 15, 2000, of provisions in subsec.
(c)(1) of this section relating to the duty of the Secretary of the
Treasury to report annually to Congress, see section 3003 of Pub. L.
104-66, as amended, set out as a note under section 1113 of Title 31,
Money and Finance, and page 143 of House Document No. 103-7.
