equivalent to the amounts of the taxes received in the Treasury under section 4495 of the Internal Revenue Code of 1954. (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.— Ante, p. 582 (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 Printing as 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 the date of the enactment of this Act, 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 the date of the enactment of this, Act, 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) of the Internal Revenue Code of 1954. House document. 30 USC 1473. SEC. 404. ACT NOT TO AFFECT TAX OR CUSTOMS OR TARIFF TREATMENT Except as otherwise provided in section 402, nothing in this Act shall affect the application of the Internal Revenue Code of 1954. Nothing in this Act shall affect the application of the customs or tariff laws of the United States. Approved June 28, 1980. LEGISLATIVE HISTORY: HOUSE REPORTS: No. 96-411, Pt. I (Comm. on Interior and Insular Affairs), Pt. 2 CONGRESSIONAL RECORD: Vol. 125 (1979): Dec. 14, S. 493 considered and passed Senate. To authorize appropriations to carry out the national sea grant program for fiscal years 1981, 1982, and 1983, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the National Sea Grant College Program Act (33 U.S.C. 1121 et seq.), as amended, is further amended (1) in section 203(6) by inserting "Great Lakes and the" immediately before "territorial sea"; (2) in section 204(c) by redesignating paragraphs (5) and (6) as paragraphs (6) and (7), respectively, and by inserting immediately after paragraph (4) the following new paragraph: "(5) encourage cooperation and coordination with other Federal programs concerned with ocean and coastal resource conservation and usage;". June 28, 1980 [H.R. 6614] National sea grant program, appropriation authorization. 33 USC 1121 note. 33 USC 1122. 33 USC 1123. (3) in section 205(d)(2) by inserting "may be applied to the short- 33 USC 1124. term rental of buildings or facilities for meetings which are in direct support of any sea grant program or project and" immedi ately after "contract" the second time it appears therein; (4) in section 206(c) by inserting "out" immediately after 33 USC 1125. "carrying", and by inserting the following new paragraph immediately after paragraph (2): "(3) Not to exceed $5,000,000 for fiscal year 1981, not to exceed $6,000,000 for fiscal year 1982, and not to exceed $7,000,000 for fiscal year 1983."; (5) in section 209(c)(3) by striking the first two sentences and 33 USC 1128. inserting in lieu thereof the following: “Any individual appointed to a partial or full term may be reappointed for one additional full term."; and (6) in section 212 by inserting the following new paragraph 33 USC 1131. immediately after paragraph (2): "(3) Not to exceed $50,000,000 for fiscal year 1981, not to exceed $58,000,000 for fiscal year 1982, and not to exceed $65,000,000 for fiscal year 1983.". SEC. 2. Section 3(c) of the Sea Grant Program Improvement Act of 1976 (33 U.S.C. 1124a(c)) is amended by inserting the following new paragraph immediately after paragraph (2): "(3) Not to exceed $5,000,000 for fiscal year 1981, not to exceed $5,000,000 for fiscal year 1982, and not to exceed $5,000,000 for fiscal year 1983.". SEC. 3. The section heading of section 3 of the Sea Grant Program Improvement Act of 1976 (33 U.S.C. 1124a) is amended to read as follows: "SEC. 3. SEA GRANT INTERNATIONAL PROGRAM.". SEC. 4. (a) Notwithstanding the provisions of section 10(c)(1) of the Fishermens Protective Act of 1967 (22 U.S.C. 1980) applications for Applications for compensation. 22 USC 1980 note. compensation under such Act, filed within 90 days after the date of enactment of this subsection shall be deemed to be timely filed. (b) Section 10(c)(1) of the Fishermens Protective Act of 1967 (22 U.S.C. 1980) is amended by striking "sixty" and substituting "90" Approved June 28, 1980. LEGISLATIVE HISTORY: HOUSE REPORT No. 96-844 (Comm. on Merchant Marine and Fisheries). SENATE REPORT No. 96-723 (Comm. on Commerce, Science, and Transportation and Comm. on Labor and Human Resources). CONGRESSIONAL RECORD, Vol. 126 (1980): Apr. 17, considered and passed House. May 22, considered and passed Senate, amended. June 5, House concurred in Senate amendment with amendments. June 9, Senate concurred in House amendments with an amendment. 76-416 08143 Aug. 3, 1980 [S. 2492] Ocean Thermal 42 USC 9101 42 USC 9101. Public Law 96-320 An Act To regulate commerce, promote energy self-sufficiency, and protect the environment, by establishing procedures for the location, construction, and operation of ocean thermal energy conversion facilities and plantships to produce electricity and energy-intensive products off the coasts of the United States; to amend the Merchant Marine Act, 1936, to make available certain financial assistance for construction and operation of such facilities and plantships; and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the 'Ocean Thermal Energy Conversion Act of 1980". SEC. 2. DECLARATION OF POLICY. (a) It is declared to be the purposes of the Congress in this Act to— (1) authorize and regulate the construction, location, ownership, and operation of ocean thermal energy conversion facilities connected to the United States by pipeline or cable, or located in the territorial sea of the United States consistent with the Convention on the High Seas, and general principles of international law; (2) authorize and regulate the construction, location, ownership, and operation of ocean thermal energy conversion plantships documented under the laws of the United States, consistent with the Convention on the High Seas and general principles of international law; (3) authorize and regulate the construction, location, ownership, and operation of ocean thermal energy conversion plantships by United States citizens, consistent with the Convention on the High Seas and general principles of international law; (4) establish a legal regime which will permit and encourage the development of ocean thermal energy conversion as a commercial energy technology; (5) provide for the protection of the marine and coastal environment, and consideration of the interests of ocean users, to prevent or minimize any adverse impact which might occur as a consequence of the development of such ocean thermal energy conversion facilities or plantships; (6) make applicable certain provisions of the Merchant Marine Act, 1936 (46 U.S.C. 1177 et seq.) to assist in financing of ocean thermal energy conversion facilities and plantships; (7) protect the interests of the United States in the location, construction, and operation of ocean thermal energy conversion facilities and plantships; and (8) protect the rights and responsibilities of adjacent coastal States in ensuring that Federal actions are consistent with approved State coastal zone management programs and other applicable State and local laws. (b) The Congress declares that nothing in this Act shall be construed to affect the legal status of the high seas, the superjacent airspace, or the seabed and subsoil, including the Continental Shelf. |