Gulf States Coordination Act
A BILL
To designate the Gulf of Mexico Alliance as a regional coordination partnership of Federal and State actions related to the management of the Gulf of Mexico ecosystem, and for other purposes.
Sec. 2 Sense of Congress and purposes
Sec. 3 Gulf States protection and restoration coordination
Sec. 4 General provisions
“(iii) Gifts and transfers; separate fund
“(I) In general—Subject to subclause (II), the Council may accept, hold, administer, and utilize for the purpose of aiding or facilitating the work and operations of the Council—
“(aa) gifts, donations, and bequests from any individual or entity; and
“(bb) transfers from Federal and State agencies of funds, goods, services, and personal and real property.
“(II) Treatment—Any funds accepted by the Council or transferred to the Council under this clause shall—
“(aa) remain available until expended;
“(bb) be deposited in the Treasury in a separate fund; and
“(cc) be disbursed upon order by the Council.”
“(g) Borrowing authority
“(1) In general—To aid and facilitate the purposes of this subtitle and the amendments made by this subtitle, and subject to the terms and conditions of this subsection, the Secretary of the Treasury (referred to in this subsection as the “Secretary”) and the Gulf Coast Ecosystem Restoration Council (referred to in this subsection as the “Council”) may each—
“(A) borrow money from any source; and
“(B) issue and sell notes, bonds, obligations, and other instruments of indebtedness.
“(2) Terms and conditions—Each instrument of indebtedness issued under this subsection shall have a term, bear an interest rate, and contain other terms and conditions as may determined by the party issuing the instrument.
“(3) Limitations on amounts—The aggregate of the principal of funds borrowed under this subsection and interest payable thereon may not exceed—
“(A) as to the Secretary, 35 percent of the aggregate amounts paid or payable into the Trust Fund from any source over the duration of the Trust Fund; and
“(B) as to the Council, 60 percent of the aggregate amounts paid or payable into the Trust Fund from any source over the duration of the Trust Fund.
“(4) Disbursements—Subject to paragraph (6), the Secretary and the Council may disburse funds borrowed under this subsection upon order—
“(A) by the Secretary, for any purpose authorized under section 311(t)(1) of the Federal Water Pollution Control Act (33 U.S.C. 1321(t)(1)), as if such borrowed funds were available in the Trust Fund for such purpose; and
“(B) by the Council, for any purpose authorized under section 311(t)(2) or 311(t)(3) of that Act (33 U.S.C. 1321(t)(2), 1321(t)(3)), as if such borrowed funds were available in the Trust Fund for such purpose.
“(5) Repayments—The Secretary and the Council may repay funds borrowed under this subsection and disbursed for the applicable purposes set forth in paragraph (4) from funds available in the Trust Fund and allocated for such purposes by this subtitle.
“(6) Financing costs—The Secretary and the Council may pay interest and any other financing costs payable in connection with funds borrowed under this subsection from—
“(A) the principal of such borrowed funds; and
“(B) funds otherwise available in the Trust Fund for repayment of the principal of such borrowed funds.”