Section 1 Short title
This Act may be cited as the “Coastal Trust Fund Act”.
Coastal Trust Fund Act
A BILL
To establish the Coastal Storm Risk Management Trust Fund and authorize the use of amounts in such Fund for coastal storm risk management activities of the Corps of Engineers, and for other purposes.
Sec. 2 Coastal Storm Risk Management Trust Fund
Establishment— There is established in the Treasury of the United States a trust fund to be known as the “Coastal Storm Risk Management Trust Fund”, consisting of amounts credited to the Fund as provided in this section.
Deposits— There shall be credited to the Fund—
$1,000,000,000 for each fiscal year, derived from available revenues received by the United States from bonuses, rentals, royalties, fees, and other receipts due and payable to the United States for deposit in the Treasury as miscellaneous receipts under the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.); and
all amounts earned on investments of the Fund under subsection (d)(2).
Availability— Amounts in the Fund shall be available for obligation and expenditure only as provided in section 3 of this Act and shall remain available until expended.
Other rules—
Administration— The Fund shall be administered by the Secretary of the Treasury, who shall determine and certify quarterly the amounts required to be credited to the Fund under subsection (b).
Investment— The Secretary of the Treasury shall invest such portion of the Fund as is not, in the judgment of the Secretary, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to principal and interest by the United States. The interest on, and the proceeds from the sale or redemption of, any such obligations shall be credited to and form part of the Fund.
Certain amounts otherwise made available held harmless— Nothing in this section shall be construed to reduce or otherwise affect—
the amounts deposited in the Land and Water Conservation Fund under section 200302 of title 54, United States Code; and
amounts made available under section 105(a)(2) of the Gulf of Mexico Energy Security Act of 2006 (43 U.S.C. 1331 note).
Termination— Upon termination of the Fund, any unobligated balances remaining therein shall be transferred to the general fund of the Treasury.
Sec. 3 Availability and use of funds
Availability— To the extent amounts are made available in advance in appropriations Acts, amounts in the Coastal Storm Risk Management Trust Fund shall be available to the Secretary for obligation and expenditure for the Federal share of the costs of construction, operation, maintenance, repair, rehabilitation, and periodic nourishment of coastal storm risk management projects.
Annual budget request— The Secretary’s budget submission to the Office of Management and Budget for any fiscal year shall be equal to the total amount projected to be in the Fund at the beginning of such fiscal year.
Annual report— Not later than 60 days after the end of each fiscal year, the Secretary shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Environment and Public Works of the Senate a report describing—
the total amounts made available from the Fund under this section for that fiscal year;
the coastal storm risk management projects for which amounts were obligated or expended; and
the unobligated balance of the Fund at the end of that fiscal year.
Definitions— In this section:
Coastal storm risk management project— The term coastal storm risk management project means a project for hurricane and storm damage reduction, coastal storm risk management, shoreline protection, or periodic nourishment that is specifically authorized by Congress and carried out by the Secretary under any provision of law, including any associated feasibility studies, engineering and design activities (including preconstruction engineering and design), operation and maintenance activities, and repair or restoration under section 5 of the Act of August 18, 1941 (33 U.S.C. 701n).
Coastal Storm Risk Management Trust Fund; Fund— The terms Coastal Storm Risk Management Trust Fund and Fund each mean the Coastal Storm Risk Management Trust Fund established under section 2.
Secretary— The term Secretary means the Secretary of the Army, acting through the Chief of Engineers.
Sec. 4 Budgetary treatment expansion and adjustment for the Coastal Storm Risk Management Trust Fund
Section 251(b)(2) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901(b)(2)) is amended by adding at the end the following:
“(H) Coastal storm risk management projects—If, for any fiscal year, appropriations for the Construction, Mississippi River and Tributaries, and Operation and Maintenance accounts of the Corps of Engineers are enacted that are derived from the Coastal Storm Risk Management Trust Fund established under section 2 of the Coastal Trust Fund Act and that the Congress designates in statute as being for coastal storm risk management projects (as defined in section 3 of such Act), then the adjustment for that fiscal year shall be the total of such appropriations that are derived from such Fund and so designated.”