16 U.S.C. § 7503 — National Oceans and Coastal Security Fund

(a) Establishment. The Administrator and the Foundation may set up the National Oceans and Coastal Security Fund. It's a tax-exempt fund to support this chapter's purposes. (b) Deposits. (1) Money appropriated or made available for this chapter goes into the Fund. (2) No money donated by a foreign government (as defined in section 7342 of title 5) may go into the Fund. (c) Requirements. Money the Foundation gets under this chapter follows the National Fish and Wildlife Foundation Establishment Act. Two parts of that Act don't apply: (1) section 4(e)(1)(B), and (2) section 10(a). (d) Expenditure. Each year's Fund money can be used: (1) for grants to coastal States under section 7505(b); (2) for grants under section 7505(c); and (3) for administrative costs of the Administrator and the Foundation, but no more than 2 percent. The Administrator and the Foundation must agree in writing how to split that 2 percent. (e) Recovery of payments. After notice and a chance for a hearing, the Administrator can take back federal payments if the Foundation (1) spends Fund money in a way that breaks the rules in section 7504, or (2) fails to follow a procedure, measure, method, or standard set under section 7505(a)(1).