30 U.S.C. § 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” (later in this section in this section referred to as the “Trust Fund”), consisting of that 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. (2) Method of transfer The amounts appropriated by paragraph (1) must 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 must 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 must 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. that report must be printed as a House document of the session of the Congress to which the report is made. (2) Investment (A) In general It must be the duty of the Secretary of the Treasury to invest that portion of the Trust Fund as is not, in his judgment, required to meet current withdrawals. that investments may be made only in interest-bearing obligations of the United States. For that purpose, that 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 must 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 must be available, as provided by appropriations Acts, for making contributions required under that treaty for purposes of the sharing among nations of the revenues from deep seabed mining. Nothing in this subsection must 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 must be available for that 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 that term by section 4498(b) 1 of title 26.