§1472 Deep Seabed Revenue Sharing Trust Fund; Establishment

Summary

The Treasury must create a Deep Seabed Revenue Sharing Trust Fund and put into it any amounts that are set aside under the law as equal to the taxes collected under section 4495 of title 26. The Treasury Secretary must move those amounts from the general fund into the Trust Fund at least every three months using estimates, and later correct the transfers if the estimates were too high or too low. The Treasury Secretary must hold and manage the Trust Fund, give yearly reports to Congress starting with the fiscal year ending September 30, 1980 (and each year after), and show expected results for the coming year and the next five years. Money in the Fund that is not needed for current payments can be invested in U.S. government interest‑paying securities, bought or sold at market or issue price, and any interest or sale proceeds stay in the Fund. If an international deep seabed treaty (as defined in section 4498(b) of title 26) is in effect for the United States on or before ten years after June 28, 1980, the Fund can be used, when Congress approves, to pay the U.S. share required by that treaty. If no such treaty is in effect by that time, Congress may later decide how to use the money.