[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7029 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7029

  To establish a trust fund to hold new Federal revenue from mineral 
   exploration, development, and production in Alaska and the Outer 
        Continental Shelf in order to reduce the national debt.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 23, 2008

  Mr. Terry introduced the following bill; which was referred to the 
                     Committee on Natural Resources

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                                 A BILL


 
  To establish a trust fund to hold new Federal revenue from mineral 
   exploration, development, and production in Alaska and the Outer 
        Continental Shelf in order to reduce the national debt.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Debt Reduction Trust Fund 
Act of 2008''.

SEC. 2. NATIONAL DEBT REDUCTION TRUST FUND.

    (a) Establishment.--There is established in the Treasury of the 
United States a trust fund to be known as the ``National Debt Reduction 
Trust Fund'' (hereinafter in this section referred to as the ``Trust 
Fund''), consisting of such amounts as may be appropriated or credited 
to the Trust Fund as provided for in this section.
    (b) Transfers to the Trust Fund.--The Secretary of the Treasury 
shall transfer to the Trust Fund out of the general fund of the 
Treasury of the United States amounts equivalent to the funds received 
in the Treasury after January 1, 2009, that the Secretary, in 
consultation with the Secretary of the Interior, determines are 
attributable to rents, sales, bonus bids, or royalties under the 
mineral leasing laws of the United States for the exploration for, 
development of, or production of oil, natural gas, or oil shale located 
on Federal lands, including submerged lands, in Alaska or the outer 
Continental Shelf (as defined in section 2 of the Outer Continental 
Shelf Lands Act (43 U.S.C. 1331)), where such exploration, development, 
or production began on or after January 1, 2009.
    (c) Expenditures From the Trust Fund for Debt Reduction.--The 
Secretary of the Treasury shall, from time to time, transfer amounts in 
the Trust Fund to the special account established by section 3113(d) of 
title 31, United States Code.
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