110 HR 7029 IH: National Debt Reduction Trust Fund Act of U.S. House of Representatives 2008-09-23 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 7029 IN THE HOUSE OF REPRESENTATIVES September 23, 2008 Mr. Terry introduced the following bill; which was referred to the Committee on Natural Resources 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.

1.

Short title

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

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.