[Congressional Record (Bound Edition), Volume 145 (1999), Part 21]
[Senate]
[Pages 31155-31156]
[From the U.S. Government Publishing Office, www.gpo.gov]



                       ``EXXON VALDEZ'' OIL SPILL

  The Senate proceeded to consider the bill (S. 711) to allow the 
investment of joint Federal and State funds from the civil settlement 
of damages from the Exxon Valdez oil spill, and for other purposes, 
which has been reported from the Committee on Energy and Natural 
Resources, with an amendment to strike all after the enacting clause 
and inserting in lieu thereof the following:

     SECTION 1.

       (a) Notwithstanding any other provision of law and subject 
     to the provisions of subsections (e) and (g), upon the joint 
     motion of the United States and the State of Alaska and the 
     issuance of an appropriate order by the United States 
     District Court for the District of Alaska, the joint trust 
     funds, or any portion thereof, including any interest accrued 
     thereon, previously received or to be received by the United 
     States and the State of Alaska pursuant to the Agreement and 
     Consent Decree issued in United States v. Exxon Corporation, 
     et al. (No. A91-082 CIV) and

[[Page 31156]]

     State of Alaska v. Exxon Corporation, et al. (No. A91-083 
     CIV) (hereafter referred to as the ``Consent Decree''), may 
     be deposited in--
       (1) the Natural Resource Damage Assessment and Restoration 
     Fund (hereafter referred to as the ``Fund'') established in 
     title I of the Department of the Interior and Related 
     Agencies Appropriations Act, 1992 (Public Law 102-154, 43 
     U.S.C. 1474b);
       (2) accounts outside the United States Treasury (hereafter 
     referred to as ``outside accounts''); or
       (3) both.
     Any funds deposited in an outside account may be invested 
     only in income-producing obligations and other instruments or 
     securities that have been determined unanimously by the 
     Federal and State natural resource trustees for the Exxon 
     Valdez oil spill (``trustees'') to have a high degree of 
     reliability and security.
       (b) Joint trust funds deposited in the Fund or an outside 
     account that have been approved unanimously by the Trustees 
     for expenditure by or through a State or Federal agency shall 
     be transferred promptly from the Fund or the outside account 
     to the State of Alaska or United States upon the joint 
     request of the governments.
       (c) The transfer of joint trust funds outside the Court 
     Registry shall not affect the supervisory jurisdiction of the 
     District Court under the Consent Decree or the Memorandum of 
     Agreement and Consent Decree in United States v. State of 
     Alaska (No. A91-081-CIV) over all expenditures of the joint 
     trust funds.
       (d) Nothing herein shall affect the requirement of section 
     207 of the Dire Emergency Supplemental Appropriations and 
     Transfers for Relief From the Effects of Natural Disasters, 
     for Other Urgent Needs, and for the Incremental Cost of 
     ``Operation Desert Shield/Desert Storm'' Act of 1992 (Public 
     Law 102-229, 42 U.S.C. 1474b note) that amounts received by 
     the United States and designated by the trustees for the 
     expenditure by or through a Federal agency must be deposited 
     into the Fund.
       (e) All remaining settlement funds are eligible for the 
     investment authority granted under subsection (a) of this act 
     so long as they are managed and allocated consistent with the 
     Resolution of the Trustees adopted March 1, 1999, concerning 
     the Restoration Reserve, as follows:
       (1) $55 million of the funds remaining on October 1, 2002, 
     and the associated earnings thereafter shall be managed and 
     allocated for habitat protection programs including small 
     parcel habitat acquisitions. Such sums shall be reduced by--
       (A) the amount of any payments made after the date of 
     enactment of this Act from the Joint Trust Funds pursuant to 
     an agreement between the Trustee Council and Koniag, Inc. 
     which includes those lands which are presently subject to the 
     Koniag Non-Development Easement, including, but not limited 
     to, the continuation or modification of such Easement; and
       (B) payments in excess of $6.32 million for any habitat 
     acquisition or protection from the joint trust funds after 
     the date of enactment of this Act and prior to October 1, 
     2002, other than payments for which the Council is currently 
     obligated through purchase agreements with the Kodiak Island 
     Borough, Afognak Joint Venture and the Eyak Corporation.
       (2) All other funds remaining on October 1, 2002, and the 
     associated earnings shall be used to fund a program, 
     consisting of--
       (A) marine research, including applied fisheries research;
       (B) monitoring; and
       (C) restoration, other than habitat acquisition, which may 
     include community and economic restoration projects and 
     facilities (including projects proposed by the communities of 
     the EVOS Region or the fishing industry), consistent with the 
     Consent Decree.
       (f) The Federal trustees and the State trustees, to the 
     extent authorized by State law, are authorized to issue 
     grants as needed to implement this program.
       (g) The authority provided in this Act shall expire on 
     September 30, 2002, unless by September 30, 2001, the 
     Trustees have submitted to the Congress a report recommending 
     a structure the Trustees believe would be most effective and 
     appropriate for the administration and expenditure of 
     remaining funds and interest received. Upon the expiration of 
     the authorities granted in this Act all monies in the Fund or 
     outside accounts shall be returned to the Court Registry or 
     other account permitted by law.

  The committee amendment in the nature of a substitute was agreed to.
  The bill (S. 711), as amended, was passed, as follows:

                                 S. 711

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

     SECTION 1.

       (a) Notwithstanding any other provision of law and subject 
     to the provisions of subsections (e) and (g), upon the joint 
     motion of the United States and the State of Alaska and the 
     issuance of an appropriate order by the United States 
     District Court for the District of Alaska, the joint trust 
     funds, or any portion thereof, including any interest accrued 
     thereon, previously received or to be received by the United 
     States and the State of Alaska pursuant to the Agreement and 
     Consent Decree issued in United States v. Exxon Corporation, 
     et al. (No. A91-082 CIV) and State of Alaska v. Exxon 
     Corporation, et al. (No. A91-083 CIV) (hereafter referred to 
     as the ``Consent Decree''), may be deposited in--
       (1) the Natural Resource Damage Assessment and Restoration 
     Fund (hereafter referred to as the ``Fund'') established in 
     title I of the Department of the Interior and Related 
     Agencies Appropriations Act, 1992 (Public Law 102-154, 43 
     U.S.C. 1474b);
       (2) accounts outside the United States Treasury (hereafter 
     referred to as ``outside accounts''); or
       (3) both.
     Any funds deposited in an outside account may be invested 
     only in income-producing obligations and other instruments or 
     securities that have been determined unanimously by the 
     Federal and State natural resource trustees for the Exxon 
     Valdez oil spill (``trustees'') to have a high degree of 
     reliability and security.
       (b) Joint trust funds deposited in the Fund or an outside 
     account that have been approved unanimously by the Trustees 
     for expenditure by or through a State or Federal agency shall 
     be transferred promptly from the Fund or the outside account 
     to the State of Alaska or United States upon the joint 
     request of the governments.
       (c) The transfer of joint trust funds outside the Court 
     Registry shall not affect the supervisory jurisdiction of the 
     District Court under the Consent Decree or the Memorandum of 
     Agreement and Consent Decree in United States v. State of 
     Alaska (No. A91-081-CIV) over all expenditures of the joint 
     trust funds.
       (d) Nothing herein shall affect the requirement of section 
     207 of the Dire Emergency Supplemental Appropriations and 
     Transfers for Relief From the Effects of Natural Disasters, 
     for Other Urgent Needs, and for the Incremental Cost of 
     ``Operation Desert Shield/Desert Storm'' Act of 1992 (Public 
     Law 102-229, 42 U.S.C. 1474b note) that amounts received by 
     the United States and designated by the trustees for the 
     expenditure by or through a Federal agency must be deposited 
     into the Fund.
       (e) All remaining settlement funds are eligible for the 
     investment authority granted under subsection (a) of this act 
     so long as they are managed and allocated consistent with the 
     Resolution of the Trustees adopted March 1, 1999, concerning 
     the Restoration Reserve, as follows:
       (1) $55 million of the funds remaining on October 1, 2002, 
     and the associated earnings thereafter shall be managed and 
     allocated for habitat protection programs including small 
     parcel habitat acquisitions. Such sums shall be reduced by--
       (A) the amount of any payments made after the date of 
     enactment of this Act from the Joint Trust Funds pursuant to 
     an agreement between the Trustee Council and Koniag, Inc. 
     which includes those lands which are presently subject to the 
     Koniag Non-Development Easement, including, but not limited 
     to, the continuation or modification of such Easement; and
       (B) payments in excess of $6.32 million for any habitat 
     acquisition or protection from the joint trust funds after 
     the date of enactment of this Act and prior to October 1, 
     2002, other than payments for which the Council is currently 
     obligated through purchase agreements with the Kodiak Island 
     Borough, Afognak Joint Venture and the Eyak Corporation.
       (2) All other funds remaining on October 1, 2002, and the 
     associated earnings shall be used to fund a program, 
     consisting of--
       (A) marine research, including applied fisheries research;
       (B) monitoring; and
       (C) restoration, other than habitat acquisition, which may 
     include community and economic restoration projects and 
     facilities (including projects proposed by the communities of 
     the EVOS Region or the fishing industry), consistent with the 
     Consent Decree.
       (f) The Federal trustees and the State trustees, to the 
     extent authorized by State law, are authorized to issue 
     grants as needed to implement this program.
       (g) The authority provided in this Act shall expire on 
     September 30, 2002, unless by September 30, 2001, the 
     Trustees have submitted to the Congress a report recommending 
     a structure the Trustees believe would be most effective and 
     appropriate for the administration and expenditure of 
     remaining funds and interest received. Upon the expiration of 
     the authorities granted in this Act all monies in the Fund or 
     outside accounts shall be returned to the Court Registry or 
     other account permitted by law.

                          ____________________