[Congressional Record (Bound Edition), Volume 146 (2000), Part 4]
[Senate]
[Page 5161]
[From the U.S. Government Publishing Office, www.gpo.gov]



                       ``EXXON VALDEZ'' OIL SPILL

  Mr. BINGAMAN. Mr. President, the Senate passed S. 711, calendar No. 
235, a bill to allow for the investment of joint Federal and State 
funds from the civil settlement of damages from the Exxon Valdez oil 
spill, on November 19 last year, in the last hours of the First 
Session.
  The bill states that moneys in the settlement fund are eligible for 
the new investment authority so long as they are allocated in a manner 
identified in the bill. Specifically, S. 711 provides that $55 million 
of the funds remaining on October 1, 2002 shall be allocated for 
habitat protection programs.
  The accompanying report, S. Rept. 106-124, contains a provision in 
the section-by-section analysis, subsection 1(e), stating that, with 
respect to the $55 million for habitat protection programs, 
``[a]dditionally, any funds needed for the administration of the Trust 
will also be deducted from these monies.'' I was surprised to see this 
provision in the report because I do not believe that it reflects the 
committee's intent with respect to the bill.
  Mr. MURKOWSKI. I think the committee did speak clearly in the actual 
legislative language of the bill, which requires that the new 
investment authority be allocated ``consistent with the resolution of 
the Trustees adopted March 1, 1999 concerning the Restoration 
Reserve.'' Among other things, this resolution separates the remaining 
funds into two distinct ``pots'' of money: a $55 million pot which can 
be used for habitat acquisition; and a $115 million ``pot'' that will 
be used for research and monitoring activities.
  As the Trustees have explained the resolution to me, the cost of 
administration for habitat acquisition will come from the $55 million 
and the cost of administration for the monitoring and research will 
come from the $115 million. Therefore, I am confident that the actual 
legislative language of the bill is clear and that this was the 
committee's intent. This provision was very important to me in drafting 
this bill because I have always been concerned about the tens-of-
millions of dollars the Trustees have spent on administration of the 
funds.
  We prepared a statement to clarify this matter last November. It 
should have appeared in the Record at the point where the bill was 
passed (S15162-S15163). Regrettably, the statement was mislaid and did 
not appear where it should have.

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