594 



Pub. Law 94-370 - 14 - July 26, 1976 



Such rights shall include, but not be limited to, a right of reimburse- 

 ment to the United States against the coastal state or unit of general 

 purpose local government for which the payment was made for the 

 amount of such payment plus interest at the prevailing current rate as 

 determined by the Secretary. If such coastal state, or the coastal state 

 in which such unit is located, is due to receive any amount under sub- 

 section (b), the Secretary shall, in lieu of paying such amount to 

 such state, deposit such amount in the Fund until such right of reim- 

 bursement has been satisfied. The Secretary may accept, in complete 

 or partial satisfaction of any such rights, a conveyance of property or 

 interests therein. Any property so obtained by the Secretary may be 

 completed, maintained, operated, held, rented, sold, or otherwise dealt 

 with or disposed of on such terms or conditions as the Secretary 

 prescribes or approves. If, in any case, the sum received through the 

 sale of such property is greater than the amount paid to the holder 

 under subj^aragraph (D) plus costs, the Secretary shall pay any such 

 excess to the obligor. 



"(D) The Attorney General shall, upon the request of the Secretary, 

 take such action as may be appropriate to enforce any right accruing 

 to the Secretary or the United States as a result of the making of any 

 guarantee under subsection (d) (2). Any sums received through any 

 sale under subparagraph (C) or recovered pursuant to this subpara- 

 graph shall be paid into the Fund. 



"(6) If the moneys available to the Secretary are not sufficient to 

 pay any amount which the Secretary is obligated to pay under para- 

 graph (5), the Secretary shall issue to the Secretary of the Treasury 

 notes or other obligations (only to such extent and in such amounts as 

 may be provided for in appropriation Acts) in such forms and denomi- 

 nations, bearing such maturities, and subject to such terms and con- 

 ditions as the Secretary of the Treasury prescribes. Such notes or 

 other obligations shall bear interest at a rate determined by the Secre- 

 tary of the Treasury on the basis of the current average market yield 

 on outstanding marketable obligations of the United States on com- 

 parable maturities during the month preceding the issuance of such 

 notes or other obligations. Any sums received by the Secretary through 

 such issuance shall be deposited in the Fund. The Secretary of the 

 Treasury shall purchase any notes or other obligations issued under 

 this paragraph, and for this purpose such Secretary may use as a 

 public debt transaction the proceeds from the sale of any securities 



31 use 774. issued under the Second Liberty Bond Act, as now or hereafter in 

 force. The purposes for which securities may be issued under that Act 

 are extended to include any purchase of notes or other obligations 

 issued under this paragraph. The Secretary of the Treasury may at 

 any time sell any of the notes or other obligations so acquired under 

 this paragraph. All redemptions, purchases, and sales of such notes 

 or other obligations by the Secretary of the Treasury shall be treated 

 as public debt transactions of the United States. 



"(g) (1) ^^ coastal state is eligible to receive any financial assist- 

 ance under this section unless such state — 



"(A) has a management program which has been approved 



Ante , p. 1017. under section 306; 



Ante , p. 1015. "(B) is receiving a grant under section 305(c) or (d) ; or 



"(C) is, in the judgment of the Secretary, making satisfactory 

 progress toward the development of a management program 



16 use 1433. which is consistent with the policies set forth in section 303. 



90 STAT. 1026 



