724 



"state and local government bond guarantees 



"Sec. 319. (a) The Secretary is authorized, subject to such terms and condi- 

 tions as the Secretary prescribes, to malje commitments to guarantee and to 

 guarantee against loss of principal or interest the holders of bonds or other evi- 

 dences of indebtedness issued by a State or local government to reduce, ameliorate 

 or compensate the adverse impacts in the coastal zone resulting from or likely 

 to result from the exploration for, or the development of production of, energy 

 resources of the Outer Continental Shelf. 



"(b) The Secretary shall prescribe and collect a guarantee fee in connection 

 with guarantees made pursuant to this section. Such fees shall not exceed such 

 amounts as the Secretary estimates to be necessary to cover the administrative 

 costs of carrying out the provisions of this section. Sums realized from such fees 

 shall be deposited in the Treasury as miscellaneous receipts. 



"(c) (1) Payments required to be made as a result of any guarantee pursuant 

 to this section shall be made by the Secretary of the Treasury from funds hereby 

 authorized to be appropriated in such amounts as may be necessary for such 

 purpose. 



"(2) If there is a default by a State or local government in any payment of 

 principal or interest under a bond or other evidence of indebtedness guaranteed 

 by the Secretary pursuant to this section, any holder of such a bond or other 

 evidence of indebtedness may demand payment by the Secretary of the unpaid 

 interest on and the unpaid principal of such obligation as they become due. The 

 Secretary, upon investigation, shall pay such amounts to such holders, unless 

 the Secretary finds that there was no default by the State or local government 

 involved or that such default has been remedied. If the Secretary makes a pay- 

 ment under this paragraph, the United States shall have a right of reimburse- 

 ment against the State or local government involved for the amount of such pay- 

 ment plus interest at prevailing rates. Such right of reimbursement may be satis- 

 fied by the Secretary by treating such amount as an offset against any revenues 

 due or to become due to such State or local government under section 308 (k) 

 of this Act, and the Attorney General, upon the request of the Secretary, shall 

 take such action as is, in the Secretary's discretion, necessary to protect the inter- 

 ests of the United States, including the recovery of previously paid funds that 

 were not applied as provided in this Act. However, if the funds accrued by or 

 section 308 (k) of this Act are insufficient to reimburse the Federal Government 

 due to the State in automatic grants under section 308 (k) of this Act are insuf- 

 ficient to reimburse the Federal Government in full for funds paid under this 

 section to retire either the principal or interest on the defaulted bonds, the Sec- 

 retary's right of reimbursement shall be limited to the amount of such automatic 

 grants accrued or due. Funds accrued in automatic grants under section 308 (k) 

 of this Act subsequent to default shall be applied by the Secretary toward the 

 reimbursement of the obligation assumed by the Federal Government.". 



Sec. 103. (a) There shall be in the National Oceanic and Atmospheric Admin- 

 istration an Associate Administrator for Coastal Zone Management who shall 

 be appointed by the President, by and with the advice and consent of the Senate. 

 Such Associate Administrator shall be a qualified individual who is, by reason 

 of background and experience, esi)ecially qualified to direct the implementation 

 and administration of this Act. Such Associate Administrator shall be compen- 

 sated at the rate now or hereafter provided for level V of the Executive Schedule 

 Pay Rates (5 U.S.C. 5316). 



(b) Section 5316 of title 5, United States Code, is amended by adding at the 

 end thereof the following new paragraph : 



"(135) Associate Administrator for Coastal Zone Management, National 

 Oceanic and Atmospheric Administration.". 



Sec. 104. Nothing in this Act shall be construed to modify or abrogate the con- 

 sistency requirements of section 307 of the Coastal Zone Management Act of 1972. 



The title was amended so as to read : 



A bill to amend the Coastal Zone Management Act of 1972 to authorize and 

 assist the coastal States to study, plan for, manage, and control the impact of 

 energy facility and resource development which affects the coastal zone, and for 

 other purposes. 



Mr. HoLLiNGS. Mr. President, I move to reconsider the vote by which 

 the bill was passed. 

 Mr. Stevens. I move to lay that motion on the table. 

 The motion to lay on the table was agreed to. 



