789 



63 



tion of energy facilities prior to the date of enactment of this section is 

 entitled to receive from the Secretary grants or loans pursuant to sub- 

 sections (a) and (b) of this section to the same extent as if such net 

 adverse impacts were experienced after the date of enactment, and to 

 the extent necessary to reduce or ameliorate or compensate for such net 

 adverse impacts, within the limit of available funds. This subsection 

 shall expire 5 years from the date of enactment of this section. 



"(h) All funds allocated to the Secretary for the purposes of this 

 section shall be deposited in a fund which shall be known as the Coastal 

 Energy Facility Impact Fund. This fund shall be administered and 

 used by the Secretary as a revolving fund for carrying out such pur- 

 poses. Greneral expenses of administering this section may be charged 

 to this fund. Moneys in this fund may be deposited in interest-bearing 

 accounts or invested in bonds or other obligations which are guaranteed 

 as to principal and interest by the United States. 



" (i) In calculating the amount of a grant or loan, the Secretary shall 

 give adequate consideration to the recommendations of a Coastal Im- 

 pacts Review Board. Such Board shall consist of two members desig- 

 nated by the Secretary, one member designated by the Secretary of the 

 Interior, and two members appointed by the President from a list of 

 not less than six candidates submitted to the President by the National 

 Governors' Conference. Such Board shall recommend the award of 

 grants or loans upon a determination of net adverse impacts and fol- 

 lowing the procedures and criteria set forth in this section. 



" ( j ) Nothing in this section shall be construed to modify or abrogate 

 the consistency requirements of section 307 of this Act. 



"(k) In addition to other financial assistance to the States provided 

 under this section, the Secretary shall make an automatic grant to 

 each coastal State which is, as of the first day of the fiscal year — 



" ( 1) adjacent to Outer Continental Shelf lands on which oil or 

 natural gas is being produced ; or 



"(2) permitting crude oil or natural gas to be landed in its 

 coastal zone : Promded^ That such crude oil or natural gas has 

 been produced on adjacent Outer Continental Shelf lands of such 

 State or on Outer Continental Shelf lands which are adjacent to 

 another State and transported directly to such State. In the event 

 that a State is landing oil or natural gas produced adjacent to 

 another State, the landing State shall be eligible for grants under 

 this subsection at a rate half as great as that to which it would be 

 eligible in any given year if the oil were produced adjacent to the 

 landing State. In the event that a State is adjacent to Outer Con- 

 tinental Shelf lands where oil or natural gas is produced, but such 

 oil or natural gas is landed in another State, the adjacent State 

 shall be eligible for grants under this subsection at a rate half as 

 great as that to whicli it would be eligible in any given year if the 

 oil or natural gas produced adjacent to that State were also landed 

 in that State. 

 Such States shall become eligible to receive such automatic grants in 

 the first year that the amount of such oil or natural gas landed in the 

 State or produced on Outer Continental Shelf lands adjacent to the 

 State (as determined by the Secretary) exceeds a volume of 100,000 

 barrels per day of oil or an equivalent volume of natural gas. The Sec- 



