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payment plus interest at the prevailing current rate as determined by the 

 Secretary. If any revenue becomes due to such coastal state or unit of general 

 purpose local government under section 308(a) of this title, the Secretary shall, 

 in lieu of paying such coastal state or unit of general purpose local govern- 

 ment such revenue, deposit such revenue in the revolving fund established under 

 subsection (i) until the right of reimbursement has been satisfied. 



"(3) The Attorney General shall, upon request of the Secretary, take such 

 action as may be appropriate to enforce any right accruing to the United States 

 as a result of the issuance of any guarantee under this section. Any sum recovered 

 pursuant to this paragraph shall be paid into the revolving fund established by 

 subsection (i). 



"(i)(l) The Secretary shall establish a revolving fund to provide for the 

 timely payment of any liability incurred as a result of guarantees made under 

 this section, for the payment of costs of administering this section, and for the 

 payment of obligations issued to the Secretary of the Treasury under paragraph 

 (2) of this subsection. This revolving fund shall be comprised of — 

 " ( A ) receipts from fees collected under this section ; 

 "(B) recoveries under security, subrogation, and other rights; 

 "(C) reimbursements, interest income, and any other receipts obtained in 

 connection with guarantees made under this section ; 



"(D) proceeds of the obligations issued to the Secretary of the Treasury 

 pursuant to paragraph (2) of this subsection ; and 



"(E) such sums as may be appropriated to carry out the provisions 

 of this section. 

 Funds in the revolving fund not currently needed for the purpose of this section 

 shall be kept on deposit or invested in obligations of the United States or guaran- 

 teed thereby or in obligations, participation, or other instruments which are 

 lawful investments for fiduciary, trust, or public funds. 



"(2) The Secretary may, for the purpose of carrying out the functions of this 

 section, issue obligations to the Secretary of the Treasury only to such extent 

 or in such amounts as may be provided in appropriation Acts. The obligations 

 issued under this paragraph shall have such maturities and bear such rate or 

 rates of interest as shall be determined by the Secretary of the Treasury. The 

 Secretary of the Treasury shall purchase any obligation so issued, and for that 

 purpose he is authorized to use as a public debt transaction the proceeds from 

 the sale of any security issued under the Second Liberty Bond Act, and the 

 purposes for which securities may be issued under that Act are extended to 

 include purchases of the obligations hereunder. Proceeds obtained by the Secre- 

 tary from the issuance of obligations under this paragraph shall be deposited 

 in the revolving fund established in paragraph ( 1 ) . 



"(3) There are authorized to be appropriated to the revolving fund such sums 

 as may be necessary to carry out the provisions of this section. 



"(j) No bond or other evidence of indebtedness shall be guaranteed under 

 this section unless the issuer of the evidence of indebtedness and the person 

 holding the note with respect to such evidence of indebtedness permit the 

 General Accounting Office to audit, under rules prescribed by the Comptroller 

 General of the United States, all financial transactions of such issuer and 

 holder which relate to such evidence of indebtedness. The representatives of 

 the General Accounting Office shall have access to all books, accounts, reports, 

 files, and other records of such issuer and such holder insofar as any such 

 record pertains to financial transactions relating to the evidence of indebted- 

 ness guaranteed under this section. 



"(k) For purposes of this section, the term 'unit of general purpose local 

 government' shall mean any city, county, town, township, parish, village, or 

 other general purpose political subdivision of the coastal state, if such general 

 purpose political subdivision possesses taxing powers and has responsibility for 

 providing public facilities or public services to the community, as determined 

 by the Secretary.". 



Sec. 3. (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, especially qualified to direct the 

 implementation and administration of this Act. Such Associate Administrator 



