1066 

 16 



shall purchase any notes or other obligations issued under this para- 

 graph, and for this purpose such Secretary may use as a puhlic deht 

 transaction the proceeds from the sale of any securities issued under 

 the Second Liberty Bond Act, as now or hereafter in force. The pur- 

 poses 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 trafiis- 

 actions of the United States. 



" ((7) (7) No coastal state is eligible to receive any financial assistance 

 under this section U7dess such state — 



"(.'!) has a management program which has been approved 

 under section 306 ; 



"(^) is receiving a. grant uneler section 305 {c) or (d) ; or 

 "(6^) is. in the judgtnent of the Secretary, making satisfactory 

 progress toward the development of a manageinent program 

 lohich is consistent luith the policies set forth in section 303. 

 "(^) Each coastal state shall, to the maximum extent practicable, 

 provide that financial assistance provided under this section be appor- 

 tioned, allocated, and granted to units of local goveimment within such 

 state on a basis which is proportional to the extent to which such units 

 need such assistance. 



"(A) There is established in the Treasury of the United States the 

 Coastal Energy Impact Fund. The Fund shall be available to the Sec- 

 retary without fscal year limitation as a revolving fund for the pur- 

 poses of carrying out subsections (c) and (d). The Fund shall consist 

 of- 



" (7 ) any sums appropriated to the Fund : 



"(i2) payments of principal and interest received under any 

 loan made tinder subsection (d) (1) ; 



"(•5) any fees received in connection u:ith any guarantee made 

 under subsection (d) (2) ; and 



"(4-) any recoveries and receipts under security, subrogation, 

 and other rights and authorities described in subsectian (/). 

 All payments made by the Secretary to carry out the provisions of 

 subsections {c), {d).and (/) {including reimbursements to other Gov- 

 ernment accounts) shall be paid from the Fund, only to the extent 

 provided for in appropriation Acts. Sums in the Fund which are not 

 currently needed for the purposes of subsections {c). (d), and (f) 

 shall he kept on deposit or invested in obligations of. or guaranteed by, 

 the United States. 



"(?') The Secretary shall not intercede in any land use or water 

 use decision of any coastal state with respect to the siting of any energy 

 facility or public facility by making siting in a partic}ilar location a 

 prerequisite to. or a condition of. financial assistance under this section. 

 "(j) The Secretary may evaluate, and report to the Congress, on the 

 efforts of the coastal states and units of local government therein to 

 reduce or ameliorate adverse consequences resulting from coastal ener- 

 gy activity and on the extent to which such efforts involve adequate 

 consideration of alternative sites. 



'•(A-) To the extent that Federal funds are available under, or pur- 

 suant to, any other law with respect to — 



