Ill STAT. 1608 PUBLIC LAW 105-83—NOV. 14, 1997 Establishment. known as the "Environmental Improvement and Restoration Fund" (referred to in this section as the "Fund"). (b) INVESTMENTS. — (1) IN GENERAL.— The Secretary of the Treasury shall invest amounts in the Fund in interest bearing obligations of the United States. (2) ACQUISITION OF OBLIGATIONS.—For the purpose of investments under paragraph (1), obligations may be acquired— (A) on original issue at the issue price; or (B) by purchase of outstanding obligations at the market price. (3) SALE OF OBLIGATIONS. —Any obligations acquired by the Fund may be sold by the Secretary of the Treasury at the market price. (4) CREDITS TO FUND.—The interest earned from investments of the Fund shall be covered into and form a part of the Fund. (c) TRANSFER AND AVAILABILITY OF AMOUNTS EARNED. —Each year, interest earned and covered into the Fund in the previous fiscal year shall be available for appropriation, to the extent provided in the subsequent appropriations Acts, as follows: (1) 80 percent of such amounts shall be made available to be equally divided among the Directors of the National Park Service, the United States Fish and Wildlife Service, the Bureau of Land Management, and the Chief of the Forest Service for high priority deferred maintenance and modernization of facilities that directly enhance the experience of visitors, including natural, cultural, recreational, and historic resources protection projects in National Parks, National Wildlife Ref- uges, and the public lands respectively as provided in subsection (d) and for payment to the State of Louisiana and its lessees for oil and gas drainage in the West Delta field. The Secretary shall submit with the annual budget submission to Congress a list of high priority maintenance and modernization projects for congressional consideration. (2) 20 percent of such amounts shall be made available to the Secretary of Commerce for the purpose of carrying out marine research activities in the North Pacific in accordance with subsection (e). (d) PROJECTS.—A project referred to in subsection (c)(1) shall be consistent with the laws governing the National Park System, the National Wildlife Refuge System, the public lands and Forest Service lands and management plan for such unit. (e) MARINE RESEARCH ACTIVITIES.—(1) Funds available under subsection (c)(2) shall be used by the Secretary of Commerce according to this subsection to provide grants to Federal, State, private or foreign organizations or individuals to conduct research activities on or relating to the fisheries or marine ecosystems in the north Pacific Ocean, Bering Sea, and Arctic Ocean (including any lesser related bodies of water). (2) Research priorities and grant requests shall be reviewed and recommended for Secretarial approval by a board to be known as the North Pacific Research Board (referred to in this subsection as the "Board"). The Board shall seek to avoid duplicating other research activities, and shall place a priority on cooperative research efforts designed to address pressing fishery management or marine ecosystem information needs.
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