Page:United States Statutes at Large Volume 100 Part 3.djvu/153

 PUBLIC LAW 99-509—OCT. 21, 1986 -

100 STAT. 1961

"(2) LIMITATION ON AMOUNT OUTSTANDING.—The maximum

aggregate amount of repayable advances to the Oil Spill Liability Trust Fund which is outstanding at any one time shall not exceed $500,000,000. "(3) REPAYMENT OF ADVANCES.—

"(A) IN GENERAL.—Advances made to the Oil Spill Liability Trust Fund shall be repaid, and interest on such advances shall be paid, to the general fund of the Treasury when the Secretary determines that moneys are available for such purposes in such Fund. "(B) FINAL REPAYMENT.—No advance shall be made to the Oil Spill Liability Trust Fund after December 31, 1991, and all advances to such Fund shall be repaid on or before such date. "(C) RATE OF INTEREST.—Interest on advances made pursuant to this subsection shall be— "(i) at a rate determined by the Secretary of the Treasury (as of the close of the calendar month preceding the month in which the advance is made) to be equal to the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the anticipated period during which the advance will be outstanding, and "(ii) compounded annually. "(e) LIABILITY OF THE UNITED STATES LIMITED TO AMOUNT IN TRUST FUND.— "(1) GENERAL RULE.—Any claim filed against the Oil Spill

Liability Trust Fund may be paid only out of such Trust Fund. "(2) COORDINATION WITH OTHER PROVISIONS.—Nothing in

the

Comprehensive Oil Pollution Liability and Compensation Act (or in any amendment made by such Act) shall authorize the payment by the United States Government of any amount with respect to any such claim out of any source other than the Oil Spill Liability Trust Fund. "(3) ORDER IN WHICH UNPAID CLAIMS ARE TO BE PAID.—If at

any

time the Oil Spill Liability Trust Fund has insufficient funds (or is unable by reason of subsection (c)(2)) to pay all of the claims out of such Trust Fund at such time, such claims shall, to the extent permitted under paragraph (1) and such subsection, be paid in full in the order in which they were finally determined." (b) CLERICAL AMENDMENT.—The table of sections for subchapter A of chapter 98 of such Code is amended by adding after the item relating to section 9506 the following new item: "Sec. 9507. Oil Spill Liability Trust Fund." (c) EFFECTIVE DATE.—

(1) IN GENERAL.—The amendments made by this section shall take effect on the commencement date (as defined in section 4611 of the Internal Revenue Code of 1954, as amended by this part).

v

26 USC 9509. Ante, pp. 1761, ^^^^•

(2) COORDINATION WITH SUPERFUND REAUTHORIZATION.—If the

Superfund Amendments and Reauthorization Act of 1986 is Ante, p. 1613. enacted— (A) subsection (a) of this section shall be applied by substituting "section 9508" for "section 9506",

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