Investment of Exxon Valdez oil spill court recovery in high yield investments and marine research

Section 350 of Public Law 106–113 (43 U.S.C. 1474b note) is amended— (1) by striking paragraph (5); (2) by redesignating paragraphs (2), (3), (4), (6), and (7) as subsections (c), (d), (e), (f), and (g), respectively, and indenting the subsections appropriately; (3) in paragraph (1)— (A) by striking (1) Notwithstanding any other provision of law and subject to the provisions of paragraphs (5) and (7) and inserting the following: (a) Definitions In this section: (1) Consent decree The term Consent Decree means the consent decree issued in United States v. Exxon Corporation, et al. (No. A91–082 CIV) and State of Alaska v. Exxon Corporation, et al. (No. A91–083 CIV). (2) Fund The term Fund means the Natural Resource Damage Assessment and Restoration Fund established pursuant to title I of the Department of the Interior and Related Agencies Appropriations Act, 1992 (43 U.S.C. 1474b). (3) Outside account The term outside account means any account outside the United States Treasury. (4) Trustee The term Trustee means a Federal or State natural resource trustee for the Exxon Valdez oil spill. (b) Deposits (1) In general Notwithstanding any other provision of law and subject to subsection (g); (4) in subsection (b)(1) (as so designated)— (A) in the matter preceding subparagraph (A) by striking issued in United States v. Exxon Corporation, et al. (No. A91–082 CIV) and State of Alaska v. Exxon Corporation, et al. (No. A91–083 CIV) (hereafter referred to as the Consent Decree),; (B) by striking subparagraphs (A) and (B) and inserting the following: (A) the Fund; (B) an outside account; or; and (C) in the undesignated matter following subparagraph (C)— (i) by striking the Federal and State natural resource trustees for the Exxon Valdez oil spill (trustees) and inserting the Trustees; and (ii) by striking Any funds and inserting the following: (2) Requirement for deposits in outside accounts Any funds; (5) in subsection (c) (as redesignated by paragraph (2)) by striking (c) Joint and inserting the following: (c) Transfers Any joint; (6) in subsection (d) (as redesignated by paragraph (2)) by striking (d) The transfer and inserting the following: (d) No effect on jurisdiction The transfer; (7) in subsection (e) (as redesignated by paragraph (2))— (A) by striking (e) Nothing herein shall affect and inserting the following: (e) Effect on other law Nothing in this section affects; and (B) by striking trustees and inserting Trustees; (8) in subsection (f) (as redesignated by paragraph (2))— (A) by striking (f) The Federal trustees and the State trustees and inserting the following: (f) Grants The Trustees; and (B) by striking this program and inserting this section, prioritizing the issuance of grants to facilitate habitat protection and habitat restoration programs; and (9) in subsection (g) (as redesignated by paragraph (2))— (A) in the second sentence, by striking Upon the expiration of the authorities granted in this section all and inserting the following: (2) Return of funds On expiration of the authority provided in this section, all; and (B) by striking (g) The authority and inserting the following: (g) Expiration (1) In general The authority.

Section 350 of Public Law 106–113 (43 U.S.C. 1474b note) is amended— (1) by striking paragraph (5); (2) by redesignating paragraphs (2), (3), (4), (6), and (7) as subsections (c), (d), (e), (f), and (g), respectively, and indenting the subsections appropriately; (3) in paragraph (1)— (A) by striking (1) Notwithstanding any other provision of law and subject to the provisions of paragraphs (5) and (7) and inserting the following: (a) Definitions In this section: (1) Consent decree The term Consent Decree means the consent decree issued in United States v. Exxon Corporation, et al. (No. A91–082 CIV) and State of Alaska v. Exxon Corporation, et al. (No. A91–083 CIV). (2) Fund The term Fund means the Natural Resource Damage Assessment and Restoration Fund established pursuant to title I of the Department of the Interior and Related Agencies Appropriations Act, 1992 (43 U.S.C. 1474b). (3) Outside account The term outside account means any account outside the United States Treasury. (4) Trustee The term Trustee means a Federal or State natural resource trustee for the Exxon Valdez oil spill. (b) Deposits (1) In general Notwithstanding any other provision of law and subject to subsection (g); (4) in subsection (b)(1) (as so designated)— (A) in the matter preceding subparagraph (A) by striking issued in United States v. Exxon Corporation, et al. (No. A91–082 CIV) and State of Alaska v. Exxon Corporation, et al. (No. A91–083 CIV) (hereafter referred to as the Consent Decree),; (B) by striking subparagraphs (A) and (B) and inserting the following: (A) the Fund; (B) an outside account; or; and (C) in the undesignated matter following subparagraph (C)— (i) by striking the Federal and State natural resource trustees for the Exxon Valdez oil spill (trustees) and inserting the Trustees; and (ii) by striking Any funds and inserting the following: (2) Requirement for deposits in outside accounts Any funds; (5) in subsection (c) (as redesignated by paragraph (2)) by striking (c) Joint and inserting the following: (c) Transfers Any joint; (6) in subsection (d) (as redesignated by paragraph (2)) by striking (d) The transfer and inserting the following: (d) No effect on jurisdiction The transfer; (7) in subsection (e) (as redesignated by paragraph (2))— (A) by striking (e) Nothing herein shall affect and inserting the following: (e) Effect on other law Nothing in this section affects; and (B) by striking trustees and inserting Trustees; (8) in subsection (f) (as redesignated by paragraph (2))— (A) by striking (f) The Federal trustees and the State trustees and inserting the following: (f) Grants The Trustees; and (B) by striking this program and inserting this section, prioritizing the issuance of grants to facilitate habitat protection and habitat restoration programs; and (9) in subsection (g) (as redesignated by paragraph (2))— (A) in the second sentence, by striking Upon the expiration of the authorities granted in this section all and inserting the following: (2) Return of funds On expiration of the authority provided in this section, all; and (B) by striking (g) The authority and inserting the following: (g) Expiration (1) In general The authority.