111 
$1,300,000,000 and the amounts deposited in the 
Fund under paragraphs (2), (3), and (4). 
(2) HEALTHY
OCEAN
STAMP.—Amounts gen-
erated from the sale of a Healthy Oceans Stamp 
under section 507. 
(3) AMOUNTS NOT DISBURSED.—All allocated 
but undisbursed amounts returned to the Fund 
under section 505(a)(2). 
(4) INTEREST.—All interest earned under sub-
section (d). 
(b) TRANSFER FOR EXPENDITURE.—The Secretary 
of the Treasury shall transfer amounts deposited into the 
Fund as follows: 
(1) To the Administrator of the National Oce-
anic and Atmospheric Administration for purposes 
of making payments to coastal States only for car-
rying out their responsibilities for developing and 
implementing Regional Ocean Strategic Plans under 
title IV— 
(A) $350,000,000 for fiscal year 2008; 
(B) $700,000,000 for fiscal year 2009; and 
(C) $1,000,000,000 for fiscal year 2010 
and each fiscal year thereafter. 
(2) To the Administrator for allocation, with 
concurrence of the Committee on Ocean Policy, only 
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112 
for carrying out responsibilities of the Federal Gov-
ernment for development and implementation of Re-
gional Ocean Strategic Plans required under title 
IV— 
(A) $50,000,000 for fiscal year 2008; 
(B) $100,000,000 for fiscal year 2009; and 
(C) $300,000,000 for fiscal year 2010 and 
each fiscal year thereafter. 
(c) SHORTFALL.—If amounts referred to in para-
graphs (1) through (3) of subsection (a) in any fiscal year 
after fiscal year 2007 are less than $1,300,000,000, the 
amounts transferred under paragraphs (1) and (2) of sub-
section (b) for that fiscal year shall each be reduced pro-
portionately. 
(d) INTEREST.—The Secretary of the Treasury shall 
invest monies in the Fund (including interest), and in any 
fund or account to which monies are transferred pursuant 
to subsection (b) of this section, in public debt securities 
with maturities suitable to the needs of the Fund, as de-
termined by the Secretary of the Treasury, and bearing 
interest at rates determined by the Secretary of the Treas-
ury, taking into consideration current market yields on 
outstanding marketable obligations of the United States 
of comparable maturity. Such invested monies shall re-
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main invested until needed to meet requirements for dis-
bursement for the programs financed under this Act. 
(e) INTENT OF CONGRESS TO SUPPLEMENT ANNUAL 
APPROPRIATIONS
FOR FEDERAL AGENCIES.—Amounts 
made available by this Act are intended by the Congress 
to supplement, and not detract from, annual appropria-
tions for Federal agencies receiving funding under this 
title. 
SEC. 502. LIMITATION ON USE OF AVAILABLE AMOUNTS 
FOR ADMINISTRATION. 
Notwithstanding any other provision of law, of 
amounts made available by this title (including the amend-
ments made by this title) for a particular activity, not 
more than 2 percent may be used for administrative ex-
penses of that activity. 
SEC. 503. RECORDKEEPING REQUIREMENTS. 
The Administrator, in consultation with the Com-
mittee on Ocean Policy, shall establish such rules regard-
ing recordkeeping by State and local governments and the 
auditing of expenditures made by State and local govern-
ments from funds made available under this Act as may 
be necessary. Such rules shall be in addition to other re-
quirements established regarding recordkeeping and the 
auditing of such expenditures under other authority of 
law. 
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114 
SEC. 504. MAINTENANCE OF EFFORT AND MATCHING FUND-
ING. 
(a) IN GENERAL.—It is the intent of the Congress 
in this Act that States not use this Act as an opportunity 
to reduce State or local resources for the programs funded 
by this Act. Except as provided in subsection (b), no State 
or local government shall receive any funds under this Act 
during any fiscal year in which its expenditures of non- 
Federal funds for recurrent expenditures for programs for 
which funding is provided under this Act will be less than 
its expenditures were for such programs during the pre-
ceding fiscal year. No State or local government shall re-
ceive funding under this Act with respect to a program 
unless the Administrator is satisfied that such a grant will 
be so used to supplement and, to the extent practicable, 
increase the level of State, local, or other non-Federal 
funds available for such program. 
(b) EXCEPTION.—The Administrator may provide 
funding under this Act to a State or local government not 
meeting the requirements of subsection (a) if the Adminis-
trator determines that a reduction in expenditures— 
(1) is attributable to a nonselective reduction in 
expenditures for the programs of all executive 
branch agencies of the State or local government; or 
(2) is a result of reductions in State or local 
revenue as a result of a downturn in the economy. 
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(c) USE OF FUND TO MEET MATCHING REQUIRE-
MENTS.—All funds received by a State or local govern-
ment under this Act shall be treated as Federal funds for 
purposes of compliance with any provision in effect under 
any other law requiring that non-Federal funds be used 
to provide a portion of the funding for any program or 
project. 
SEC. 505. COMMUNITY ASSISTANCE FORMULA AND PAY-
MENTS. 
(a) 
CONSERVATION
PAYMENTS
TO
COASTAL 
STATES.— 
(1) GRANT PROGRAM.—Amounts transferred to 
the Administrator from the Fund under section 
501(b)(1) for purposes of making payments to coast-
al States under this title in any fiscal year shall be 
allocated by the Administrator among coastal States 
as provided in this section each such fiscal year. In 
each such fiscal year, the Administrator shall, with-
out further appropriation, disburse such allocated 
funds to those coastal States for which the Adminis-
trator has approved a spending plan under section 
506 and that have met all other requirements of this 
title. Payments for all projects shall be made by the 
Administrator to the Governor of the State or to the 
State official or agency designated by the Governor 
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