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Federal share of the costs incurred by the business or joint
venture, as determined by independent audit.
(7) A contract or award under this Act shall contain
appropriate provisions for discontinuance of the project
and return of the unspent Federal funds to the Agency
(after payment of all allowable costs and an audit) if—
(A) due to technical difficulties, financial dif-
ficulty on the part of the recipient, or for any other
reason, the recipient is not making satisfactory
progress toward successful completion of the project;
or
(B) despite satisfactory progress on the
progress, it appears that the project will not achieve
satisfactorily the goals of the project.
(8) Upon dissolution of a joint venture that receives
funding under this Act or at a time otherwise agreed upon,
the United States shall be entitled to a share of the resid-
ual assets of a joint venture that is proportionate to the
Federal share of the costs of the joint venture, as deter-
mined by independent audit.
SEC. 9. REVOLVING FUND.
(a) ESTABLISHMENT.—There is established in the
Treasury of the United States a revolving fund to be
known as the ‘‘Environmental Advanced Research
Projects Revolving Fund’’, which shall consist of such
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amounts as are appropriated or credited to it from time
to time.
(b) EXPENDITURES FROM THE FUND.—Amounts in
the Fund shall be available, as provided in appropriations
Acts, to carry out the purposes of this Act.
(c) LOANS, GRANTS, AND OTHER FINANCIAL ASSIST-
ANCE.—(1) The Administrator may use the Fund for the
purpose of making loans, grants, and other financial as-
sistance to industrial and nonprofit research centers, uni-
versities, and other entities that serve the long-term envi-
ronmental security needs of the United States, to carry
out the purposes of this Act.
(2) A loan made under this section shall bear interest
at a rate determined by the Secretary of the Treasury (as
of the close of the calendar month preceding the month
in which the loan is made) to be 3 percent less than the
current market yield on outstanding marketable obliga-
tions of the United States with remaining periods to matu-
rity comparable to the period for which the loan is made.
(3) Repayments on a loan made under this section
and the proceeds from any other agreement entered into
by the Administrator under this Act shall be credited to
the Fund.
(d) MANAGEMENT OF FUND.—(1) The Secretary of
the Treasury shall manage the Fund and, after consulta-
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tion with the Administrator, report to Congress each year
on the financial condition and the results of the operation
of the Fund during the preceding fiscal year and on the
expected condition and operations of the Fund during the
next 5 fiscal years.
(2)(A) The Secretary of the Treasury shall invest the
portion of the Fund that is not, in the judgment of the
Secretary, required to meet current withdrawals.
(B) Investments of monies in the Fund may be made
only in interest-bearing obligations of the United States.
SEC. 10. ANNUAL REPORT.
The Administrator shall submit a report to Congress
annually describing—
(1) the activities of the Agency;
(2) the Agency’s plans for future activities;
(3) the manner and extent to which tech-
nologies developed with assistance from the Agency
have been used; and
(4) the extent to which those technologies have
been transferred overseas.
SEC. 11. APPROPRIATIONS.
(a) AMOUNTS.—There are authorized to be appro-
priated to the Agency to carry out this Act $75,000,000
for fiscal year 1993, $140,000,000 for fiscal year 1994,
and $200,000,000 for fiscal year 1995.
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(b) LIMITATION ON USE.—Of amounts appropriated
to the Agency, no more than 5 percent may be used to
pay for administrative expenses of the Agency.
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