‘‘(A) DEPOSIT.—The Secretary shall de-
posit into a separate account in the Treasury 
all revenues derived from any oil shale or tar 
sands lease. 
‘‘(B) ALLOCATIONS TO STATES AND LOCAL 
POLITICAL SUBDIVISIONS.—The Secretary shall 
allocate 50 percent of the revenues deposited 
into the account established under subpara-
graph (A) to the State within the boundaries of 
which the leased lands are located, with a por-
tion of that to be paid directly by the Secretary 
to the State’s local political subdivisions as pro-
vided in this paragraph. 
‘‘(C) TRANSMISSION OF ALLOCATIONS.— 
‘‘(i) IN GENERAL.—Not later than the 
last business day of the month after the 
month in which the revenues were received, 
the Secretary shall transmit— 
‘‘(I) to each State two-thirds of 
such State’s allocations under sub-
paragraph (B), and in accordance 
with clauses (ii) and (iii) to certain 
county-equivalent and municipal polit-
ical subdivisions of such State a total 
of one-third of such State’s allocations 
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sroberts on PROD1PC70 with BILLS
under subparagraph (B), together 
with all accrued interest thereon; and 
‘‘(II) the remaining balance of 
such revenues deposited into the ac-
count that are not allocated under 
subparagraph (B), together with in-
terest thereon, shall be transmitted to 
the miscellaneous receipts account of 
the Treasury, except that until a lease 
has been in production for 20 years 
50 percent of such remaining balance 
derived from a lease shall be paid in 
accordance with subclause (I). 
‘‘(ii) 
ALLOCATIONS
TO
CERTAIN 
COUNTY-EQUIVALENT POLITICAL SUBDIVI-
SIONS.—The Secretary shall under clause 
(i)(I) make equitable allocations of the rev-
enues to county-equivalent political sub-
divisions that the Secretary determines are 
closely associated with the leasing and pro-
duction of oil shale and tar sands, under a 
formula that the Secretary shall determine 
by regulation. 
‘‘(iii) ALLOCATIONS
TO
MUNICIPAL 
POLITICAL SUBDIVISIONS.—The initial al-
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location to each county-equivalent political 
subdivision under clause (ii) shall be fur-
ther allocated to the county-equivalent po-
litical subdivision and any municipal polit-
ical subdivisions located partially or wholly 
within the boundaries of the county-equiva-
lent political subdivision on an equitable 
basis under a formula that the Secretary 
shall determine by regulation. 
‘‘(D) INVESTMENT OF DEPOSITS.—The de-
posits in the Treasury account established 
under this section shall be invested by the Sec-
retary of the Treasury in securities backed by 
the full faith and credit of the United States 
having maturities suitable to the needs of the 
account and yielding the highest reasonably 
available interest rates as determined by the 
Secretary of the Treasury. 
‘‘(E) USE
OF
FUNDS.—A recipient of 
funds under this subsection may use the funds 
for any lawful purpose as determined by State 
law. Funds allocated under this subsection to 
States and local political subdivisions may be 
used as matching funds for other Federal pro-
grams without limitation. Funds allocated to 
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sroberts on PROD1PC70 with BILLS
local political subdivisions under this subsection 
may not be used in calculation of payments to 
such local political subdivisions under programs 
for payments in lieu of taxes or other similar 
programs. 
‘‘(F) NO ACCOUNTING REQUIRED.—No re-
cipient of funds under this subsection shall be 
required to account to the Federal Government 
for the expenditure of such funds, except as 
otherwise may be required by law. 
‘‘(4) DEFINITIONS.—In this subsection: 
‘‘(A) 
COUNTY-EQUIVALENT
POLITICAL 
SUBDIVISION.—The term ‘county-equivalent po-
litical subdivision’ means a political jurisdiction 
immediately below the level of State govern-
ment, including a county, parish, borough in 
Alaska, independent municipality not part of a 
county, parish, or borough in Alaska, or other 
equivalent subdivision of a State. 
‘‘(B) 
MUNICIPAL
POLITICAL
SUBDIVI-
SION.—The term ‘municipal political subdivi-
sion’ means a municipality located within and 
part of a county, parish, borough in Alaska, or 
other equivalent subdivision of a State.’’. 
Æ 
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