‘‘(2) APPORTIONMENT.—The Secretary shall
apportion amounts made available for apportionment
by reason of paragraph (1).
‘‘(3) PERIOD OF AVAILABILITY.—Any funds ap-
portioned pursuant to paragraph (2) shall remain
available for the period for which they would be
available if such apportionment took effect with the
fiscal year in which they are apportioned pursuant
to paragraph (2).
‘‘(e) DEFINITIONS.—For purposes of this section, the
following definitions apply:
‘‘(1) UNFUNDED AVIATION AUTHORIZATIONS.—
The term ‘unfunded aviation authorization’ means,
at any time, the excess (if any) of—
‘‘(A) the total amount authorized to be ap-
propriated or available for obligation from the
Airport and Airway Trust Fund which has not
been appropriated or obligated, over
‘‘(B) the amount available in the Airport
and Airway Trust Fund at such time to make
such appropriation or to liquidate such obliga-
tions (after all other unliquidated obligations at
such time which are payable from the Airport
and Airway Trust Fund have been liquidated).
‘‘(2) NET AVIATION RECEIPTS.—The term ‘net
aviation receipts’ means, with respect to any period,
the excess of—
‘‘(A) the receipts (including interest) of the
Airport and Airway Trust Fund during such
period, over
‘‘(B) the amounts to be transferred during
such period from the Airport and Airway Trust
Fund under section 9502(d) of the Internal
Revenue Code of 1986 (other than paragraph
(1) thereof).
‘‘(f) REPORTS.—Any estimate under subsection (a)
and any determination under subsection (b), (c), or (d)
shall be reported by the Secretary to Congress.’’.
(b) CONFORMING AMENDMENT.—The analysis for
chapter 471 of title 49, United States Code, is amended
by adding at the end of subchapter I the following:
‘‘47130. Safeguards against deficit spending.’’.
SEC. 4. SAFEGUARDS AGAINST DEFICIT SPENDING OUT OF
THE INLAND WATERWAYS TRUST FUND AND
HARBOR MAINTENANCE TRUST FUND.
(a) ESTIMATES OF UNFUNDED INLAND WATERWAYS
AUTHORIZATIONS AND NET INLAND WATERWAYS RE-
CEIPTS.—Not later than March 31 of each year, the Sec-
retary of the Army, in consultation with the Secretary of
the Treasury, shall estimate—
(1) the amount which would (but for this sec-
tion) be the unfunded inland waterways authoriza-
tions and unfunded harbor maintenance authoriza-
tions at the close of the next fiscal year; and
(2) the net inland waterways receipts and net
harbor maintenance receipts at the close of the next
fiscal year.
(b) PROCEDURE WHERE THERE
IS EXCESS UN-
FUNDED INLAND WATERWAYS AUTHORIZATIONS.—If the
Secretary of the Army determines with respect to the In-
land Waterways Trust Fund or the Harbor Maintenance
Trust Fund for any fiscal year that the amount described
in subsection (a)(1) exceeds the amount described in sub-
section (a)(2), the Secretary shall determine the amount
of such excess.
(c) ADJUSTMENT OF AUTHORIZATIONS WHERE UN-
FUNDED AUTHORIZATIONS EXCEED RECEIPTS.—
(1) DETERMINATION OF PERCENTAGE.—If the
Secretary of the Army determines that there is an
excess referred to in subsection (b), the Secretary of
the Army shall determine the percentage which—
(A) such excess, is of
(B) the total of the amounts authorized to
be appropriated and the amounts available for
obligation from the Inland Waterways Trust