from the sale or disposition of helium on Federal lands
shall be paid to the Treasury and credited against the
amounts required to be repaid to the Treasury under sub-
section (c) of this section.’’.
(5) Subsection (e) is repealed.
(6) Subsection (f) is amended by inserting
‘‘(1)’’ after ‘‘(f)’’ and by adding the following at the
end thereof:
‘‘(2) Within 7 days after the commencement of each
fiscal year after the disposal of the facilities referred to
in section 4(c), all amounts in such fund in excess of
$2,000,000 (or such lesser sum as the Secretary deems
necessary to carry out this Act during such fiscal year)
shall be paid to the Treasury and credited as provided in
paragraph (1). Upon repayment of all amounts referred
to in subsection (c), the fund established under this sec-
tion shall be terminated and all moneys received under this
Act shall be deposited in the Treasury as General Reve-
nues.’’.
SEC. 5. ELIMINATION OF STOCKPILE.
Section 8 is amended to read as follows:
‘‘SEC. 8. ELIMINATION OF STOCKPILE.
‘‘(a) REVIEW OF RESERVES.—The Secretary shall re-
view annually the known helium reserves in the United
States and make a determination as to the expected life
of the domestic helium reserves (other than federally
owned helium stored at the Cliffside Reservoir) at that
time.
‘‘(b) STOCKPILE SALES.—Not later than January 1,
2004, the Secretary shall commence offering for sale crude
helium from helium reserves owned by the United States
in such minimum annual amounts as would be necessary
to dispose of all such helium reserves in excess of
600,000,000 cubic feet (mcf) on a straight-line basis be-
tween such date and January 1, 2014; provided that the
minimum price for all such sales, as determined by the
Secretary in consultation with the helium industry, shall
be such as will ensure repayment of the amounts required
to be repaid to the Treasury under section 6(c), and pro-
vided further that the minimum annual sales requirement
may be deferred only if, and to the extent that, the Sec-
retary is unable to arrange sales at the minimum price.
The sales shall be at such times during each year and in
such lots as the Secretary determines, in consultation with
the helium industry, are necessary to carry out this sub-
section with minimum market disruption.
‘‘(c) DISCOVERY OF ADDITIONAL RESERVES.—The
discovery of additional helium reserves shall not affect the
duty of the Secretary to make sales of helium as provided
in subsection (b), as the case may be.’’.
SEC. 6. REPEAL OF AUTHORITY TO BORROW.
Sections 12 and 15 are repealed.
SEC. 7. REPORTS.
Section 16 is amended by redesignating existing sec-
tion 16 as section 16(a) and inserting the following at the
end thereof:
‘‘(b)(1) The Inspector General of the Department of
the Interior shall cause to be prepared, not later than
March 31 following each fiscal year commencing with the
date of enactment of the Helium Privatization Act of
1995, annual financial statements for the Helium Oper-
ations of the Bureau of Mines. The Director of the Bureau
of Mines shall cooperate with the Inspector General in ful-
filling this requirement, and shall provide him with such
personnel and accounting assistance as may be necessary
for that purpose. The financial statements shall be audited
by the General Accounting Office, and a report on such
audit shall be delivered by the General Accounting Office
to the Secretary of the Interior and Congress, not later
than June 30 following the end of the fiscal year for which
they are prepared. The audit shall be prepared in accord-
ance with generally accepted government auditing stand-
ards.
‘‘(2) The financial statements shall be comprised of
the following:
‘‘(A) A balance sheet reflecting the overall fi-
nancial position of the Helium Operations, including
assets and liabilities thereof;
‘‘(B) the Statement of Operations, reflecting
the fiscal period results of the Helium Operations;
‘‘(C) a statement cash flows or changes in fi-
nancial position of the Helium Operations; and
‘‘(D) a reconciliation of budget reports of the
Helium Operations.
‘‘(3) The Statement of Operations shall include but
not be limited to the revenues from, and costs of, sales
of crude helium, the storage and transportation of crude
helium, the production, refining and marketing of refined
helium, and the maintenance and operation of helium stor-
age facilities at the Bureau of Mines Cliffside Field. The
term ‘revenues’ for this purpose shall exclude (A) royalties
paid to the United States for production of helium or other
extraction of resources, except to the extent that the He-
lium Operations incur direct costs in connection therewith,
and (B) proceeds from sales of assets other than inven-
tory. The term ‘expenses’ shall include, but not be limited
to (i) all labor costs of the Bureau of Mines Helium Oper-
ations, and of the Department of the Interior in connec-
tion therewith, and (ii) for financial reporting purposes
but not in connection with the determination of sales