‘‘(B) the amount available in the Airport
and Airway Trust Fund at such time to make
such appropriation (after all other unliquidated
obligations at such time which are payable from
the Airport and Airway Trust Fund have been
liquidated).’’.
(b) CONFORMING
AMENDMENT.—The analysis for
chapter 471 of title 49, United States Code, is amended by
striking
‘‘47131. Annual report.’’
and inserting the following:
‘‘47131. Safeguards against deficit spending.
‘‘47132. Annual report.’’.
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 first fiscal year that begins
after that March 31; and
(2) the net inland waterways receipts and net
harbor maintenance receipts at the close of such fiscal
year.
(b) PROCEDURE IF EXCESS UNFUNDED INLAND WA-
TERWAYS AUTHORIZATIONS.—If the Secretary of the Army
determines with respect to the Inland 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 subsection (a)(2), the Secretary
shall determine the amount of such excess.
(c) ADJUSTMENT OF AUTHORIZATIONS IF UNFUNDED
AUTHORIZATIONS EXCEED RECEIPTS.—
(1) DETERMINATION
OF
PERCENTAGE.—If the
Secretary of the Army determines that there is an ex-
cess referred to in subsection (b) for a fiscal year, 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 from the Inland Waterways
Trust Fund or the Harbor Maintenance Trust
Fund, as the case may be, for the next fiscal
year.
(2) ADJUSTMENT OF AUTHORIZATIONS.—If the
Secretary of the Army determines a percentage under
paragraph (1), each amount authorized to be appro-
priated from the Trust Fund for the next fiscal year
shall be reduced by such percentage.
(d) AVAILABILITY OF AMOUNTS PREVIOUSLY WITH-
HELD.—If, after an adjustment has been made under sub-
section (c)(2), the Secretary of the Army determines with
respect to the Inland Waterways Trust Fund or the Harbor
Maintenance Trust Fund that the amount described in sub-
section (a)(1) does not exceed the amount described in sub-
section (a)(2) or that the excess referred to in subsection
(b) with respect to the Trust Fund is less than the amount
previously determined, each amount authorized to be appro-
priated that was reduced under subsection (c)(2) with re-
spect to the Trust Fund shall be increased, by an equal per-
centage, to the extent the Secretary of the Army determines
that it may be so increased without causing the amount
described in subsection (a)(1) to exceed with respect to the
Trust Fund the amount described in subsection (a)(2) (but
not by more than the amount of the reduction).
(e) REPORTS.—Any estimate under subsection (a) and
any determination under subsection (b), (c), or (d) shall
be reported by the Secretary of the Army to Congress.
(f) DEFINITIONS.—For purposes of this section the fol-
lowing definitions apply: