junction with the Secretary of the Department in 
which the Coast Guard is operating, the Secretary of 
Defense acting through the Secretary of the Army, 
and the Secretary of State. 
SEC. 8. BONDS; ISSUANCE; MATURITY; REDEMPTION; IN-
TEREST; PURCHASE OF OBLIGATIONS BY THE 
SECRETARY OF THE TREASURY. 
(a) IN GENERAL.—To finance its activities, the Cor-
poration may issue revenue bonds payable from corporate 
revenue to the Secretary of the Treasury. 
(b) TOTAL VALUE.—The total value of all bonds 
issued as described in subsection (a) shall not exceed a 
sum that shall be determined by the Secretary of Trans-
portation in conjunction with the Secretary of the Treas-
ury. 
(c) MATURITY DATES.—Bonds issued as described in 
subsection (a) shall have maturity dates agreed upon by 
the Corporation and the Secretary of the Treasury that 
shall not be in excess of 50 years. The obligations on such 
bonds may be redeemable at the option of the Corporation 
before the maturity in such a manner as may be stipulated 
in such obligations, but the obligations thus redeemed 
shall not be refinanced by the Corporation. 
(d) COORDINATION WITH TITLE 31.— 
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(1) AUTHORITY TO USE PROCEEDS FROM SALE 
OF TREASURY SECURITIES.—For the purpose of pur-
chasing obligations of the Corporation, the Secretary 
of the Treasury may use as a public debt transaction 
the proceeds from the sale by the Secretary of any 
securities issued under chapter 31 of title 31, United 
States Code, and the purposes for which securities 
may be issued under such chapter are extended to 
include such purchases. 
(2) TREATMENT OF TRANSACTIONS.—All pur-
chases and sales by the Secretary of the Treasury of 
obligations issued by the Corporation under this sec-
tion shall be treated as public debt transactions of 
the United States. 
SEC. 9. REPORTS. 
(a) IN GENERAL.—Not later than 1 year after the 
outset of corporate activities of the Corporation, the Cor-
poration shall submit a special report to Congress regard-
ing its general operations. 
(b) ADDITIONAL REPORTS.— 
(1) NEW PROPOSALS.—In addition to the re-
port described in subsection (a), the Corporation 
shall submit to Congress a special report whenever 
there is proposed a new feature, facility, design, or 
phase of the Corporation involving an estimated 
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value exceeding $1,000,000, that shall include jus-
tification for the new feature, facility, design, or 
phase. 
(2) PROGRESS
REPORTS.—The Corporation 
shall submit reports upon the request of the Board 
of Directors, the President, or Congress regarding 
progress of the Corporation, including financial re-
ports regarding expenses or revenues, extreme 
weather patterns in the Arctic region, or reports as 
determined necessary by Congress. Such reports 
shall be submitted not later than 180 days after the 
date of the initial request. 
(3) ENVIRONMENTAL
IMPACT
REPORTS.—The 
Board of Directors may direct the Corporation to 
compile detailed reports regarding the environmental 
impact of increased marine shipping within the Arc-
tic region. Such reports shall be submitted not later 
than 180 days after the date of the initial request 
from the Board of Directors. 
SEC. 10. THE ROLE OF THE DEPARTMENT OF STATE IN FA-
CILITATING INTERNATIONAL ENGAGEMENT. 
(a) PROMOTING INTERNATIONAL COOPERATION.— 
The Secretary of State shall undertake a leadership role 
in engaging in multilateral dialogues with member and ob-
server nations of the Arctic Council with the intention of 
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encouraging cooperation in providing coordinated services 
for shipping in the Arctic Ocean and its approaches. The 
Corporation shall encourage cooperative and collaborative 
relationships with the member and observer nations of the 
Arctic Council in order to establish fair and reasonable 
tolls and, where applicable, joint facilities, as described in 
section 7. 
(b) INTERNATIONAL FEES AND TOLLS.—The Cor-
poration is hereby authorized and instructed to waive fees 
and tolls as necessary for international cooperation. 
Æ 
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