Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Helium Privatization Act of 1997''.

SEC. 2. AMENDMENT OF HELIUM ACT.

Whenever in this Act an amendment or repeal is expressed in terms
of an amendment to, or repeal of, a section or other provision, the
reference shall be considered to be made to a section or other
provision of the Helium Act (50 U.S.C. 167-167n), as amended by the
Helium Privatization Act of 1996 (Public Law 104-273).

SEC. 3. DISPOSAL OF FACILITIES.

Section 4 is amended by--
(1) striking subsection (c); and
(2) redesignating subsection (d) as subsection (c).

SEC. 4. SALE OF CRUDE HELIUM.

Subsection 6(c) is amended by striking ''--'' and all that follows
through ''(2)''.

SEC. 5. ELIMINATION OF STOCKPILE.

Section 8 is amended to read as follows:

''SEC. 8. ELIMINATION OF STOCKPILE.

''(a) Secretary of Defense.--
''(1) In general.--Half of the helium reserves owned by the
United States on the date of the enactment of the Helium
Privatization Act of 1997 shall be placed under the authority
of the Secretary of Defense, who shall determine and execute
the storage, transportation, and use of helium from the
reserves. The Federal Government shall forgive any share of
debt owed on these reserves.
''(2) Location of reserves.--The Secretary of Defense may
maintain the reserves under the authority of the Secretary of
Defense at the site on which they are located on the date of
enactment of this Act, or transfer the reserves to another
site. In a case in which the Secretary of Defense elects to
transfer the reserves, the Secretary shall notify the Secretary
of the Interior of the transfer not later than the
predetermined date agreed to by the Secretary of Defense and
Secretary of the Interior.
''(b) Department of the Interior.--
''(1) In general.--The remaining half of the helium
reserves owned by the United States on the date of the
enactment of the Helium Privatization Act of 1997 shall remain
under the authority of the Secretary of the Interior.
''(2) Disposal of reserves.--
''(A) Investment administrator.--In order to
dispose of the helium reserves under the authority of
the Secretary of the Interior, the Secretary of the
Interior shall appoint an Investment Administrator to
sell--
''(i) the helium from the helium reserves;
and
''(ii) any production, refining, and
marketing assets of the reserves, unless the
Secretary of Defense determines that such
assets are essential to the transportation or
storage needs of the Secretary of Defense.
The proceeds from any sales shall be paid to the
Treasury of the United States. A percentage of the
proceeds, as agreed to by the Secretary of the Interior
and the Investment Administrator, shall be used to pay
the salary of the Investment Administrator.
''(B) Selection criteria for investment
administrator.--Any individual interested in the
position of Investment Administrator shall, within a
time period to be determined by the Secretary of the
Interior--
''(i) submit in writing to the Secretary of
the Interior a plan for disposing of the helium
reserves under the authority of the Secretary
of the Interior (including any unobligated
natural gas reserves and real estate at the
helium reserves used in helium refinement and
production); and
''(ii) make an oral presentation to the
Secretary of the Interior on such plan.
''(C) Interim disposal.--The Secretary of the
Interior may determine a price in consultation with the
helium industry, and sell helium described in paragraph
(1) during the period in which an Investment
Administrator has not been selected.
''(c) Discovery of Additional Reserves.--The discovery of
additional helium reserves shall not affect the duties of the
Secretaries to make sales of helium under this section.''.

SEC. 6. REPORT ON HELIUM.

(a) National Academy of Sciences Report.--Subsection 15(a) is
amended by inserting after ''disposal of helium reserves'' the
following: ''under the authority of the Secretary of Defense''.
(b) Report to Congress.--Subsection 15(b) is amended--
(1) in paragraph (1) by inserting ''and'' after the
semicolon;
(2) in paragraph (2) by striking ''; and'' and inserting a
period; and
(3) by striking paragraph (3).
Solution:
Helium Privatization Act of 1997 - Amends the Helium Act to repeal requirements for disposal of helium facilities. Revises the formula for price determinations for crude helium sales to eliminate all factors but inflation adjustments.
Revises stockpile elimination guidelines to mandate that half the Federal helium reserves be placed under the authority of the Secretary of Defense, who shall determine and implement helium storage, transportation, and use. States that the Federal Government shall forgive any debt owed on such reserves. Retains the remaining Federal helium under the authority of the Secretary of the Interior. Instructs such Secretary to appoint an Investment Administrator to sell the helium reserves and their attendant production, refining, and marketing assets unless the Secretary of Defense determines such assets are essential to Department of Defense transportation or storage needs. Mandates payment of helium sales proceeds to the Treasury, with a percentage of such proceeds paid as salary to the Administrator pursuant to an agreement between the Administrator and the Secretary of the Interior.
States that such Administrator shall be selected from individuals who submit and make an oral presentation of a written helium disposal plan (including any unobligated natural gas reserves and real estate used in helium refinement and production).
Authorizes the Secretary of the Interior to determine a sales price in consultation with the helium industry, and to sell helium during the period in which no Investment Administrator has been selected.
Declares that discovery of additional helium reserves shall not affect the duties of the Secretaries to make helium sales.
Narrows solely to reserves under the authority of the Secretary of Defense the scope of a currently mandated National Academy of Sciences study on whether disposal of helium reserves will have a substantial adverse effect on U.S. scientific, technical, biomedical, or national security interests.
Repeals the mandate that the Secretary of Defense make recommendations to the Congress on how to avoid potential adverse effects upon such U.S. interests by sales of crude helium reserves.