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SECTION 1. DEFINITIONS.

For purposes of this Act only, the term--
(1) ''coastline'' has the same meaning that it has in the
Submerged Lands Act (43 U.S.C. 1301 et seq.);
(2) ''county'' means a unit of general government
constituting the local jurisdiction immediately below the level
of State government. This term includes, but is not limited to,
counties, parishes, villages and tribal governments which
function in lieu of and are not within a county, and in Alaska,
borough governments. If State law recognizes an entity of
general government that functions in lieu of and is not within
a county, the Secretary may recognize such other entities of
general government as counties;
(3) ''coastline State'' means any State of the United
States bordering on the Atlantic Ocean, the Pacific Ocean, the
Arctic Ocean, the Bering Sea or the Gulf of Mexico;
(4) ''distance'' means minimum great circle distance,
measured in statute miles;
(5) ''leased tract'' means a tract, leased under section 8
of the Outer Continental Shelf Lands Act (43 U.S.C. 1337) for
the purpose of drilling for, developing and producing oil or
natural gas resources, which is a unit consisting of either a
block, a portion of a block, a combination of blocks and/or
portions of blocks, as specified in the lease, and as depicted
on an Outer Continental Shelf Official Protraction Diagram;
(6) ''new revenues'' means monies received by the United
States as royalties (including payments for royalty taken in
kind and sold pursuant to section 27 of the Outer Continental
Shelf Lands Act (43 U.S.C. 1353)), net profit share payments,
and related late-payment interest from natural gas and oil
leases issued pursuant to the Outer Continental Shelf Lands
Act, but only from leased tracts from which such revenues are
first received by the United States after the date of enactment
of this Act;
(7) ''Outer Continental Shelf'' means all submerged lands
lying seaward and outside of the area of ''lands beneath
navigable waters'' as defined in section 2(a) of the Submerged
Lands Act 43 U.S.C. 1301(a)), and of which the subsoil
and seabed appertain to the United States and are subject to its
jurisdiction and control; and
(8) ''Secretary'' means the Secretary of the Interior or
the Secretary's designee.

SEC. 2. IMPACT ASSISTANCE FORMULA AND PAYMENTS.

(a) There is established a fund in the Treasury of the United
States, which shall be known as the ''Outer Continental Shelf Impact
Assistance Fund'' (hereinafter referred to in this Act as ''the
Fund''). Allocable new revenues determined under subsection (c) shall
be deposited in the Fund.
(b) The Secretary of the Treasury shall invest excess monies in the
Fund, at the written request of the Secretary, in public debt
securities with maturities suitable to the needs of the Fund, as
determined by the Secretary, and bearing interest at rates determined
by the Secretary of the Treasury, taking into consideration current
market yields on outstanding marketable obligations of the United
States of comparable maturity.
(c) Notwithstanding section 9 of the Outer Continental Shelf Lands
Act (43 U.S.C. 1338), amounts in the Fund, together with interest
earned from investment thereof, shall be paid at the direction of the
Secretary as follows:
(1) The Secretary shall determine the new revenues from any
leased tract or portion of a leased tract lying seaward of the
zone defined and governed by section 8(g) of the Outer
Continental Shelf Lands Act (43 U.S.C. 1337(g)), or lying
within such zone but to which section 8(g) does not apply, the
geographic center of which lies within a distance of 200 miles
from any part of the coastline of any coastal State
(hereinafter referred to as an ''eligible coastal State'').
(2) The Secretary shall determine the allocable share of
new revenues determined under paragraph (1) by multiplying such
revenues by 27 percent.
(3) The Secretary shall determine the portion of the
allocable share of new revenues attributable to each eligible
coastal State (hereinafter referred to as the ''eligible
coastal State's attributable share'') based on a fraction which
is inversely proportional to the distance between the nearest
point on the coastline of the eligible coastal State and the
geographic center of the leased tract or portion of the leased
tract (to the nearest whole mile). Further, the ratio of an
eligible State's attributable share to any other eligible
State's attributable share shall be equal to the inverse of the
ratio of the distances between the geographic center of the
leased tract or portion of the leased tract and the coastlines
of the respective eligible coastal States. The sum of the
eligible coastal States' attributable shares shall be equal to
the allocable share of new revenues determined under paragraph
(2).
(4) The Secretary shall pay from the Fund 50 percent of
each eligible coastal State's attributable share, together with
the portion of interest earned from investment of the funds
which corresponds to that amount, to that State.
(5) Within 60 days of enactment of this Act, the Governor
of each eligible coastal State shall provide the Secretary with
a list of all counties, as defined herein, that are to be
considered for eligibility to receive impact assistance
payments. This list must include all counties with borders
along the State's coastline and may also include counties which
are at the closest point no more than 60 miles from the State's
coastline and which are certified by the Governor to have
significant impacts from Outer Continental Shelf-related
activities. For any such county that does not have a border
along the coastline, the Governor shall designate the coastline
of the nearest county that does have a border along the
coastline to serve as the former county's coastline for the
purposes of this section. The Governor of any eligible coastal
State may modify this list whenever significant changes in
Outer Continental Shelf activities require a change, but no
more frequently than once a year.
(6) The Secretary shall determine, for each county within
the eligible coastal State identified by the Governor according
to paragraph (5) for which any part of the county's coastline
lies within a distance of 200 miles of the geographic center of
the leased tract or portion of the leased tract (hereinafter
referred to as an ''eligible county'') 50 percent of the
eligible coastal State's attributable share which is
attributable to such county (hereinafter referred to as the
''eligible county's attributable share'') based on a fraction
which is inversely proportional to the distance between the
nearest point on the coastline of the eligible county and the
geographic center of the leased tract or portion of the leased
tract (to the nearest whole mile). Further, the ratio of any
eligible county's attributable share to any other eligible
county's attributable share shall be equal to the inverse of
the ratio of the distances between the geographic center of the
leased tract or portion of the leased tract and the coastlines
of the respective eligible counties. The sum of the eligible
counties' attributable shares for all eligible counties within
each State shall be equal to 50 percent of the eligible coastal
State's attributable share determined under paragraph (3).
(7) The Secretary shall pay from the Fund the eligible
county's attributable share, together with the portion of
interest earned from investment of the Fund which corresponds
to that amount, to that county.
(8) Payments to eligible coastal States and eligible
counties under this section shall be made not later than
December 31 of each year from new revenues received and
interest earned thereon during the immediately preceding fiscal
year, but not earlier than one year following the date of
enactment of this Act.
(9) The remainder of new revenues and interest earned in
the Fund not paid to an eligible State or an eligible county
under this section shall be disposed of according to the law
otherwise applicable to receipts from leases on the Outer Continental
Shelf.

SEC. 3. USES OF FUNDS.

Funds received pursuant to this Act shall be used by the eligible
coastal States and eligible counties for projects and activities
related to all impacts of Outer Continental Shelf-related activities
including but not limited to--
(1) air quality, water quality, fish and wildlife,
wetlands, or other coastal resources;
(2) other activities of such State or county, authorized by
the Coastal Zone Management Act of 1972 (16 U.S.C. 1451 et
seq.), the provisions of subtitle B of title IV of the Oil
Pollution Act of 1990 (104 Stat. 523), or the Federal Water
Pollution Control Act (33 U.S.C. 1251 et seq.); and
(3) administrative costs of complying with the provisions
of this subtitle.

SEC. 4. OBLIGATIONS OF ELIGIBLE COUNTIES AND STATES.

(a) Project Submission.--Prior to the receipt of funds pursuant to
this Act for any fiscal year, an eligible county must submit to the
Governor of the State in which it is located a plan setting forth the
projects and activities for which the eligible county proposes to
expend such funds. Such plan shall state the amounts proposed to be
expended for each project or activity during the upcoming fiscal year.
(b) Project Approval.--Prior to the payment of funds pursuant to
this Act to any eligible county for any fiscal year, the Governor must
approve the plan submitted by the eligible county pursuant to
subsection (a) and notify the Secretary of such approval. State
approval of any such plan shall be consistent with all applicable State
and federal law. In the event the Governor disapproves any such plan,
the funds that would otherwise be paid to the eligible county shall be
placed in escrow by the Secretary pending modification and approval of
such plan, at which time such funds together with interest thereon
shall be paid to the eligible county.
(c) Certification.--No later than 60 days after the end of the
fiscal year, any eligible county receiving funds under this Act must
certify to the Governor--
(1) the amount of such funds expended by the county during
the previous fiscal year;
(2) the amounts expended on each project or activity; and
(3) the status of each project or activity.

SEC. 5. ANNUAL REPORT, REFUNDS.

(a) On June 15 of each fiscal year, the Governor of each State
receiving monies from the Fund shall account for all monies so received
for the previous fiscal year in a written report to Congress.
(b) In those instances where through judicial decision,
administrative review, arbitration or other means there are royalty
refunds owed to entities generating new revenues under this Act,
repayment of such refunds in the same proportion as monies were
received under section 2 shall be the responsibility of the
governmental entities receiving distributions under the Fund.
Establishes the Outer Continental Shelf Impact Assistance Fund to provide impact assistance to coastal States from allocable new revenues (payments received by the United States as royalties, net profit share payments, and related late-payment interest from natural gas and oil leases under the Outer Continental Shelf Lands Act).
Sets forth a formula for use by the Secretary of the Interior to determine the portion of the allocable share of new revenues attributable to each coastal State and county eligible to receive impact assistance payments.
Mandates that such funds be expended by the eligible coastal States and counties for certain environmental projects and activities.
Requires: (1) an eligible county to submit for the Governor's approval a plan setting forth the projects and activities for which it proposes to expend impact assistance funds; and (2) the Governor of each recipient State to account to the Congress for all Fund monies received for the previous fiscal year.