§ 7503 — National Oceans And Coastal Security Fund

(a) The Administrator and the Foundation are authorized to establish the National Oceans and Coastal Security Fund as a tax exempt fund to further the purposes of this chapter. (1) There shall be deposited into the Fund amounts appropriated or otherwise made available to carry out this chapter. (2) No amounts donated by a foreign government, as defined in section 7342 of title 5, may be deposited into the Fund. (c) Any amounts received by the Foundation pursuant to this chapter shall be subject to the provisions of the National Fish and Wildlife Foundation Establishment Act (16 U.S.C. 3701 et seq.), except the provisions of— (1) section 4(e)(1)(B) of that Act (16 U.S.C. 3703(e)(1)(B)); and (2) section 10(a) of that Act (16 U.S.C. 3709(a)). (d) Of the amounts deposited into the Fund for each fiscal year— (1) funds may be used by the Foundation to award grants to coastal States under section 7505(b) of this title; (2) funds may be used by the Foundation to award grants under section 7505(c) of this title; (3) no more than 2 percent may be used by the Administrator and the Foundation for administrative expenses to carry out this chapter, which amount shall be divided between the Administrator and the Foundation pursuant to an agreement reached and documented by both the Administrator and the Foundation. (e) After notice and an opportunity for a hearing, the Administrator is authorized to recover any Federal payments under this section if the Foundation— (1) makes a withdrawal or expenditure from the Fund that is not consistent with the requirements of section 7504 of this title; or (2) fails to comply with a procedure, measure, method, or standard established under section 7505(a)(1) of this title.