Environmental Improvement and Restoration Fund

One half of the amounts awarded by the Supreme Court to the United States in the case of United States of America v. State of Alaska (117 S.Ct. 1888) shall be deposited in a fund in the Treasury of the United States to be known as the “Environmental Improvement and Restoration Fund” (referred to in this section as the “Fund”). The Secretary of the Treasury shall invest amounts in the Fund in interest bearing obligations of the United States. For the purpose of investments under paragraph (1), obligations may be acquired— Any obligations acquired by the Fund may be sold by the Secretary of the Treasury at the market price. The interest earned from investments of the Fund shall be covered into and form a part of the Fund. Each year, interest earned and covered into the Fund in the previous fiscal year shall be made available as follows: A project referred to in subsection (c)(1) shall be consistent with the laws governing the National Park System, the National Wildlife Refuge System, the public lands and Forest Service lands and management plan for such unit. The Board shall be comprised of the following representatives or their designees— If the amount made available for a fiscal year under subsection (c)(2) is less than the amount made available in the previous fiscal year, the Administrator of the National Oceanic and Atmospheric Administration may increase the 15 percent cap on administrative expenses provided under paragraph (4)(B) for that fiscal year to prioritize—