I.R.C. § 9509(a) Creation Of Trust Fund —
There is established in the Treasury of the United States a trust fund to be known
as the “Oil Spill Liability Trust Fund”, consisting of such amounts as may be appropriated
or credited to such Trust Fund as provided in this section or section 9602(b).
I.R.C. § 9509(b) Transfers To Trust Fund —
There are hereby appropriated to the Oil Spill Liability Trust Fund amounts equivalent
to—
I.R.C. § 9509(b)(1) —
taxes received in the Treasury under section 4611 (relating to environmental tax on petroleum) to the extent attributable to the Oil
Spill Liability Trust Fund financing rate under section 4611(c),
I.R.C. § 9509(b)(2) —
amounts recovered under the Oil Pollution Act of 1990 for damages to natural resources
which are required to be deposited in the Fund under section 1006(f) of such Act,
I.R.C. § 9509(b)(3) —
amounts recovered by such Trust Fund under section 1015 of such Act,
I.R.C. § 9509(b)(4) —
amounts required to be transferred by such Act from the revolving fund established
under section 311(k)
of the Federal Water Pollution Control Act,
I.R.C. § 9509(b)(5) —
amounts required to be transferred by the Oil Pollution Act of 1990 from the Deepwater
Port Liability Fund established under section 18(f) of the Deepwater Port Act of
1974,
I.R.C. § 9509(b)(6) —
amounts required to be transferred by the Oil Pollution Act of 1990 from the Offshore
Oil Pollution Compensation Fund established under section 302 of the Outer Continental
Shelf Lands Act Amendments of 1978,
I.R.C. § 9509(b)(7) —
amounts required to be transferred by the Oil Pollution Act of 1990 from the Trans-Alaska
Pipeline Liability Fund established under section 204 of the Trans-Alaska Pipeline
Authorization Act, and
I.R.C. § 9509(b)(8) —
any penalty paid pursuant to section 311 of the Federal Water Pollution Control
Act, section 309(c) of such Act (as a result of violations of such section 311),
the Deepwater Port Act of 1974, or section 207 of the Trans-Alaska Pipeline Authorization
Act.
I.R.C. § 9509(c) Expenditures
I.R.C. § 9509(c)(1) Expenditure Purposes —
Amounts in the Oil Spill Liability Trust Fund shall be available, as provided in
appropriation Acts or section 6002(b)
of the Oil Pollution Act of 1990, only for purposes of making expenditures—
I.R.C. § 9509(c)(1)(A) —
for the payment of removal costs and other costs, expenses, claims, and damages
referred to in section 1012 of such Act,
I.R.C. § 9509(c)(1)(B) —
to carry out sections 5 and 7 of the Intervention on the High Seas Act relating
to oil pollution or the substantial threat of oil pollution,
I.R.C. § 9509(c)(1)(C) —
for the payment of liabilities incurred by the revolving fund established by section
311(k) of the Federal Water Pollution Control Act,
I.R.C. § 9509(c)(1)(D) —
to carry out subsections (b), (c),
(d), (j), and (l) of section 311 of the Federal Water Pollution Control Act with
respect to prevention, removal, and enforcement related to oil discharges (as defined
in such section),
I.R.C. § 9509(c)(1)(E) —
for the payment of liabilities incurred by the Deepwater Port Liability Fund, and
I.R.C. § 9509(c)(1)(F) —
for the payment of liabilities incurred by the Offshore Oil Pollution Compensation
Fund.
I.R.C. § 9509(c)(2) Limitations On Expenditures
I.R.C. § 9509(c)(2)(A) $1,000,000,000 Per Incident, Etc. —
The maximum amount which may be paid from the Oil Spill Liability Trust Fund with
respect to—
I.R.C. § 9509(c)(2)(A)(i) —
any single incident shall not exceed
$1,000,000,000, and
I.R.C. § 9509(c)(2)(A)(ii) —
natural resource damage assessments and claims in connection with any single incident
shall not exceed
$500,000,000.
I.R.C. § 9509(c)(2)(B) $30,000,000 Minimum Balance —
Except in the case of payments described in paragraph
(1)(A)(i), a payment may be made from such Trust Fund only if the amount in such
Trust Fund after such payment will not be less than
$30,000,000.
I.R.C. § 9509(d) Authority To Borrow
I.R.C. § 9509(d)(1) In General —
There are authorized to be appropriated to the Oil Spill Liability Trust Fund, as
repayable advances, such sums as may be necessary to carry out the purposes of such
Trust Fund.
I.R.C. § 9509(d)(2) Limitation On Amount Outstanding —
The maximum aggregate amount of repayable advances to the Oil Spill Liability Trust
Fund which is outstanding at any one time shall not exceed $1,000,000,000.
I.R.C. § 9509(d)(3) Repayment Of Advances
I.R.C. § 9509(d)(3)(A) In General —
Advances made to the Oil Spill Liability Trust Fund shall be repaid, and interest
on such advances shall be paid, to the general fund of the Treasury when the Secretary
determines that moneys are available for such purposes in such Fund.
I.R.C. § 9509(d)(3)(B) Final Repayment —
No advance shall be made to the Oil Spill Liability Trust Fund after December 31,
1994, and all advances to such Fund shall be repaid on or before such date.
I.R.C. § 9509(d)(3)(C) Rate Of Interest —
Interest on advances made pursuant to this subsection shall be—
I.R.C. § 9509(d)(3)(C)(i) —
at a rate determined by the Secretary of the Treasury (as of the close of the calendar
month preceding the month in which the advance is made) to be equal to the current
average market yield on outstanding marketable obligations of the United States with
remaining periods to maturity comparable to the anticipated period during which the
advance will be outstanding, and
I.R.C. § 9509(d)(3)(C)(ii) —
compounded annually.
I.R.C. § 9509(e) Liability Of The United States Limited To Amount In Trust Fund
I.R.C. § 9509(e)(1) General Rule —
Any claim filed against the Oil Spill Liability Trust Fund may be paid only out
of such Trust Fund.
I.R.C. § 9509(e)(2) Coordination With Other Provisions —
Nothing in the Oil Pollution Act of 1990 (or in any amendment made by such Act)
shall authorize the payment by the United States Government of any amount with respect
to any such claim out of any source other than the Oil Spill Liability Trust Fund.
I.R.C. § 9509(e)(3) Order In Which Unpaid Claims Are To Be Paid —
If at any time the Oil Spill Liability Trust Fund has insufficient funds (or is unable
by reason of subsection (c)(2)) to pay all of the claims out of such Trust Fund at
such time, such claims shall, to the extent permitted under paragraph (1) and such
subsection, be paid in full in the order in which they were finally determined.
I.R.C. § 9509(f) References To Oil Pollution Act Of 1990 —
Any reference in this section to the Oil Pollution Act of 1990 or any other Act referred
to in a subparagraph of subsection
(c)(1) shall be treated as a reference to such Act as in effect on the date of the
enactment of this subsection.
(Added Pub. L. 99-509, title VIII, Sec. 8033(a), Oct. 21, 1986, 100 Stat. 1959, Sec. 9507;
renumbered Sec. 9509, Pub. L. 99-509,
title VIII, Sec. 8033(c)(2)(B), Oct. 21, 1986, 100 Stat. 1962; amended
Pub. L. 100-647, title I, Sec. 1018(u)(20), Nov. 10, 1988, 102 Stat. 3591; Pub. L. 101-239, title VII, Sec. 7505(d)(2), 7811(m)(3), Dec. 19, 1989, 103 Stat. 2364, 2412; Pub. L. 101-380, title IX, Sec. 9001, Aug. 18, 1990, 104 Stat. 573.)
BACKGROUND NOTES
AMENDMENTS
1990 - Subsec. (b)(2) to
(8). Pub. L. 101-380, Sec. 9001(a), added pars. (2) to (8) and struck out former pars. (2) to (5) which read as follows:
“(2) amounts recovered, collected, or received under subtitle A of the Comprehensive
Oil Pollution Liability and Compensation Act,
“(3) amounts remaining (on January 1, 1990)
in the Deepwater Port Liability Fund established by section 18(f)
of the Deepwater Port Act of 1974,
“(4) amounts remaining (on such date) in the Offshore Oil Pollution Compensation Fund
established under section 302 of the Outer Continental Shelf Lands Act Amendments
of 1978, and
“(5) amounts credited to such trust fund under section 311(s) of the Federal Water
Pollution Control Act.”
Subsec. (c)(1). Pub. L. 101-380, Sec. 9001(b), amended par. (1) generally, substituting “Expenditure purposes” for “General expenditure
purposes” in heading and substituting current text consisting of subpars. (A) to
(F) for former text consisting of general provisions in subpar. (A)
and special rules in subpar. (B).
Subsec. (c)(2)(A). Pub. L. 101-380, Sec. 9001(c), substituted “$1,000,000,000”
for “$500,000,000” in heading and in cl. (i), and substituted “$500,000,000”
for “$250,000,000” in cl. (ii).
Subsec. (c)(2)(B). Pub. L. 101-380, Sec. 9001(e)(2), substituted “payments of removal costs” for “payments described in paragraph (1)(A)(i)”.
Subsec. (d)(2). Pub. L. 101-380, Sec. 9001(d)(1), substituted “$1,000,000,000”
for “$500,000,000”.
Subsec. (d)(3)(B). Pub. L. 101-380, Sec. 9001(d)(2), substituted “December 31, 1994” for “December 31, 1991”.
Subsec. (e)(2). Pub. L. 101-380, Sec. 9001(e)(1), substituted “Oil Pollution Act of 1990” for “Comprehensive Oil Pollution Liability
and Compensation Act”.
Subsec. (f). Pub. L. 101-380, Sec. 9001(e)(3), substituted “References to Oil Pollution Act of 1990” for “References to Comprehensive
Oil Pollution Liability and Compensation Act” in heading and amended text generally.
Prior to amendment, text read as follows: “For purposes of this section, references
to the Comprehensive Oil Pollution Liability and Compensation Act shall be treated
as references to any law enacted before December 31, 1990, which is substantially
identical to subtitle E of title VI, or subtitle D of title VIII, of H.R. 5300 of
the 99th Congress as passed by the House of Representatives.”
1989 - Subsec. (b)(3). Pub. L. 101-239, Sec. 7811(m)(3), made technical correction to directory language of Pub. L. 100-647, see 1988 Amendment note below.
Pub. L. 101-239, Sec. 7505(d)(2)(B), substituted “(on January 1, 1990)” for “(on the 1st day the Oil Spill Liability
Trust Fund financing rate under section 4611(c) applies)”.
Subsec. (c)(1)(A). Pub. L. 101-239, Sec. 7505(d)(2)(C), which directed amendment of subsec. (c)(1) by striking the last sentence, was executed
by striking out the last sentence of subsec. (c)(1)(A), as the probable intent of
Congress. Such sentence read as follows: “For purposes of this subparagraph, references
to the Comprehensive Oil Pollution Liability and Compensation Act shall be treated
as references to qualified authorizing legislation (as defined in section 4611).”
Subsec. (f). Pub. L. 101-239, Sec. 7505(d)(2)(A), added subsec. (f).
1988 - Subsec. (b)(3). Pub. L. 100-647, as amended by Pub. L. 101-239, Sec. 7811(m)(3), substituted “Deepwater” for “Deep Water” wherever appearing.
EFFECTIVE DATE OF 1990 AMENDMENT
Amendment by Pub. L. 101-380 applicable to incidents occurring after Aug. 18, 1990, see section 1020 of Pub. L. 101-380, set out as an Effective Date note under section 2701 of Title 33, Navigation and
Navigable Waters.
EFFECTIVE DATE OF 1989 AMENDMENT
Amendment by section 7811(m)(3) of Pub. L. 101-239 effective, except as otherwise provided, as if included in the provision of the Technical
and Miscellaneous Revenue Act of 1988, Pub. L. 100-647, to which such amendment relates, see section 7817 of Pub. L. 101-239, set out as a note under section 1 of this title.
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100-647 effective, except as otherwise provided, as if included in the provision of the Tax
Reform Act of 1986, Pub. L. 99-514, to which such amendment relates, see section 1019(a) of Pub. L. 100-647, set out as a note under section 1 of this title.
EFFECTIVE DATE
Section 8033(c)(1) of Pub. L. 99-509 provided that: “The amendments made by this section (enacting this section) shall
take effect on the commencement date (as defined in section 4611 of the Internal Revenue Code of 1954 (now 1986), as amended by this part).”
(For purposes of section 8033(c) of Pub. L. 99-509, set out as notes above and below, the commencement date is Jan. 1, 1990, see section
7505(d)(1)
of Pub. L. 101-239, set out as an Effective Date of 1986 Amendment note under section 4611 of this title.)
DEEPWATER PORT LIABILITY FUND
Section 2003(b) of Pub. L. 101-380 provided that: “Any amounts remaining in the Deepwater Port Liability Fund established
under section 18(f)
of the Deepwater Port Act of 1974 (33 U.S.C. (former) 1517(f)) shall be deposited
in the Oil Spill Liability Trust Fund established under section 9509 of the Internal Revenue Code of 1986 (26 U.S.C. 9509). The Oil Spill Liability Trust Fund shall assume all liability incurred by the Deepwater
Port Liability Fund.”
OFFSHORE OIL POLLUTION COMPENSATION FUND
Section 2004 of Pub. L. 101-380 provided that: “Title III of the Outer Continental Shelf Lands Act Amendments of
1978 (43 U.S.C. 1811-1824) is repealed. Any amounts remaining in the Offshore Oil Pollution Compensation Fund
established under section 302 of that title (43 U.S.C. 1812) shall be deposited in the Oil Spill Liability Trust Fund established under section 9509 of the Internal Revenue Code of 1986 (26 U.S.C. 9509). The Oil Spill Liability Trust Fund shall assume all liability incurred by the Offshore
Oil Pollution Compensation Fund.”
DEPOSIT OF CERTAIN PENALTIES INTO OIL SPILL LIABILITY TRUST FUND
Section 4304 of Pub. L. 101-380 provided that: “Penalties paid pursuant to section 311 of the Federal Water Pollution
Control Act (33 U.S.C. 1321), section 309(c)
of that Act (33 U.S.C. 1319(c)), as a result of violations of section 311 of that Act, and the Deepwater Port Act
of 1974 (33 U.S.C. 1501 et seq.), shall be deposited in the Oil Spill Liability Trust Fund created under
section 9509 of the Internal Revenue Code of 1986 (26 U.S.C. 9509).”
COORDINATION WITH SUPERFUND REAUTHORIZATION
Section 8033(c)(2) of Pub. L. 99-509 provided that: “If the Superfund Amendments and Reauthorization Act of 1986 is enacted
-
“(A) subsection (a) of this section shall be applied by substituting ‘section 9508’
for ‘section 9506’,
“(B) section 9507 of the Internal Revenue Code of 1954 (now 1986), as added by this section, is hereby redesignated as section 9509
of such Code, and
“(C) in lieu of the amendment made by subsection (b), the table of sections for subchapter
A of chapter 98 of such Code is amended by adding after the item relating to section
9508 the following new item: “Sec. 9509. Oil Spill Liability Trust Fund.”
