Coral Reef Stewardship Fund

Source Credit

(a) Agreement
The Administrator shall seek to enter into an agreement with the National Fish and Wildlife Foundation (in this section referred to as the "Foundation"), authorizing the Foundation to receive, hold, and administer funds received under this section.
(b) Fund
(1) In general
The Foundation shall establish an account, which shall—
(A) be known as the "Coral Reef Stewardship Fund" (in this section referred to as the "Fund"); and
(B) serve as the successor to the account known before December 23, 2022, as the Coral Reef Conservation Fund and administered through a public-private partnership with the Foundation.
(2) Deposits
The Foundation shall deposit funds received under this section into the Fund.
(3) Purposes
The Fund shall be available solely to support coral reef stewardship activities that—
(A) further the purposes of this chapter; and
(B) are consistent with—
(i) the National Coral Reef Resilience Strategy; and
(ii) coral reef action plans in effect, if any, under section 6404 of this title covering a coral reef or ecologically significant component of a coral reef to be impacted by such activities, if applicable.
(4) Investment of amounts
(A) Investment of amounts
The Foundation shall invest such portion of the Fund as is not required to meet current withdrawals in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States.
(B) Interest and proceeds
The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to and form a part of the Fund.
(5) Review of performance
The Administrator shall conduct a continuing review of all deposits into, and disbursements from, the Fund. Each review shall include a written assessment concerning the extent to which the Foundation has implemented the goals and requirements of—
(A) this section; and
(B) the National Coral Reef Resilience Strategy.
(c) Authorization to solicit donations
(1) In general
Pursuant to an agreement entered into under subsection (a), the Foundation may accept, receive, solicit, hold, administer, and use any gift (including, notwithstanding section 1342 of title 31, donations of services) to further the purposes of this chapter.
(2) Deposits in Fund
Notwithstanding section 3302 of title 31, any funds received as a gift shall be deposited and maintained in the Fund.
(d) Administration
Under an agreement entered into pursuant to subsection (a), and subject to the availability of appropriations, the Administrator may transfer funds appropriated for such purposes to carry out this chapter to the Foundation. Amounts received by the Foundation under this subsection may be used for matching, in whole or in part, contributions (whether in money, services, or property) made to the Foundation by private persons, State or local government agencies, or covered Native entities.

History

(Pub. L. 106–562, title II, §208, as added Pub. L. 117–263, div. J, title C, §10001(a), Dec. 23, 2022, 136 Stat. 3939.)

Editorial Notes

Editorial Notes

Prior Provisions
A prior section 6407, Pub. L. 106–562, title II, §208, Dec. 23, 2000, 114 Stat. 2804, required submission of reports documenting the effectiveness of the coral reef conservation grant program and describing activities undertaken to implement the national coral reef strategy, prior to repeal by Pub. L. 117–263, div. J, title C, §10001(a), Dec. 23, 2022, 136 Stat. 3931.