ESTABLISHMENT OF INLAND WATERWAYS TRUST FUND.

SEC. 203. ESTABLISHMENT OF INLAND WATERWAYS TRUST FUND. (a) Creation of Trust Fund.—There is established in the Treasury of the United States a trust fund to be known as the “Inland Waterways Trust Fund” (hereinafter in this title referred to as the “Trust Fund”), consisting of such amounts as may be appropriated or credited to the Trust Fund as provided in this section. (b) Transfer to Trust Fund of Amounts Equivalent to Certain Taxes.— (1) In general.—There are hereby appropriated to the Trust Fund amounts determined by the Secretary of the Treasury (hereinafter in this section referred to as the “Secretary”) to be equivalent to the amounts of the taxes received in the Treasury under section 4042 of the Internal Revenue Code of 1954 (relating to tax on fuel used in commercial transportation on inland waterways). (2) Method of transfer.—The amounts appropriated by paragraph (1) shall be transferred at least quarterly from the general fund of the Treasury to the Trust Fund on the basis of estimates made by the Secretary of the amounts referred to in paragraph (1) received in the Treasury. Proper adjustments shall be made in the amounts subsequently transferred to the extent prior estimates were in excess of or less than the amounts required to be transferred. (c) Management of Trust Fund.— (1) Report.—It shall be the duty of the Secretary to hold the Trust Fund, and to report to the Congress each year ending on or after September 30, 1981, on the financial condition and the results of the operations of the Trust Fund during the preceding fiscal year and on its expected condition and operations during the fiscal year and the next 5 fiscal years after the fiscal year. Such report shall be printed as a House document of the session of the Congress to which the report is made. (2) Investment.— (A) In general.—It shall be the duty of the Secretary to invest such portion of the Trust Fund as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the 92 STAT. 1698United States. For such purpose, such obligations may be acquired (i) on original issue at the issue price, or (ii) by purchase of outstanding obligations at the market price. (B) Sale of obligations.—Any obligation acquired by the Trust Fund may be sold by the Secretary at the market price. (C) Interest; proceeds from sales and redemptions.—The interest on, and the proceeds from the sale or redemption of, any obligations held in the Trust Fund shall be credited to and form a part of the Trust Fund.