GRANT AUTHORITY.

SEC. 203. GRANT AUTHORITY. (a) In General.—The Secretary of Transportation (“Secretary”) may make grants to the Multnomah County Tax Supervising and Conservation Commission of Multnomah County, Oregon (“Commission”) in accordance with this section, not to exceed the amount determined in subsection (b)(2). (b) Finding and Determination.—Before making any grant under this section not earlier than one year after exports of Alaskan North Slope oil commence pursuant to section 201, the Secretary shall— (1) find on the basis of substantial evidence that such exports are directly or indirectly a substantial contributing factor to the need to levy port district ad valorem taxes under Oregon Revised Statutes section 294.381; and (2) determine the amount of such levy attributable to the export of Alaskan North Slope oil. (c) Agreement.—Before receiving a grant under this section for the relief of port district ad valorem taxes which would otherwise be levied under Oregon Revised Statutes section 294.381, the Commission shall enter into an agreement with the Secretary to— (1) establish a segregated account for the receipt of grant funds; (2) deposit and keep grant funds in that account; (3) use the funds solely for the purpose of payments in accordance with this subsection, as determined pursuant to Oregon Revised Statutes sections 294.305–565, and computed in accordance with generally accepted accounting principles; and (4) terminate such account at the conclusion of payments subject to this subsection and to transfer any amounts, including interest, remaining in such account to the Port of Portland for use in transportation improvements to enhance freight mobility. (d) Report.—Within 60 days of issuing a grant under this section, the Secretary shall submit any finding and determination made under subsection (b), including supporting information, to the Committee on Energy and Natural Resources of the Senate 109 STAT. 563 and the Committee on Transportation and Infrastructure of the House of Representatives. (e) Authorization of Appropriations.—There are authorized to be appropriated to the Secretary of Transportation to carry out subsection (a), $15,000,000 for fiscal year 1997, to remain available until October 1, 2003.