[Code of Federal Regulations]
[Title 43, Volume 1]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR29.6]

[Page 470-471]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
PART 29--TRANS-ALASKA PIPELINE LIABILITY FUND--Table of Contents
 
Sec. 29.6  Financing, accounting, and audit.

    (a)(1) The Operator of the Pipeline shall notify each Permittee 
within a reasonable time as to the date of the tanker loadings and the 
volumes of TAPS oil loaded. The Permittee will send an invoice for 
transportation charges for TAPS oil (which includes five cents per 
barrel for the Fund) to the Owner of the oil. The Permittee will receive 
the five cents per barrel fee from the Owner of the oil in accordance 
with the terms of its particular pipeline tariff, filed with the 
appropriate governmental agency, and shall transfer the fee on or before 
the next business day to a Fund bank account designated by the 
Administrator. Collection of fees shall cease at the end of the month 
following the month in which $100 million has been accumulated in the 
Fund from any source. Collection of fees shall be resumed when the 
accumulation falls below $100 million. The Administrator shall notify 
the Pipeline carriers by the fifteenth of the month if fees are to be 
collected during the following month.
    (2) The value of the Fund shall be the current market value of the 
Fund on

[[Page 471]]

the day at the end of each month or other agreed upon accounting period.
    (b) Costs of the administration shall be paid from the money 
received by the Fund, and all sums not needed for administration and the 
satisfaction of claims shall be invested in accordance with Sec. 29.11. 
The interest on and the proceeds from the sale of any obligations held 
in the Fund shall be credited to and form a part of the Fund. Income 
from such securities shall be added to the principal of the Fund if not 
used for costs of administration or settlement of claims.
    (c) At the end of each month that fees are payable under the Act, or 
other agreed upon accounting period, the Operator of the Pipeline shall 
provide the Fund with a statement of the respective volumes of crude oil 
transported by the Operator of the Pipeline and delivered to vessels, 
the amount of fees charged and collected, and the Owners of TAPS oil 
from whom such fees were or are due. The Administrator shall provide a 
copy of the statement to the Owners of the oil, and to the State of 
Alaska.
    (d) The Fund shall undertake an annual accounting.
    (e) The Fund shall be subject to an annual audit by the Comptroller 
General, in coordination with the Administrator and the Secretary. 
Authorized representatives of the Comptroller General and the Secretary 
shall have complete access, for purposes of the audit or otherwise, to 
all books, accounts, financial records, reports, files, and all other 
papers, things, or property belonging to or in use by the Fund and they 
shall be afforded full facilities for verifying among other things, 
transactions with the balances on securities held by depositories, 
fiscal agents, and custodians. A report of each audit made by the 
Comptroller General shall be submitted to the Congress.