The Gulf Coast Restoration Trust Fund will be distributed in the following manner:
Thirty-five percent of the penalties paid into the Trust Fund are set aside for the Direct Component, which is administered by Treasury for eligible activities proposed by the States of Alabama, Mississippi, Texas, Louisiana, twenty Louisiana parishes, and twenty-three Florida counties. Thirty percent of the penalties, plus one-half of all interest earned on Trust Fund investments are set aside for the Comprehensive Plan Component, which is administered by the Gulf Coast Ecosystem Restoration Council (Council). The Council includes members from six Federal agencies or departments and the five Gulf Coast States, and directs those funds to projects and programs for the restoration of the Gulf Coast region, pursuant to a comprehensive plan approved by the Council. Under the Spill Impact Component, the Gulf Coast States can use thirty percent of the penalties in the Trust Fund for eligible activities pursuant to state expenditure plans approved by the Council. The remaining five percent of the penalties, plus one-half of all interest earned on Trust Fund investments, is divided equally between the NOAA RESTORE Act Science Program administered by the National Oceanic and Atmospheric Administration in the Department of Commerce, and the Centers of Excellence Research Grants Program administered by Treasury.
The Treasury Inspector General is authorized to conduct, supervise, and coordinate audits and investigations of projects, programs, and activities funded under the Act.