Instructs the Secretary of the Treasury to pay into the Fund all revenues attributable to an Outer Continental Shelf lease, any part of which is within 200 geographical miles of the coast line.
Directs the Secretary to pay each coastal State and its coastal counties, respectively, one-half of the revenues and any interest earned on them attributable to the State for the fiscal year most recently completed.
Preconditions such disposition of funds upon annual enactment by each coastal State and coastal county of the legislation necessary to provide State and local permits for the onshore facilities needed to support offshore oil or gas development or production in the pertinent adjacent area.
Declares that if a State or county fails to enact such legislation, the funds attributable to it shall not be disbursed, and the Secretary shall take that failure into consideration before offering any additional leases for sale in the offshore area adjacent to that State or county.