(a) Establishment.— There is established in the Treasury of the United States a fund to be known as the “National Sea-Based Deterrence Fund”.
(b) Administration of Fund.— The Secretary of Defense shall administer the Fund consistent with the provisions of this section.
(c) Fund Purposes.—
(1) Funds in the Fund shall be available for obligation and expenditure only for construction (including design of vessels), purchase, alteration, and conversion of national sea-based deterrence vessels.
(2) Funds in the Fund may not be used for a purpose or program unless the purpose or program is authorized by law.
(d) Deposits.— There shall be deposited in the Fund all funds appropriated to the Department of Defense for construction (including design of vessels), purchase, alteration, and conversion of national sea-based deterrence vessels.
(e) Expiration of Funds After 5 Years.— No part of an appropriation that is deposited in the Fund pursuant to subsection (d) shall remain available for obligation more than five years after the end of fiscal year for which appropriated except to the extent specifically provided by law.
(f) Budget Requests.— Budget requests submitted to Congress for the Fund shall separately identify the amount requested for programs, projects, and activities for construction (including design of vessels), purchase, alteration, and conversion of national sea-based deterrence vessels.
(g) Definitions.— In this section:
(1) The term “Fund” means the National Sea-Based Deterrence Fund established by subsection (a).
(2) The term “national sea-based deterrence vessel” means any vessel owned, operated, or controlled by the Department of Defense that carries operational intercontinental ballistic missiles.