PUBLIC LAW 105-80—NOV. 13, 1997 111 STAT. 1533 demands. Such investments shall be in public debt securities with maturities suitable to the needs of the Copjnnght Office, as determined by the Register of Copyrights, and bearing interest at rates determined by the Secretary of the Treasury, taWng into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities. "(3) The income on such investments shall be deposited in the Treasury of the United States and shall be credited to the appropriations for necessary expenses of the Copyright Office.". SEC. 8. COPYRIGHT ARBITRATION ROYALTY PANELS. (a) ESTABLISHMENT AND PURPOSE.—Section 801 of title 17, United States Code, is amended— (1) in subsection (b)(1) by striking "and 116" in the first sentence and inserting "116, and 119"; (2) in subsection (c) by inserting after "panel" at the end of the sentence the following: ", including— "(1) authorizing the distribution of those royalty fees collected under sections 111, 119, and 1005 that the Librarian has found are not subject to controversy; and "(2) accepting or rejecting royalty claims filed under sections 111, 119, and 1007 on the basis of timeliness or the failure to establish the basis for a claim"; and (3) by amending subsection (d) to read as follows: " (d) SUPPORT AND REIMBURSEMENT OF ARBITRATION PANELS. — The Librarian of Congress, upon the recommendation of the Register of Copyrights, shall provide the copyright arbitration royalty panels with the necessary administrative services related to proceedings under this chapter, and shall reimburse the arbitrators presiding in distribution proceedings at such intervals and in such manner as the Librarian shall provide by regulation. Each such arbitrator is an independent contractor acting on behalf of the United States, and shall be hired pursuant to a signed agreement between the Library of Congress and the arbitrator. Pajnnents to the arbitrators shall be considered reasonable costs incurred by the Library of Congress and the Copyright Office for purposes of section 802(h)(1).". (b) PROCEEDINGS.— Section 802(h) of title 17, United States Code, is amended by amending paragraph (1) to read as follows: " (1) DEDUCTION OF COSTS OF LIBRARY OF CONGRESS AND COPYRIGHT OFFICE FROM ROYALTY FEES. —The Librarian of Congress and the Register of Copyrights may, to the extent not otherwise provided under this title, deduct from royalty fees deposited or collected under this title the reasonable costs incurred by the Library of Congress and the Copyright Office under this chapter. Such deduction may be made before the fees are distributed to any copyright claimants. In addition, all funds made available by an appropriations Act as offsetting collections and available for deductions under this subsection shall remain available until expended. In ratemaking proceedings, the reasonable costs of the Librarian of Congress and the Copyright Office shall be borne by the parties to the proceedings as directed by the arbitration panels under subsection (c).".
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