Uranium Enrichment Fund Act of 1981

Uranium Enrichment Fund Act of 1981 - Amends the Atomic Energy Act of 1954 to establish in the United States Treasury a uranium enrichment fund consisting of: (1) all receipts, collections, and recoveries of the Secretary of Energy from the provision of services for the production or enrichment of uranium in the isotope-235, and the sale, lease, distribution, or transfer of uranium; (2) all proceeds derived from the sale of bonds by the Secretary pursuant to such Act;(3) proceeds from the investment of fund moneys; (4) the unexpended balance of any funds available prior to the effective date of this Act relating to production or enrichment of uranium; and (5) any appropriations made by Congress to the fund.

Sets forth requirements concerning the Secretary's authority to make expenditures from such fund for uranium production and enrichment activities.

Authorizes the Secretary to request the investment of funds in excess of current needs by the Secretary of Treasury in United States obligations.

Prohibits the Secretary from: (1) decreasing the funds authorized for a particular uranium enrichment activity by more than ten percent by reprogramming funds among such activities; or (2) reprogramming money from the fund to activities other than uranium enrichment activities.

Requires the Secretary to fund plant and capital equipment construction projects from an account separate from operating expenses. Permits the use of operating expenses for: (1) any uranium enrichment construction project costing $500,000 or less; (2) the conceptual design of any project; (3) individual research and development or testing components which are not an integral part of a basic facility or construction project; and (4) experimental test equipment not for long-term research and development use.

Specifies procedures for initiating major construction projects in advance of the next annual budget cycle where it is in the national interest to do so.

Authorizes the Secretary to issue and sell to the Secretary of the Treasury bonds and notes to assist in financing uranium production and enrichment facilities and activities.

Requires the Secretary to report annually to Congress on the operation and financial activities of the uranium enrichment fund.