A bill to require recovery of certain expenditures of the United States Army Corps of Engineers for operation, maintenance, and construction of deep draft channels and ocean and Great Lakes ports of the United States and to authorize such construction in specified circumstances.

Requires the appropriate non-Federal public body to reimburse the Federal Government for expenditures by the United States Army Corps of Engineers for certain operation, maintenance, construction, or rehabilitation activities concerning deep draft channels or ocean or Great Lakes ports. Requires that such reimbursements be made no later than September 30, 1983, and annually thereafter.

Requires completion of such reimbursements within the life of the project concerned but in no event more than 50 years after the date the project is available for use. Directs the Secretary of the Treasury to determine the rate of interest to be charged on any unpaid balance.

Allows non-Federal public bodies to secure financing by other means.

Permits an affected non-Federal public body to recover its reimbursement obligation by collecting fees from specified vessels engaged in commercial waterway transportation in such deep draft channels or ports. Authorizes the Secretary of the Army, in consultation with the Secretaries of State, Commerce, Transportation, Treasury, Energy, and Agriculture, the Attorney General, and the Director of the Office of Management and Budget, to promulgate regulations and guidelines concerning such fee collections.

States that this Act shall not prohibit or interfere with national defense transportation requirements.

Authorizes the Chief of Engineers to study, design, construct, and rehabilitate channel and port projects according to the provisions of this Act.

Requires the Secretary of State to consult with the Government of Canada on environmental impacts and financing if port or waterway improvements are subject to any treaty with Canada.

Authorizes appropriations to carry out the provisions of this Act.