A bill to require recovery of certain expenditures of the U. S. 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 on 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. Makes such reimbursement effective commencing October 1, 1982. Provides for annual payments 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 through means other than those provided for in this Act.

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.

Requires the Secretary of the Army to report annually to Congress on the actual and anticipated receipts of such fee collections.

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

Authorizes appropriations.