Page:United States Statutes at Large Volume 108 Part 6.djvu/211

 PUBLIC LAW 103-451—NOV. 2, 1994 108 STAT. 4779 (A) the recipient will, at the discretion of the Secretary of Transportation, reconvey the vessel to the Government in good condition except for ordinary wear and tear or (B) if the recipient has decided to dissolve according to the laws of the State of New York, then— (i) the recipient shall distribute the vessel, as an asset of the recipient, to a person that is described in section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. 501(c)(3)) and that is exempt from taxation under section 501(a) of that Code (26 U.S.C. 501(a)), or to the Federal Government or a State or local government for a public purpose; and (u) the vessel shall be disposed of by a court of competent jurisdiction of the county in which the principal office of the recipient is located, for such purposes as the court shall determine, or to such organizations as the court shall determine are organized exclusively for public piuposes; (5) the recipient agrees to hold the Government harmless for any claims arisiiag from exposure to asbestos after convey- ance of the vessel, except for claims arising from use by the Government under paragraph (3) or (4); (6) the recipient has available, for use to restore the vessel, in the form of cash, liquid assets, or a written loan conmiitment, financial resources of at least $100,000; and (7) the recipient is described in section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. 501(c)(3)) and is exempt from taxation under section 501(a) of that Code (26 U.S.C. 501(a)). (b) DELIVERY OF VESSEL.—I f a conveyance is made under this section, the Secretary of Transportation shall deliver the vessel at the place where the vessel is located on the date of enactment of this Act, in its present condition, without cost to the Government. (c) OTHER UNNEEDED EQUIPMENT. —The Secretary of Transportation may convey to the recipient any unneeded equipment from other vessels in the National Defense Reserve Fleet for use to restore the S/S AMERICAN VICTORY, or a vessel of a comparable size and class, to museum quality. (d) TERMINATION OF AUTHORITY.—The authority of the Secretary of Transportation under this section to convey a vessel to the Battle of the Atlantic Historical Society shall expire 2 years after the date of enactment of this Act. (e) REVERSIONARY I^^^EREST OF THE UNITED STATES.— Al l right, title, and interest in and to a vessel that is conveyed under subsection (a) to and held by the recipient shall revert to the United States at any time that it is fLnally determined that the recipient is not exempt from taxation under section 501(a) of the Internal Revenue Code of 1986 (26 U.S.C. 501(a)). SEC. 11. AUTHORITY TO CONVEY VESSEL TO WARSAW, KENTUCKY. (a) AUTHORITY TO CONVEY.— Notwithstanding any other provision of law, the Secretary of Transportation may, subject to subsection (c), convey to the City of Warsaw, Kentucky, without consideration, for use by the City for the promotion of economic development and tourism, all right, title, ana interest of the United States in a vessel, inclucUng related spare parts and vessel equipment, which—

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