Page:United States Statutes at Large Volume 112 Part 3.djvu/442

 112 STAT. 2272 PUBLIC LAW 105-261—OCT. 17, 1998 (1) For expenses necessary for operations and training activities, $70,553,000. (2) For expenses under the loan guarantee program authorized by title XI of the Merchant Marine Act, 1936 (46 U.S.C. App. 1271 et seq.), $20,000,000 of which— (A) $16,000,000 is for the cost (as defined in section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5))) of loan guarantees under the program; and (B) $4,000,000 is for administrative expenses related to loan guarantee commitments under the program. SEC. 3602. AUTHORITY TO CONVEY NATIONAL DEFENSE RESERVE FLEET VESSEL. (a) AUTHORITY TO CONVEY. — The Secretary of Transportation may convey all right, title, and interest of the United States Government in and to the vessel MA^ BAYAMON (United States official number 530007) to a purchaser for use as a self-propelled floating trade exposition to showcase United States technology, industrial products, and services. (b) TERMS OF CONVEYANCE. — (1) DELIVERY OF VESSEL. —In carrying out subsection (a), the Secretary shall deliver the vessel— (A) at the place where the vessel is located on the date of conveyance; (B) in its condition on that date; and (C) at no cost to the United States Government. (2) REQUIRED CONDITIONS.— The Secretary may not convey a vessel under this section unless— (A) competitive procedures are used for sales under this section; (B) the vessel is sold for not less than the fair market value of the vessel in the United States, as determined by the Secretary of Transportation; (C) the recipient agrees that any repair, except for emergency repairs, restoration, or reconstruction work for the vessel will be performed in the United States; (D) the recipient agrees to hold the Government harmless for any claims arising from exposure to hazardous material, including asbestos and polychlorinated biphenyls, after the conveyance of the vessel, except for claims arising before the date of the conveyance or from use of the vessel by the Government after that date; and (E) the recipient provides sufficient evidence to the Secretary that it has adequate financial resources in the form of cash, liquid assets, or a written loan commitment to complete the reconstruction of the vessel. (3) ADDITIONAL TERMS.— The Secretary may require such additional terms in connection with the conveyance authorized by this section as the Secretary considers appropriate. (c) PROCEEDS. — Any amounts received by the United States as proceeds from the sale of the MTV BAYAMON shall be deposited in the Vessel Operations Revolving Fund established by section 801 of the Act of June 2, 1951 (65 Stat. 59; 46 U.S.C. App. 1241a) and shall be available and expended in accordance with section 6(a) of the National Maritime Heritage Act (16 U.S.C. App. 5405(a)).

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