Page:United States Statutes at Large Volume 117.djvu/1821

 117 STAT. 1802

PUBLIC LAW 108–136—NOV. 24, 2003 ‘‘(A) be credit as an offsetting collection to the account that finances the administration of the loan guarantee program; ‘‘(B) shall be available for expenditure only to pay the costs of activities and services for which the fee is imposed; and ‘‘(C) shall remain available until expended.’’.

46 USC app. 1280b.

46 USC app. 1271 note.

VerDate 11-MAY-2000

SEC. 3527. ANNUAL REPORT ON PROGRAM.

SEC. 3528. REVIEW OF PROGRAM.

10:15 Aug 27, 2004

The Secretary of Transportation shall report to Congress annually on the loan guarantee program under title XI of the Merchant Marine Act, 1936 (46 U.S.C. App. 1271 et seq.). The reports shall include— (1) the size, in dollars, of the portfolio of loans guaranteed; (2) the size, in dollars, of projects in the portfolio facing financial difficulties; (3) the number and type of projects covered; (4) a profile of pending loan applications; (5) the amount of appropriations available for new guarantees; (6) a profile of each project approved since the last report; and (7) a profile of any defaults since the last report. (a) IN GENERAL.—The Secretary of Transportation shall conduct a comprehensive assessment of the human capital and other resource needs in connection with the title XI loan guarantee program under the Merchant Marine Act, 1936 (46 U.S.C. App. 1271 et seq.). In connection with this assessment, the Secretary shall develop an organizational framework for the program offices that insures that a clear separation of duties is established among the loan application, project monitoring, and default management functions. (b) PROGRAM ENHANCEMENTS.— (1) Section 1103(h)(1) of the Merchant Marine Act, 1936 (46 U.S.C. App. 1273(h)(1)) is amended— (A) by striking ‘‘subsection’’ in subparagraph (A) and inserting ‘‘subsection, and update annually,’’; (B) by inserting ‘‘annually’’ before ‘‘determine’’ in subparagraph (B); (C) by striking ‘‘and’’ after the semicolon in subparagraph (A); (D) by striking ‘‘category.’’ in subparagraph (B) and inserting ‘‘category; and’’; and (E) by adding at the end the following: ‘‘(C) ensure that each risk category is comprised of loans that are relatively homogeneous in cost and share characteristics predictive of defaults and other costs, given the facts known at the time of obligation or commitment, using a risk category system that is based on historical analysis of program data and statistical evidence concerning the likely costs of defaults or other costs that expected to be associated with the loans in the category.’’. (2) Section 1103(h)(2)(A) of that Act (46 U.S.C. App. 1273(h)(2)(A)) is amended by inserting ‘‘and annually for projects subject to a guarantee,’’ after ‘‘obligation,’’. (3) Section 1103(h)(3) of that Act (46 U.S.C. App. 1273(h)(3)) is amended by adding at the end the following:

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