Page:United States Statutes at Large Volume 69.djvu/891

 69 S T A T. ]

A123

PRIVATE LAW 361-AUG. 9, 1955

of that Act: Provided, That this exemption shall apply only to a ground for exclusion of which the Department of State or the Department of Justice had knowledge prior to the enactment of this Act. Approved August 5, 1955. C H A P T E R 699

Private Law 361 JOINT RESOLUTION

To authorize the S e t r e t a r y of Coininerce to sell the steamship La Guardia.

Resolved by the Senate and House of Representatives of the TJrated States of America in Congress assembled, That (a) the Secretary of Commerce is hereby authorized during a period of six months after the enactment of this Act, to sell the steamship La (xuardia and the materials and equipment heretofore removed from the vessel and held in storage by the Maritime Administration, on an "as is, where is'' basis to the Hawaiian Steamship Company, Limited, subject to the provisions of this Act and such terms and conditions not contrary hereto as the Secretary may prescribe. The sales price of the vessel (including all its furnishings, furniture, equipment, and spare parts whether held aboard or on shore), shall be $3,950,000. The sales price shall be subject to depreciation computed at the rate of 5 per centum per annum for the period commencing with the date of enactment of this Act and ending with the date of execution of the contract of sale of the steamship La Guardia hereunder. Such sale shall be made upon a condition and agreement that the purchaser recondition the vessel satisfactory to the Secretary of Commerce in a domestic shipyard for passenger service. (b) The Secretary of Commerce, upon application by the Hawaiian Steamship Company, Limited, purchaser of the steamship La (xuardia hereunder, upon determination that such action may be taken without prejudice to the Department of Commerce, Maritime Administration operations, is authorized to release to such purchaser such additional furnishings, furniture, and equipment now held by the Maritime Administration, as he may determine are necessary to equip the steamship La Guardia for the passenger trade, with payment by the purchaser of an amount equal to 25 per centum of the estimated original acquisition cost of such furnishings, furniture, and equipment as determined by the Secretary of Commerce. (c) The purchaser hereunder may be permitted, entirely at his own expense and risk, to inspect the steamship La Guardia and to move such vessel, upon conditions approved by the Secretary of Commerce, to drydock and inspect the underwater surfaces. (d) Such sale shall be on the basis of the payment of not less than 25 per centum of the sales price of the vessel at the date of the execution of such sales contract, with balance payable in approximately equal annual installments, the first of which shall be due and payable one year from the date of execution of the contract, over the remainder of the twenty-year economic life of the vessel, with interest on the unpaid balance at the rate of 3i/^ per centum per annum; with right of prepayment from time to time of any or all of the sales price remaining unpaid. The obligation of the purchaser with respect to payment of such unpaid balance, with interest, shall be secured by a first preferred mortgage on the vessel sold, which mortgage may provide that the sole recourse against the purchaser of the vessel under such mortgage, and any of the notes secured thereby shall be limited to repossession of the vessel by the United States, and the assignment of insurance claims, if the purchaser shall have complied with all provisions of the mortgage 54402 O - 55 - 54

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August 9, 19 55 [S. j. Res. 91] Hawaiian Steams hip Company, Ltd. Purchase of s t e a m s h i p, L, a Guardia.

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