Page:United States Statutes at Large Volume 81.djvu/614

 580

PUBLIC LAW 90-194-DEC. 14, 1967

[81 STAT.

Public Law 90-194 December 14, 1967 JOINT RESOLUTION [S.J. Res. 101] Auieiuling title X I of the Merchant Marine Act, 11«6, to authorize the Secretary of Commerce to g u a r a n t e e certain loans made to the National Maritime Historical S<X'iety for the pnrix)se of restoring and returning to the United States the last surviving American square-rigged merchant ship, the Kaiulani, and for other purposes.

Kaiulani. Restoration.

g/3 Stat.^272; 46 USC 1271, 1274.

Whereas the Kaiuhmi, the lust survivinjj^ Americairbuilt squarerigged merchant ship, was a gift of the people of the Philippines to the people of the United States; and Whereas the President of the Philippines formally presented the gift to President Lyndon B. Johnson in a ceremony at the White House on October 5, 1964; and Whereas the task of restoring the Kaiulani was assigned by President Johnson to the National Maritime Historical Society as trustee for the people of the United States; and Whereas the Kaiulani is presently being restored in the Philippines by the National Maritime Historical Society; and Whereas, upon completion of restoration, the Kaiulani will be sailed to the United States and permanently berthed on the Washington Channel waterfront in the Nation's Capital as a nonprofit musemu devoted to the maritime heritage of this great country; and Whereas the restoration of the Kaiulani and its preparation for the return voyage to the United States is being unduly delayed because of the lack of funds for the completion of this project: Now, therefore, be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That title X I of the Merchant Marine Act, 1936, is amended by adding at the end thereof the following new section: "SEC. 1112. (a) Notwithstanding any other provision of law including sections 1101(f), 1104(a)(2), and 1104(a)(8) of this Act, the Secretary of Commerce is hereby authorized to insure all or any part of the principal of and interest on any mortgage made, within the three-year period beginning on the date of enactment of this section, by the National Maritime Historical Society of the District of (Columbia for the purpose of restoring and returning to the United States the vessel, Kaiulani, the last surviving American-built, square-rigged merchant ship presented as a gift to the people of the United States from the people of the Philippines. "(b) An insurance contract issued under this section shall be made only with respect to a mortgage which, in the opinion of the Secretary of Commerce, is economically sound and such contract and the related mortgage shall be subject to such reasonable terms and conditions as he may deem necessary to protect the interests of the United States. "(c) The Secretary of Commerce is authorized to make commitments to insure a mortgage under this section. " (d) The aggregate unpaid principal amount of any mortgage insured under this section shall not exceed $500,(K)0. "(e) The faith of the United States is solemnly pledged to the payment of interest on and the unpaid balance of the principal amount of each mortgage insured under this section. "(f) Notwithstanding any other provision of law, the vessel Kaiulani shall be entitled to be registered or enrolled under the laws of the United States at any time, and shall be exempt from all United States customs duties and tonnage taxes, if any, upon her return to the United States.

�