Page:United States Statutes at Large Volume 84 Part 1.djvu/1078

 1020 76 Stat. 1200; 83 Stat. 44. 46 USC 1152.

Foreign cost, annual computation, publication.

Post, p. 1022.

Constructiondifferential, limitation.

52 Stat. 956. 46 USC 1152.

PUBLIC LAW 91-469-OCT. 21, 1970

[84 STAT.

(2) Subsection (b) is amended as follows: (a) By striking out of the first sentence the word "may" and inserting in lieu thereof the word "shall". (b) By striking out of the first sentence the words "the construction of the proposed vessel", and inserting in lieu thereof the words "the construction of that type vessel". (c) By inserting after the first sentence of subsection (b) the following: "The Secretary of Commerce shall recompute such estimated foreign cost annually unless, in the opinion of the Secretary, there has been a significant change in shipbuilding market conditions. The Secretary shall publish notice of his intention to compute or recompute such estimated foreign cost and shall give interested persons, including but not limited to shipyards and shipowners and associations thereof, an opportunity to file written statements. The Secretary's consideration shall include, but not be limited to, all relevant matter so filed, and his determination shall include or be accompanied by a concise explanation of the basis of his determination." (d) By striking out of the next to the last sentence the words "in any case exceeds the foregoing applicable percentage of such cost" and inserting in lieu thereof the words "exceeds the following percentages: in fiscal year 19Y1, 45 per centum; in fiscal year 1972, 43 per centum; in fiscal year 1973, 41 per centum; in fiscal year 1974, 39 per centum; in fiscal year 1975, 37 per centum; in fiscal year 1976 and thereafter, 35 per centum,". (e) By inserting in the next to the last sentence after the words "the Secretary may negotiate" the words "with any bidder, whether or not such bidder is the lowest bidder" and a comma; by striking out the words "on behalf of the applicant" and inserting in lieu thereof the words "with such bidder, notwithstanding the provisions of the first sentence of section 505 with respect to competitive bidding,"; and by inserting before the words "or less" at the end of the sentence a comma and the words "or as close thereto as possible,". (f) By inserting after the next to the last sentence the following new sentence: "Commencing with the fiscal year 1972 no construction contract requiring a construction-differential in excess of the applicable percentages set forth in the preceding sentence shall be entered into unless the Secretary shall have given due consideration to the likelihood that the above percentages will not be attained and that the commitment to the ship construction program may not be continued. If the Secretary of Commerce enters into such a contract, he shall notify the Commission on American Shipbuilding of such contract and the Commission on American Shipbuilding shall, not later than six months after such notification, submit its report on the American shipbuilding industry." (3) Subsection (c) is amended as follows: (a) By inserting after the third word the words "of sale". (b) By striking out the word "applicant" wherever it appears, and inserting in lieu thereof the word "purchaser". (c) By striking out of the third sentence the words "at the rate of 314 per centum per annum". (d) By striking out of the third sentence the words "applicant's purchase" and inserting in lieu thereof the words "purchaser's portion of the". (e) By striking out of the third sentence the word "applicant's" and inserting in lieu thereof the word "purchaser's". (f) By inserting in the third sentence, immediately before the period at the end thereof, the words "at a rate not less than (i) a rate determined by the Secretary of the Treasury, taking into considera-

�