Page:United States Statutes at Large Volume 84 Part 1.djvu/1080

 1022 Ante, p. 1020.

PUBLIC LAW 91-469-OCT. 21, 1970

[84 STAT.

502(b) ill which event the construction-differential subsidy and payments for the cost of national defense features shall be based upon such negotiated price." SEC. 10. Section 505 of the Merchant Marine Act, 1936 (46 U.S.C. 49 Stat. 1998. 1155), is amended as follows: (1) Subsection (a) is amended as follows: (a) By striking out the designation " (a) ". (b) By striking out of the first sentence the words "within the continental limits". (c) By striking out of the first sentence the words "the applicant to reject, and in". Use of American (d) By inserting immediately before the period at the end of the materials, waiver, Q^^^^^ seutcuce the following: "; Provided, however, That with respect to other than major components of the hull, superstructure, and any material used in the construction thereof, (1) if the Secretary of Commerce determines that the requirements of this sentence will unreasonably delay completion of any vessel beyond its contract delivery date, and (2) if such determination includes or is accompanied by a concise explanation of the basis therefor, then the Secretary of Commerce may waive such requirements to the extent necessary to prevent such delay." (e) By striking out the last sentence and inserting in lieu thereof 46 USC 1151. the following sentence: "For the purposes of this title V, the term "Shipyard of 'sMpyard of the United States' means shipyards within any of the United States and the Commonwealth of Puerto Kico." (2) By striking out subsections (b), (c), (d), and (e). si^ltaueeo?' SEC. 11. Section 509 of the Merchant Marine Act, 1936 is amended 46 USC 1159 as follows: and note. ^g^^ g y striking out the word "Commission" wherever it appears and inserting in lieu thereof the words "Secretary of Commerce". (b) By striking out the word "applicant" wherever it appears and inserting in lieu thereof the word "purchaser". (c) By striking out the words "at 3i/^ per centum per annum," and inserting in lieu thereof, the words "at a rate not less than (i) a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, adjusted to the nearest one-eighth of 1 per centum, plus (ii) an allowance adequate in the judgment of the Secretary of Commerce to cover administrative costs, the balance of such purchase price being". SEC. 12. (a) Section 510(a) of the Merchant Marine Act, 1936 (46 53 Stat. 1183. U.S.C. 1160(a)), is amended as follows: (1) By striking out of paragraph (^1) all of subdivision (B) other than the final word "and", and inserting in lieu thereof the words "in the judgment of the Secretary of Commerce, should, by reason of age, obsolescence, or otherwise, be replaced in the public interest". (2) By striking out of subdivision (C) of paragraph (1) the words "is owned" and inserting in lieu thereof the words "has been owned". (3) By striking out of subdivision (C) of paragraph (1) the words "and has been owned by such citizen or citizens". (4) By striking out of paragraph (1) the proviso in its entirety, (b) Section 510(b) of the Merchant Marine Act, 1936 (46 U.S.C. 75 Stat. 833. 1160(b)), is amended by striking out of the next to the last sentence the words "capital reserve fund" and inserting in lieu thereof the words "capital construction fund". SEC. 13. Section 510(i) of the Merchant Marine Act, 1936 (46 79'stlt'.^98o!'' U.S.C. 1160(i)), is amended as follows:

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