Page:United States Statutes at Large Volume 92 Part 1.djvu/771

 PUBLIC LAW 95-376—SEPT. 18, 1978

92 STAT. 717

the application. Before undertaking any such review, the Secretary shall provide to the vessel owner opportunity to submit additional written or oral evidence relating to the decision. After review the Secretary shall issue a final determination with respect to the application. "(5) If compensation is awarded under the final determination on any application, the Secretary shall promptly pay from the fund to such owner the amount of compensation stated in the final determination. Upon the acceptance of such payment by the vessel owner, the United States shall be subrogated to all rights of the vessel owner with respect to which the payment is made. "(e) In addition to any fee imposed under section 204(b) (10) of the Fishery Conservation and Management Act of 1976 (16 U.S.C. 1824(b) (10)) with respect to any foreign fishing vessel for any year after 1978, the Secretary shall impose a surcharge in an amount not to exceed 20 percent of the amount of the fee imposed under such section for such year. The failure to pay any surcharge imposed under this subsection with respect to any foreign fishing vessel shall be treated by the Secretary as a failure to pay the fee for such vessel under such section 204(b) (10). "(f)(1) There is established in the Treasury of the United States Fishing Vessel the Fishing Vessel and Gear Damage Compensation Fund. The fund and Gear Damage shall be available without fiscal year limitation as a revolving fund Compensation for the purposes of administering, and paying compensation awarded Fund. Establishment. under, this section. " (2) The fund shall consist of— " (A) all sums recovered by the United States in the exercise of rights subrogated to it under subsection (d)(5); "(B) all administrative fees collected under subsection (c)(2); "(C) all surcharges collected under subsection (e); "(D) revenues received from deposits or investments made under the last sentence of this paragraph; and " (E) any revenue acquired through the issuance of obligations under paragraph (3). Sums may be expended from the fund only to such extent and in such amounts as are provided in advance in appropriation Acts. Sums in the fund which are not currently needed for the purpose of paying such awards shall be kept on deposit or invested in obligations of, or guaranteed by. the United States. "(3) Whenever the amount in the fund is not sufficient to pay compensation under this section, the Secretary may issue, in an amount not to exceed $5,000,000, notes or other olbligations to the Secretary of the Treasury, in such forms and denominations, bearing such maturities, and subject to such terms and conditions as the Secretary of the Treasury may prescribe. Such notices or other obligations shall bear interest at a rate to be determined by the Secretary of the Treasury on the basis of the current average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of such notices or other obligations. Moneys obtained by the Secretary under this paragraph shall be deposited in the fund and redemptions of any such notices or other obligations shall be made from the fund. The Secretary of the Treasury shall purchase any such notes or other obligations, and for such purpose he may use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act. The Secre- 31 USC 774. tary of the Treasury may sell any such notices or other obligations at such times and prices and upon such terms and conditions as he shall determine. All purchases, redemptions, and sales of sudh notes or other

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