Page:United States Statutes at Large Volume 94 Part 1.djvu/1042

 94 STAT. 992

PUBLIC LAW 96-320—AUG. 3, 1980 facility or plantship, shall be deemed to be a vessel operated in the foreign commerce of the United States. (2) The provisions of paragraph (1) of this subsection shall apply for taxable years beginning after December 31, 1981. (b) For the purposes of the Merchant Marine Act, 1936(46 U.S.C. 1177 et seq.) any vessel documented under the laws of the United States and used in providing shipping service to or from any ocean thermal energy conversion facility or plantship licensed pursuant to the provisions of this Act shall be deemed to be used in, and used in an essential service in, the foreign commerce or foreign trade of the United States, as defined in section 905(a) of the Merchant Marine Act, 1936 (46 U.S.C. 1244(a)). SEC. 202. AMENDMENTS TO TITLE XI OF THE MERCHANT MARINE ACT, 1936.

Definition.

(a) Section 1101 of the Merchant Marine Act, 1936 (46 U.S.C. 1271), is amended— (1) in subsection (b) by striking "and" immediately before "dredges" and inserting in lieu thereof a comma, and by inserting immediately after dredges" the following: "and ocean thermal energy conversion facilities or plsmtships, (2) in subsection (g) by striking "and" after the semicolon, (3) in subsection (h) by striking "equipping" and inserting in lieu thereof "equipping and", and (4) by adding at the end thereof a new subsection (i) to read as follows: "(i) The term 'ocean thermal energy conversion facility or plantship' means any at-sea facility or vessel, whether mobile, floating unmoored, moored, or standing on the seabed, which uses temperature differences in ocean water to produce electricity or another form of energy capable of being used directly to perform work, and includes any equipment installed on such facility or vessel to use such electricity or other form of energy to produce, process, refine, or manufacture a product, and any cable or pipeline used to deliver such electricity, freshwater, or product to shore, and all other associated equipment and appurtenances of such facility or vessel, to the extent they are located seaward of the highwater mark.". (b) Section 1104(a)(1) of the Merchant Marine Act, 1936 (46 U.S.C. 1274(a)(1)), is amended by striking "or (E)" and inserting in lieu thereof "(E) as an ocean thermal energy conversion facility or plantship; or (F)". (c) Section 1104(b)(2) of the Merchant Marine Act, 1936 (46 U.S.C. 127403)(2)), is amended by striking "vessel;" and inserting in lieu thereof "vessel: Provided further, That in the case of an ocean thermal energy conversion facility or plantship which is constructed without the aid of construction-differential subsidy, such obligations may be in an aggregate principal amount which does not exceed SlVz percent of the actual cost or depreciated actual cost of the facility or plantship;". SEC. 203. OTEC DEMONSTRATION FUND.

Guarantees. 46 USC 1279c. 46 USC 1273.

(a) Title XI of the Merchant Marine Act, 1936 (46 U.S.C. 1271-1279b) is further amended by adding at the end thereof a new section 1110 to read as follows: "SEC. 1110. (a) Pursuant to the authority granted under section 1103(a) of this title, the Secretary of Commerce, upon such terms as he shall prescribe, may guarantee or make a commitment to guarantee, payment of the principal of and interest on an obligation which

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