Page:United States Statutes at Large Volume 98 Part 3.djvu/758

 98 STAT. 3130

PUBLIC LAW 98-595—OCT. 30, 1984

Public Law 98-595 98th Congress An Act Oct. 30, 1984 [H.R. 5833]

To improve certain maritime programs of the Department of Transportation and the Department of Commerce.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That title XI of the Merchant Marine Act, 1936 (46 App. U.S.C. 1271 et seq.) is amended as follows: 46 USC app. (1) in section 1103(e), after the last sentence, by adding: ^^^^ "Notwithstanding an assumption of an obligation by the Secre46 USC app. tary under section 1105(a) or (b) of this Act, the validity of the ^^^^ guarantee of an obligation made by the Secretary under this title is unaffected and the guarantee remains in full force and effect."; 46 USC app. (2) in section 1104, by striking subsection (a)(3) and 1274. substituting: "(3) financing the purchase, reconstruction, or reconditioning Vessels. of vessels or fishery facilities for which obligations were guaranFish and fishing. teed Under this title that, under the provisions of section 1105: "(A) are vessels or fishery facilities for which obligations were accelerated and p£dd; "(B) were acquired by the Fund; or "(C) were sold at foreclosure instituted by the Secretary;"; (3) in section 1104(a)(5), by adding "or" at the end; (4) in section 1104(a)(6), by striking "facilities; or" and substituting "facilities."; (5) in section 1104, by striking subsection (a)(7); (6) in section 1104, by striking subsection (d)(1) and substituting: "(d)(l)(A) No commitment to guarantee, or guarantee of, an obligation shall be made by the Secretary of Transportation unless the Secretary finds that the property or project with respect to which the obligation will be executed will be economically sound. In making that determination, the Secretary shall consider— eommerce and "(i) the need in the particular segment of the maritime indust'"ade. try for new or additional capacity, including any impact on existing equipment for which a guarantee under this title is in effect; "(ii) the market potential for the employment of the vessel over the life of the guarantee; "(iii) projected revenues and expenses associated with employment of the vessel; "(iv) any charters, contracts of affreightment, transportation agreements, or similar agreements or undertakings relevant to the employment of the vessel; "(v) other relevant criteria; and "(vi) for inland waterways, the need for technical improvements, including but not limited to increased fuel efficiency, or improved safety.

�