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46 U.S.C. § 53731 — Commercial demonstration ocean thermal energy conversion facilities and plantships

Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53731 — Commercial demonstration ocean thermal energy conversion facilities and plantships

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Stable record: federal_law:legal_authorities:record_usc_6bd5fa26ec10f7b925d594c4
Source file: Laws/federal/codes/united-states-code/title-46/section-53731-commercial-demonstration-ocean-thermal-energy-conversion-facilities-and--7e176fda93.md
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Source location: Title 46, Chapter 537, § 53731; chapter-537-loans-and-guarantees.md

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**(a) In General.—** Under subchapter I of this chapter, the Administrator may guarantee or make a commitment to guarantee the payment of the principal of and interest on an obligation that aids in financing (including reimbursement of an obligor for expenditures previously made for) the construction, reconstruction, or reconditioning of a commercial demonstration ocean thermal energy conversion facility or plantship. This section may be used to guarantee obligations for a total of not more than 5 separate facilities and plantships or a demonstrated 400 megawatt capacity, whichever comes first. **(b) Applicability of Other Provisions.—** Except as otherwise provided in this section, a guarantee or commitment to guarantee under this section is subject to all the provisions applicable to a guarantee or commitment to guarantee under subchapter I of this chapter. **(c) Economic Soundness.—** The required determination of economic soundness under [section 53708 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53708&num=0&edition=prelim) applies to a guarantee or commitment to guarantee for that portion of a facility or plantship not to be supported with appropriated Federal funds. **(d) Reasonableness of Risk.—** A guarantee or commitment to guarantee may not be made under this section unless the Secretary of Energy, in consultation with the Administrator, certifies to the Administrator that, for the facility or plantship for which the guarantee or commitment to guarantee is sought, there is sufficient guarantee of performance and payment to lower the risk to the United States Government to a reasonable level. In deciding whether to issue such a certification, the Secretary of Energy shall consider— (1) the successful demonstration of the technology to be used in the facility at a scale sufficient to establish the likelihood of technical and economic viability in the proposed market; and (2) the need of the United States to develop new and renewable sources of energy and the benefits to be realized from the construction and successful operation of the facility or plantship. **(e) Amount of Obligation.—** The total principal amount of an obligation guaranteed under this section may not exceed 87.5 percent of— (1) the actual cost or depreciated actual cost of the facility or plantship; or (2) if the facility or plantship is supported with appropriated Federal funds, the total principal amount of that portion of the actual cost or depreciated actual cost for which the obligor is obligated to secure financing under the agreement between the obligor and the Department of Energy or other Federal agency. **(f) OTEC Demonstration Fund.—** (1) **In general.—** — There is a special subaccount, known as the OTEC Demonstration Fund, in the account established under [section 53717(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53717/b/1&num=0&edition=prelim). (2) **Use and operation.—** — The OTEC Demonstration Fund shall be used for obligation guarantees authorized under this section that do not qualify under subchapter I of this chapter. Except as otherwise provided in this section, the OTEC Demonstration Fund shall be operated in the same manner as the parent account. However— (A) amounts received by the Administrator under subchapter I of this chapter related to guarantees or commitments to guarantee made under this section shall be deposited only in the OTEC Demonstration Fund; and (B) when obligations issued by the Administrator under [section 53723 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53723&num=0&edition=prelim) related to the OTEC Demonstration Fund are outstanding, any amount received by the Administrator under subchapter I of this chapter related to ocean thermal energy conversion facilities or plantships shall be deposited in the OTEC Demonstration Fund. (3) **Transfers.—** — Assets in the OTEC Demonstration Fund may be transferred to the parent account when and to the extent the balance in the OTEC Demonstration Fund exceeds the total guarantees or commitments to guarantee made under this section then outstanding, plus obligations issued by the Administrator under [section 53723 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53723&num=0&edition=prelim) related to the OTEC Demonstration Fund. (4) **Liability.—** — The parent account is not liable for a guarantee or commitment to guarantee made under this section. (5) **Maximum unpaid principal amount.—** — The total unpaid principal amount of the obligations guaranteed with the backing of the OTEC Demonstration Fund and outstanding at any one time may not exceed $1,650,000,000. **(g) Issuance and Payment of Obligations.—** [Section 53723 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53723&num=0&edition=prelim) applies to the OTEC Demonstration Fund. However, obligations issued by the Administrator under that section related to the OTEC Demonstration Fund shall be payable only from proceeds realized by the OTEC Demonstration Fund. **(h) Taxation of Interest.—** Interest on an obligation guaranteed under this section shall be included in gross income under chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. ch. 1).

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53708 — Findings related to economic soundness

**(a) By Administrator.—** The Administrator may not guarantee or make a commitment to guarantee an obligation under this chapter unless the Administrator finds that the property or project for which the obligation will be executed will be economically sound. In making that finding, the Administrator shall consider— (1) the need in the particular segment of the maritime industry for new or additional capacity, including any impact on existing equipment for which a guarantee under this chapter is in effect; (2) the market potential for employment of the vessel over the life of the guarantee; (3) projected revenues and expenses associated with employment of the vessel; (4) any charter, contract of affreightment, transportation agreement, or similar agreement or undertaking relevant to the employment of the vessel; (5) other relevant criteria; and (6) for inland waterways, the need for technical improvements, including increased fuel efficiency or improved safety. **(b) By Secretary.—** The Secretary may not guarantee or make a commitment to guarantee an obligation under this chapter unless the Secretary finds, at or prior to the time the commitment is made or the guarantee becomes effective, that— (1) the property or project for which the obligation will be executed will be economically sound; and (2) for a fishing vessel, the purpose of the financing or refinancing is consistent with— (A) the wise use of the fisheries resources and the development, advancement, management, conservation, and protection of the fisheries resources; or (B) the need for technical improvements, including increased fuel efficiency or improved safety. **(c) Used Fishing Vessels and Facilities.—** The Secretary may not guarantee or make a commitment to guarantee an obligation unde

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53723 — Payments by Secretary or Administrator and issuance of obligations

**(a) Cash Payment.—** Amounts required to be paid by the Secretary or Administrator under section 53721 or 53722 of this title shall be paid in cash. **(b) Issuance of Obligations.—** If amounts in the appropriate account under [section 53717 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53717&num=0&edition=prelim) are not sufficient to make a payment required under section 53721 or 53722 of this title, the Secretary or Administrator may issue obligations to the Secretary of the Treasury. The Secretary or Administrator, with the approval of the Secretary of the Treasury, shall prescribe the form, denomination, maturity, and other terms (except the interest rate) of the obligations. The Secretary of the Treasury shall set the interest rate for the obligations, considering the current average market yield on outstanding marketable obligations of the United States Government of comparable maturities during the month before the obligations are issued. **(c) Purchase of Obligations.—** The Secretary of the Treasury shall purchase the obligations issued under this section. To purchase the obligations, the Secretary of the Treasury may use as a public debt transaction the proceeds from the sale of securities issued under chapter 31 of title 31. The purposes for which securities may be issued under that chapter are extended to include the purchase of obligations under this subsection. The Secretary of the Treasury may sell obligations purchased under this section. A redemption, purchase, or sale of the obligations by the Secretary of the Treasury is a public debt transaction of the Government. **(d) Deposits and Redemptions.—** The Secretary or Administrator shall deposit amounts borrowed under this section in the appropriate acc

Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 53723

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 101 — Agency

In this title, the term “agency” means a department, agency, or instrumentality of the United States Government.

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53731 — Commercial demonstration ocean ther-

Page 457 TITLE 46—SHIPPING § 53731 HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 53724 .......... 46 App.:1275(c). June 29, 1936, ch. 858, title XI, § 1105(c), as added June 23, 1938, ch. 600, § 46, 52 Stat. 971; Aug. 15, 1953, ch. 513, § 3, 67 Stat. 626; Sept. 3, 1954, ch. 1265, § 5, 68 Stat. 1272; Aug. 7, 1956, ch. 1026, § 1(e)–(g), 70 Stat. 1087; Pub. L. 85–520, July 15, 1958, 72 Stat. 358; Pub. L. 91–469, § 33, Oct. 21, 1970, 84 Stat. 1035; restated Pub. L. 92–507, § 3, Oct. 19, 1972, 86 Stat. 914; Pub. L. 97–31, § 12(136), Aug. 6, 1981, 95 Stat. 166; Pub. L. 98–595, § 1(10), Oct. 30, 1984, 98 Stat. 3131. Editorial Notes AMENDMENTS 2008—Pub. L. 110–181, § 3522(b), repealed Pub. L. 109–163, § 3507(a)(1)(F). See 2006 Amendment note below. Pub. L. 110–181, § 3522(a)(10)(B), (11), incorporated the substance of the amendment by Pub. L. 109–163, § 3507(a)(1)(F), into this section by inserting ‘‘or Admin- istrator’’ after ‘‘Secretary’’ wherever appearing and, in subsec. (b), ‘‘or Administrator’s’’ after ‘‘Secretary’s’’. See 2006 Amendment note below and section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title. 2006—Pub. L. 109–163, § 3507(a)(1)(F), which directed the amendment of section 1275(c) of the former Appen- dix to this title from which this section was derived, was repealed by Pub. L. 110–181, § 3522(b). See 2008 Amendment notes and Historical and Revision notes above. § 53725. Actions against obligor (a) IN GENERAL.—For a default under a guaran- teed obligation or related agreement, the Sec- retary or Administrator may take any action against the obligor or another liable party that the Secretary or Adminis

Source: Supplied 2024 U.S. Code historical extraction · 46 U.S.C. § 53731

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