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46 U.S.C. § 53708 — Findings related to economic soundness
Federal law — U.S. Code and appendices · legal_authorities
**(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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Source location: Title 46, Chapter 537, § 53708; chapter-537-loans-and-guarantees.md
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**(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 under this chapter for the purchase of a used fishing vessel or used fishery facility unless the vessel or facility will be—
(1) reconstructed or reconditioned in the United States and will contribute to the development of the United States fishing industry; or
(2) used—
(A) in the harvesting of fish from an underused fishery; or
(B) for a purpose described in the definition of “fishery facility” in [section 53701 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53701&num=0&edition=prelim) with respect to an underused fishery.
**(d) Independent Analysis.—** The Secretary or Administrator may make a determination that aspects of an application under this chapter require independent analysis to be conducted by third party experts due to risk factors associated with markets, technology, or financial structures. A third party independent analysis conducted under this subsection shall be performed by a private sector expert in assessing such risk factors who is selected by the Secretary or Administrator.
**(e) Additional Equity Because of Increased Risks.—** Notwithstanding any other provision of this chapter, the Secretary or Administrator may make a determination that an application under this title requires additional equity because of increased risk factors associated with markets, technology, or financial structures.
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Federal law — U.S. Code and appendices · legal_authorities
In this chapter:
(1) **Actual cost.—** — The term “actual cost” means the sum of—
(A) all amounts paid by or for the account of the obligor as of the date on which a determination is made under [section 53715(d)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53715/d/1&num=0&edition=prelim); and
(B) all amounts that the Secretary or Administrator reasonably estimates the obligor will become obligated to pay from time to time thereafter, for the construction, reconstruction, or reconditioning of the vessel, including guarantee fees that will become payable under [section 53714 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53714&num=0&edition=prelim) in connection with all obligations issued for construction, reconstruction, or reconditioning of the vessel or equipment to be delivered, and all obligations issued for the delivered vessel or equipment.
(2) **Administrator.—** — The term “Administrator” means the Administrator of the Maritime Administration.
(3) **Construction, reconstruction, and reconditioning.—** — The terms “construction”, “reconstruction”, and “reconditioning” include designing, inspecting, outfitting, and equipping.
(4) **Depreciated actual cost.—** — The term “depreciated actual cost” of a vessel means—
(A) if the vessel was not reconstructed or reconditioned, the actual cost of the vessel depreciated on a straight line basis over the useful life of the vessel as determined by the Secretary or Administrator, not to exceed 25 years from the date of delivery by the builder; or
(B) if the vessel was reconstructed or reconditioned, the sum of—
(i) the actual cost of the vessel depreciated on a straight line basis from the date of delivery by the
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 53701
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Federal law — U.S. Code and appendices · legal_authorities
In this title, the term “agency” means a department, agency, or instrumentality of the United States Government.
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 101
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Federal law — U.S. Code and appendices · legal_authorities
**(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 demonstrati
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 53731
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Federal law — U.S. Code and appendices · legal_authorities
Page 444
TITLE 46—SHIPPING
§ 53708
HISTORICAL AND REVISION NOTES—CONTINUED
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53707(c) ......
46 App.:1273a(b).
53707(d) ......
46 App.:1274(d)(4).
June 29, 1936, ch. 858, title
XI, § 1104A(d)(4), as added
Pub.
L.
108–136,
title
XXXV, § 3522, Nov. 24, 2003,
117 Stat. 1800.
Editorial Notes
AMENDMENTS
2008—Pub. L. 110–181, § 3522(b), repealed Pub. L.
109–163, § 3507(a)(1)(D), (b)(3)(B), (C), (c)(1). See 2006
Amendment note below.
Subsec. (a). Pub. L. 110–181, § 3522(a)(3)(A), incor-
porated the substance of the amendment by Pub. L.
109–163, § 3507(a)(1)(D), into this section by inserting ‘‘or
Administrator’’ after ‘‘Secretary’’ in two places. See
2006 Amendment note below and section 18(a) of Pub. L.
109–304, set out as a Legislative Purpose and Construc-
tion note preceding section 101 of this title.
Subsec. (b). Pub. L. 110–181, § 3522(a)(3)(B), incor-
porated the substance of the amendment by Pub. L.
109–163, § 3507(c)(1), into this section by substituting
‘‘Administrator’’ for ‘‘Secretary of Transportation’’.
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.
Subsec. (c). Pub. L. 110–181, § 3522(a)(3)(C), struck out
‘‘of Commerce’’ after ‘‘The Secretary’’ in introductory
provisions.
Subsec. (d). Pub. L. 110–181, § 3522(a)(3)(A), (D), incor-
porated the substance of the amendment by Pub. L.
109–163, § 3507(b)(3)(B), (C), into this section by inserting
‘‘or Administrator’’ after ‘‘Secretary’’ in introductory
provisions and in par. (2) by inserting ‘‘if the Secretary
or Administrator considers necessary,’’ before ‘‘the
waiver’’ and substituting ‘‘any significant increas
Source: Supplied 2024 U.S. Code historical extraction · 46 U.S.C. § 53708
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