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

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

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Source location: Title 46, Chapter 537, § 53723; chapter-537-loans-and-guarantees.md

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

46 U.S.C. § 53717 — Management of funds in the Treasury

**(a) Definition.—** In this section, the term “FCRA” means the Federal Credit Reform Act of 1990 ([2 U.S.C. 661](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661&num=0&edition=prelim) et seq.). **(b) Loan Guarantees by Administrator.—** (1) **When not subject to fcra.—** — The Administrator shall account for payments and disbursements involving obligations guaranteed under this chapter and not subject to FCRA in an account in the Treasury entitled the Federal Ship Financing Fund Liquidating Account (a liquidating account as defined in FCRA). (2) **When subject to fcra.—** — The Administrator shall account for payments and disbursements involving obligations guaranteed under this chapter and subject to FCRA in a separate account in the Treasury entitled the Federal Ship Financing Guaranteed Loan Financing Account (a financing account as defined in FCRA). **(c) Loan Guarantees by Secretary.—** (1) **When not subject to fcra.—** — The Secretary shall account for payments and disbursements involving obligations guaranteed under this chapter and not subject to FCRA in a separate account in the Treasury established for this purpose. (2) **When subject to fcra.—** — The Secretary shall account for payments and disbursements involving obligations guaranteed under this chapter and subject to FCRA in a separate account in the Treasury established for this purpose. **(d) Direct Loans by Secretary.—** The Secretary shall account for payments and disbursements involving direct loans made under this chapter in a separate account in the Treasury established for this purpose.

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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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16 U.S.C. § 742c–1 — Investment in obligations of the United States; proceeds to be used for fisheries

All moneys in the Fisheries Loan Fund established under Section 11 So in original. Probably should not be capitalized. 742c of this title shall be invested by the Secretary of Commerce in obligations of the United States, except so much as shall be currently needed for loans or administrative expenses authorized under the Fisheries Loan Fund. All accrued proceeds from such investment shall be, subject to amounts provided in advance by appropriations, credited by the Secretary of the Treasury to the debt of the Secretary of Commerce incurred under [section 53723 of title 46](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53723&num=0&edition=prelim) in connection with fisheries financing under chapter 537 of title 46 for so long as such debt exists. All accrued proceeds from such investment, after such debt has been liquidated, shall be, subject to amounts provided in advance by appropriations, credited to the fisheries portion of the Federal Ship Financing Fund established under section 1102 of the Merchant Marine Act, 1936, as amended, and used for the fisheries purposes provided in chapter 537 of title 46.

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

46 U.S.C. § 53701 — Definitions

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

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

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

**(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

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46 U.S.C. § 53723 — Payments by Secretary or Administrator

Page 456 TITLE 46—SHIPPING § 53723 § 3507(a)(1)(C), (F), into this section by inserting ‘‘or Ad- ministrator’’ after ‘‘Secretary’’ in section catchline and wherever appearing in subsecs. (a) to (c) and ‘‘or Administrator’s’’ after ‘‘Secretary’s’’ in subsecs. (a)(1) and (b)(1)(B). See 2006 Amendment note below and sec- tion 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title. Subsec. (d). Pub. L. 110–181, § 3522(a)(10)(B), inserted ‘‘or Administrator’’ after ‘‘Secretary’’ in introductory provisions. 2006—Pub. L. 109–163, § 3507(a)(1)(C), (F), which di- rected the amendment of sections 1273(e) and 1275(b) of the former Appendix to this title from which this sec- tion was derived in part, was repealed by Pub. L. 110–181, § 3522(b). See 2008 Amendment notes and Histor- ical and Revision notes above. § 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 are not sufficient to make a payment required under section 53721 or 53722 of this title, the Secretary or Administrator may issue obli- gations 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 obliga- tions. The Secretary of the Treasury shall set the interest rate for the obligations, considering the current average market yield on out- standing marketable obligations of the United States Government of

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