16 U.S.C. § 742c — Loans for financing or refinancing of cost

Page 1302 TITLE 16—CONSERVATION § 742b–1 ‘‘(II) solicit prize competition participants; ‘‘(III) administer funds relating to the prize competition; ‘‘(IV) receive Federal funds— ‘‘(aa) to administer the prize competition; and ‘‘(bb) to award a cash prize; ‘‘(V) carry out activities to generate contribu- tions of non-Federal funds to offset, in whole or in part— ‘‘(aa) the administrative costs of the prize competition; and ‘‘(bb) the costs of a cash prize; ‘‘(VI) in consultation with, and subject to final approval by, the Secretary, develop criteria for the selection of prize competition winners; ‘‘(VII) provide advice and consultation to the Secretary on the selection of judges under para- graphs (2)(E), (3)(E), (4)(E), (5)(E), (6)(E), and (7)(E) based on criteria developed in consultation with, and subject to the final approval of, the Sec- retary; ‘‘(VIII) announce 1 or more annual winners of the prize competition; ‘‘(IX) subject to clause (ii), award 1 cash prize annually; and ‘‘(X) protect against unauthorized use or disclo- sure by the National Fish and Wildlife Founda- tion of any trade secret or confidential business information of a prize competition participant. ‘‘(ii) ADDITIONAL CASH PRIZES.—An agreement shall provide that the National Fish and Wildlife Foundation may award more than 1 cash prize an- nually if the initial cash prize referred to in clause (i)(IX) and any additional cash prize are awarded using only non-Federal funds. ‘‘(iii) SOLICITATION OF FUNDS.—An agreement shall provide that the National Fish and Wildlife Foundation— ‘‘(I) may request and accept Federal funds and non-Federal funds for a cash prize; ‘‘(II) may accept a contribution for a cash prize in exchange for the right to name the prize; and ‘‘(III) shall not give special consideration to any Federal agency or non-Federal entity in exchange for a donation for a cash prize awarded under this subsection. ‘‘(C) AWARD AMOUNTS.— ‘‘(i) IN GENERAL.—The amount of the initial cash prize referred to in subparagraph (B)(i)(IX) shall be $100,000. ‘‘(ii) ADDITIONAL CASH PRIZES.—On notification by the National Fish and Wildlife Foundation that non-Federal funds are available for an additional cash prize, the Secretary shall determine the amount of the additional cash prize.’’ FEES FOR TRAINING BY NATIONAL CONSERVATION TRAINING CENTER Pub. L. 104–208, div. A, title I, § 101(d) [title I], Sept. 30, 1996, 110 Stat. 3009–181, 3009–185, as amended by Pub. L. 105–83, title I, Nov. 14, 1997, 111 Stat. 1547, provided in part: ‘‘That hereafter, pursuant to 31 U.S.C. 9701, the Secretary shall charge reasonable fees for the full costs of providing training by the National Conservation Training Center, to be credited to this account, not- withstanding 31 U.S.C. 3302, for the full costs of pro- viding such training, to remain available until ex- pended.’’ Executive Documents TRANSFER OF FUNCTIONS Transfer of functions to Secretary of Commerce from Secretary of the Interior in view of: creation of Na- tional Oceanic and Atmospheric Administration in De- partment of Commerce and Office of Administrator of such Administration; abolition of Bureau of Commer- cial Fisheries in the Interior Department and Office of Director of such Bureau; transfers of functions, includ- ing functions formerly vested by law in Secretary of the Interior or the Interior Department which were ad- ministered through Bureau of Commercial Fisheries or were primarily related to such Bureau, exclusive of cer- tain enumerated functions with respect to Great Lakes fishery research, Missouri River Reservoir research, Gulf Breeze Biological Laboratory, and Trans-Alaska pipeline investigations; and transfer of marine sport fish program of Bureau of Sport Fisheries and Wildlife by Reorg. Plan No. 4 of 1970, eff. Oct. 3, 1970, 35 F.R. 15627, 84 Stat. 2090, set out in the Appendix to Title 5, Government Organization and Employees. § 742b–1. Assistant Director for Wildlife and Sport Fish Restoration Programs (a) Establishment There is established in the United States Fish and Wildlife Service of the Department of the Interior the position of Assistant Director for Wildlife and Sport Fish Restoration Programs. (b) Superior The Assistant Director for Wildlife and Sport Fish Restoration Programs shall report directly to the Director of the United States Fish and Wildlife Service. (c) Responsibilities The Assistant Director for Wildlife and Sport Fish Restoration Programs shall be responsible for the administration, management, and over- sight of the Federal Assistance Program for State Wildlife and Sport Fish Restoration under the Pittman-Robertson Wildlife Restoration Act (16 U.S.C. 669 et seq.) and the Dingell-Johnson Sport Fish Restoration Act (16 U.S.C. 777 et seq.). (Pub. L. 106–408, title I, § 132, Nov. 1, 2000, 114 Stat. 1775.) Editorial Notes REFERENCES IN TEXT The Pittman-Robertson Wildlife Restoration Act, re- ferred to in subsec. (c), is act Sept. 2, 1937, ch. 899, 50 Stat. 917, also known as the Federal Aid in Wildlife Restoration Act, which is classified generally to chap- ter 5B (§ 669 et seq.) of this title. For complete classi- fication of this Act to the Code, see Short Title note set out under section 669 of this title and Tables. The Dingell-Johnson Sport Fish Restoration Act, re- ferred to in subsec. (c), is act Aug. 9, 1950, ch. 658, 64 Stat. 430, also known as the Federal Aid in Fish Res- toration Act and the Fish Restoration and Manage- ment Projects Act, which is classified generally to chapter 10B (§ 777 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 777 of this title and Tables. § 742c. Loans for financing or refinancing of cost of purchasing, constructing, equipping, maintaining, repairing, or operating com- mercial fishing vessels or gear (a) Authorization The Secretary of the Interior is authorized, under such rules and regulations and under such terms and conditions as he may prescribe, to make loans for financing or refinancing of the cost of purchasing, constructing, equipping, maintaining, repairing, or operating new or used commercial fishing vessels or gear. (b) Conditions Any loans made under the provisions of this section shall be subject to the following restric- tions: Page 1303 TITLE 16—CONSERVATION § 742c (1) Bear an interest rate of not less than (a) a rate determined by the Secretary of the Treasury, taking into consideration the aver- age market yield on outstanding Treasury ob- ligations of comparable maturity, plus (b) such additional charge, if any, toward cov- ering other costs of the program as the Sec- retary may determine to be consistent with its purpose. (2) Mature in not more than ten years, ex- cept that where a loan is for all or part of the costs of constructing a new fishing vessel, such period may be fourteen years. (3) No financial assistance shall be extended pursuant to this section unless reasonable fi- nancial assistance applied for is not otherwise available on reasonable terms. (4) Loans shall be approved only upon the furnishing of such security or other reasonable assurance of repayment as the Secretary may require considering the objectives of this sec- tion which are to upgrade commercial fishing vessels and gear and to provide reasonable fi- nancial assistance not otherwise available to commercial fishermen. The proposed collat- eral for a loan must be of such a nature that, when considered with the integrity and ability of the management, and the applicant’s past and prospective earnings, repayment of the loan will be reasonably assured. (5) The applicant shall possess the ability, experience, resources, and other qualifications necessary to enable him to operate and main- tain new or used commercial fishing vessels or gear. (6) Before the Secretary approves a loan for the purchase or construction of a new or used vessel which will not replace an existing com- mercial fishing vessel, he shall determine that the applicant’s contemplated operation of such vessel in a fishery will not cause eco- nomic hardship or injury to the efficient ves- sel operators already operating in that fish- ery. (7) An applicant for a fishery loan must be a citizen or national of the United States. (8) Within the meaning of this section, a cor- poration, partnership, or association shall not be deemed to be a citizen of the United States unless the Secretary determines that it satis- factorily meets all of the requirements set forth in section 50501 of title 46 for deter- mining the United States citizenship of a cor- poration, partnership, or association operating a vessel in the coastwise trade. (9)(A) The nationality of an applicant shall be established to the satisfaction of the Sec- retary. Within the meaning of this section, no corporation, partnership, or association orga- nized under the laws of American Samoa shall be deemed a national of the United States un- less 75 per centum of the interest therein is owned by nationals of the United States, citi- zens of the United States, or both, and in the case of a corporation, unless its president or other chief executive officer and the chairman of its board are nationals or citizens of the United States and unless no more of its direc- tors than a minority of the number necessary to constitute a quorum are nonnationals and noncitizens. (B) Seventy-five per centum of the interest in a corporation shall not be deemed to be owned by nationals of the United States, citi- zens of the United States, or both, (i) if the title to 75 per centum of its stock is not vested in such nationals and citizens free from any trust or fiduciary obligation in favor of any person not a national or citizen of the United States; or (ii) if 75 per centum of the voting power in such corporation is not vested in na- tionals of the United States, citizens of the United States, or both; or (iii) if through any contract or understanding it is so arranged that more than 25 per centum of the voting power may be exercised, directly or indirectly, in behalf of any person who is not a national or citizen of the United States; or (iv) if by any other means whatsoever control of any in- terest in the corporation in excess of 25 per centum is conferred upon or permitted to be exercised by any person who is not a national or citizen of the United States. (c) Fisheries loan fund; interest payments on ap- propriations available as capital to the fund less average undispersed cash balance There is created a fisheries loan fund, which shall be used by the Secretary as a revolving fund to make loans for financing and refi- nancing under this section. Any funds received by the Secretary on or before September 30, 1986, in payment of principal or interest on any loans so made shall be deposited in the fund and be available for making additional loans under this section. Any funds received in the fisheries loan fund after September 30, 1986, shall be covered into the Treasury as miscellaneous receipts. There is authorized to be appropriated to the fisheries loan fund the sum of $20,000,000 to pro- vide initial capital. (d) Modification of loan contract The Secretary, subject to the specific limita- tions in this section, may consent to the modi- fication, with respect to the rate of interest, time of payment of any installment of principal, or security, of any loan contract to which he is a party. (e) Chartering vessels; loans to Alaskan earth- quake victims; termination date The Secretary is authorized under such terms and conditions and pursuant to regulations pre- scribed by him to use the funds appropriated under this section to make loans to commercial fishermen for the purpose of chartering fishing vessels pending the construction or repair of vessels lost, destroyed, or damaged by the earth- quake of March 27, 1964, and subsequent tidal waves related thereto: Provided, That any loans made under this subsection shall only be repaid from the net profits of the operations of such chartered vessels, which profits shall be reduced by such reasonable amount as determined by the Secretary for the salary of the fishermen char- tering such vessels. The funds authorized herein shall not be available for such loans after June 30, 1966. (Aug. 8, 1956, ch. 1036, § 4, 70 Stat. 1121; Pub. L. 85–888, Sept. 2, 1958, 72 Stat. 1710; Pub. L. 88–309, § 9, May 20, 1964, 78 Stat. 199; Pub. L. 89–85, §§ 1–4, July 24, 1965, 79 Stat. 262; Pub. L. 91–279, § 9, June Page 1304 TITLE 16—CONSERVATION § 742c–1 1 So in original. Probably should not be capitalized. 12, 1970, 84 Stat. 309; Pub. L. 91–387, §§ 1, 2, Aug. 24, 1970, 84 Stat. 829; Pub. L. 94–273, § 2(8), Apr. 21, 1976, 90 Stat. 375; Pub. L. 96–478, § 16(a), Oct. 21, 1980, 94 Stat. 2303; Pub. L. 97–347, § 1, Oct. 18, 1982, 96 Stat. 1652; Pub. L. 98–44, title I, § 103(a)(1), July 12, 1983, 97 Stat. 216; Pub. L. 98–498, title IV, § 430(1), Oct. 19, 1984, 98 Stat. 2310; Pub. L. 99–659, title IV, § 409, Nov. 14, 1986, 100 Stat. 3740.) Editorial Notes CODIFICATION In subsec. (b)(8), ‘‘section 50501 of title 46’’ substituted for ‘‘section 2 of the Shipping Act, 1916, as amended,’’ on authority of Pub. L. 109–304, § 18(c), Oct. 6, 2006, 120 Stat. 1709, which Act enacted section 50501 of Title 46, Shipping. AMENDMENTS 1986—Subsec. (c). Pub. L. 99–659 amended third sen- tence generally, striking out ‘‘and any balance remain- ing therein at the close of September 30, 1986 (at which time the fund shall cease to exist),’’ after ‘‘1986,’’. 1984—Subsec. (c). Pub. L. 98–498 substituted ‘‘Sep- tember 30, 1986’’ for ‘‘September 30, 1984’’ wherever ap- pearing. 1983—Subsec. (c). Pub. L. 98–44 substituted ‘‘Sep- tember 30, 1984’’ for ‘‘September 30, 1983’’ wherever ap- pearing. 1982—Subsec. (c). Pub. L. 97–347 substituted ‘‘Sep- tember 30, 1983’’ for ‘‘September 30, 1982’’ wherever ap- pearing. 1980—Subsec. (c). Pub. L. 96–478 substituted ‘‘Sep- tember 30, 1982’’ for ‘‘September 30, 1980’’ wherever ap- pearing and struck out interest payment provisions re- specting, payment at close of each fiscal year from fisheries loan fund into miscellaneous receipts of the Treasury on cumulative amount of appropriations available as capital to the fund from and after July 1, 1965, less average undispersed balance in the fund dur- ing the year, determination of interest rate on basis of average market yield during month preceding each fis- cal year on outstanding Treasury obligations of matu- rity comparable to average maturity of loans made from the fund, and interest payment deferrals approved by the Secretary of the Treasury subject to interest on deferred amounts. 1976—Subsec. (c). Pub. L. 94–273 substituted ‘‘Sep- tember’’ for ‘‘June’’ wherever appearing. 1970—Subsec. (b)(2). Pub. L. 91–279 provided maturity period of fourteen years for loans for all or part of costs of constructing new fishing vessels. Subsec. (b)(7). Pub. L. 91–387, § 2, permitted a national of the United States to be an applicant for a fishery loan. Subsec. (b)(8). Pub. L. 91–387, § 2, substituted provision for Secretary’s determination of United States citizen- ship of a corporation, partnership, or association by satisfactorily meeting all requirements set forth in sec- tion 802 of title 46 for determination of citizenship of such entity operating a vessel in coastwise trade, for prior provision for establishment of such citizenship within meaning of section 802 of title 46 to satisfaction of the Secretary. Subsec. (b)(9). Pub. L. 91–387, § 2, added par. (9). Subsec. (c). Pub. L. 91–387, § 1, extended term for mak- ing fisheries loans, substituting ‘‘June 30, 1980’’ for ‘‘June 30, 1970’’ wherever appearing. 1965—Subsec. (a). Pub. L. 89–85, § 1, substituted ‘‘fi- nancing or refinancing of the cost of purchasing, con- structing, equipping, maintaining, repairing, or oper- ating new or used commercial fishing vessels or gear’’ for ‘‘financing and refinancing of operations, mainte- nance, replacement, repair, and equipment of fishing gear and vessels’’ and struck out provision for research into basic problems of fisheries. Subsec. (b). Pub. L. 89–85, §§ 2, 3, substituted in par. (1) provision respecting determination of interest rate taking into consideration average market yield on out- standing Treasury obligations of comparable maturity plus additional charge toward coverage of other costs of program for former provision prescribing an interest rate of not less than 3 per centum per annum and added pars. (4) to (8), respectively. Subsec. (c). Pub. L. 89–85, § 4, extended term for mak- ing fisheries loans from June 30, 1965, to June 30, 1970, required Secretary to pay at end of each fiscal year into miscellaneous receipts of the Treasury interest on cumulative amount of appropriations available as cap- ital to fund after July 1, 1965, less average undispersed cash balance in fund during the year, provided formula for determination of rate of interest, and authorized de- ferral of interest payments but with payment of inter- est on deferred payments. 1964—Subsec. (e). Pub. L. 88–309 added subsec. (e). 1958—Subsec. (c). Pub. L. 85–888 increased authoriza- tion for $10,000,000 to $20,000,000. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1980 AMENDMENT Pub. L. 96–478, § 16(b), Oct. 21, 1980, 94 Stat. 2304, pro- vided that: ‘‘The amendments made by subsection (a) [amending this section] shall take effect on September 1, 1980.’’ EFFECTIVE DATE OF 1970 AMENDMENT; FISHERIES LOAN FUND AVAILABLE FOR LOANS FROM JULY 1, 1970 TO CLOSE OF JUNE 30, 1980 Pub. L. 91–387, § 3, Aug. 24, 1970, 84 Stat. 829, provided that: ‘‘The provisions of this Act [amending this sec- tion] shall be effective July 1, 1970. Notwithstanding the provisions of section 4(c) of the Fish and Wildlife Act of 1956, as amended [subsec. (c) of this section], any balance remaining in the fisheries loan fund at the close of June 30, 1970, shall be available to make loans for the purposes of section 4 of said Act [this section] from July 1, 1970, to the close of June 30, 1980.’’ EFFECTIVE DATE OF 1965 AMENDMENT; REMAINING FUNDS; AVAILABILITY FOR LOANS Pub. L. 89–85, § 5, July 24, 1965, 79 Stat. 263, provided that: ‘‘The provisions of this Act [amending this sec- tion] shall be effective July 1, 1965. Notwithstanding the provisions of section 4(c) of the Fish and Wildlife Act of 1956, as amended [subsec. (c) of this section], any balance remaining in the fisheries loan fund at the close of June 30, 1965, shall be available to make loans for the purposes of section 4 of said Act [this section] from July 1, 1965, to the close of June 30, 1970.’’ LOANS UNDER FISH AND WILDLIFE ACT OF 1956 Pub. L. 96–561, title II, § 221, Dec. 22, 1980, 94 Stat. 3295, as amended by Pub. L. 98–44, title I, § 103(b), July 12, 1983, 97 Stat. 216; Pub. L. 98–498, title IV, § 431, Oct. 19, 1984, 98 Stat. 2310, provided that during the period be- ginning Dec. 22, 1980, through the close of Sept. 30, 1986, the Secretary of Commerce could make loans from the fisheries loan fund established under subsec. (c) of this section only for the purpose of assisting obligors to avoid default on obligations covering fishing vessels and to cover operating losses. Executive Documents TRANSFER OF FUNCTIONS Transfer of functions to Secretary of Commerce from Secretary of the Interior by Reorg. Plan No. 4 of 1970, eff. Oct. 3, 1970, 35 F.R. 15627, 84 Stat. 2090, see note set out under section 742b of this title. § 742c–1. Investment in obligations of the United States; proceeds to be used for fisheries All moneys in the Fisheries Loan Fund estab- lished under Section 1 742c of this title shall be