Federal Ship Mortgagee Insurance Amendments

Summary

Federal Ship Mortgage Insurance Amendments - Authorizes the Secretary of Commerce, under the Merchant Marine Act, 1936, to guarantee the principle and interest on any obligation which aids in financing the construction or rehabilitation of fishery facilities and equipment as defined in this Act. Sets the limit of the obligations which may be guaranteed at 87 1/2 percent of the actual cost of the fishery facilities and equipment. States that any obligation guaranteed under this Act shall be treated as an obligation guaranteed under the Merchant Marine Act, 1936 to aid in the construction, reconstruction, or reconditioning of a vessel. Authorizes the Federal Financing Bank to purchase obligations relating to fishing vessels or fishery facilities and equipment.

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1 official file

• Introduced in House

  summary · EN · 26 June 1975

  Open at official source

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