A bill to authorize the establishment of a Merchant Ship Revolving Fund, and for other purposes.

Summary

Amends the Merchant Marine Act, 1936, to add to such Act a new title, "Title XIV-Build and Charter", which establishes in the Treasury the Merchant Ship Revolving Fund. Provides that moneys for such Fund shall be derived from: (1) all moneys appropriated to the Fund; (2) all moneys received for the charter or sale of merchant vessels constructed under this Act, with specified exceptions; and (3) any other moneys made available for the Fund. Provides that moneys from such Fund shall be used for the construction, reconstruction, or conversion in private U.S. shipyards of merchant vessels capable of serving as naval and military auxiliaries in time of war or national emergency. Directs the Secretary of the Navy to administer the Fund and to award contracts to private U,S. shipyards for vessel construction, reconstruction, or conversion under this Act. Directs the Secretary to charter or sell any naval vessel constructed under this Act to a citizen of the United States for operation in international commerce. Outlines information concerning the price to be charged by the Secretary for the sale or charter of such vessels. Directs that the first $850,000,000 appropriated to the Fund be used by the Secretary to award construction contracts and charter or sell vessels constructed according to specified restrictions which earmark specified amounts of such original sum to certain qualifying parties. Requires the interest of national security to be served in the charter or sale of vessels constructed under this Act to U.S. citizens. Establishes within the Fund the Merchant Ship Working Capital Account, which shall be used to make working capital loans to qualifying persons for vessel construction, reconstruction, or conversion. Outlines conditions under which such loans are to be made. Terminates the Account three years from the date of enactment of this Act. Authorizes appropriations to the Fund.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 5 November 1985

  Open at official source

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