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; 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 the foreign commerce of the United States. Outlines information concerning the price to be charged by the Secretary for the sale or charter of such vessels. Provides that a citizen who charters or purchases a vessel under this Act shall not be eligible to receive an operating-differential subsidy for the operation of any such vessel. Prohibits the Secretary from chartering or selling any vessel constructed under this Act for operation in the transpacific or transatlantic general dry cargo service unless the Secretary makes certain findings concerning the need for such vessel, including the finding that such charter or sale is in the interest of national security. 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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