46 U.S.C. § 53708 — Findings related to economic soundness
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 467 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The Administrator may not guarantee or make a commitment to guarantee an obligation* under this chapter unless the Administrator finds that the property or project for which the obligation will be executed will be economically sound. In making that finding, the Administrator shall consider—
the need in the particular segment of the maritime industry for new or additional capacity, including any impact on existing equipment for which a guarantee under this chapter is in effect;
the market potential for employment of the vessel* over the life of the guarantee;
projected revenues and expenses associated with employment of the vessel;
any charter, contract of affreightment, transportation agreement, or similar agreement or undertaking relevant to the employment of the vessel;
other relevant criteria; and
for inland waterways, the need for technical improvements, including increased fuel efficiency or improved safety.
The Secretary may not guarantee or make a commitment to guarantee an obligation under this chapter unless the Secretary finds, at or prior to the time the commitment is made or the guarantee becomes effective, that—
the property or project for which the obligation will be executed will be economically sound; and
for a fishing vessel*, the purpose of the financing or refinancing is consistent with—
the wise use of the fisheries* resources and the development, advancement, management, conservation, and protection of the fisheries resources; or
the need for technical improvements, including increased fuel efficiency or improved safety.
The Secretary may not guarantee or make a commitment to guarantee an obligation under this chapter for the purchase of a used fishing vessel or used fishery facility* unless the vessel or facility will be—
reconstructed or reconditioned in the United States and will contribute to the development of the United States fishing industry; or
used—
in the harvesting of fish from an underused fishery; or
for a purpose described in the definition of “fishery facility” in section 53701 of this title with respect to an underused fishery.
The Secretary or Administrator may make a determination that aspects of an application under this chapter require independent analysis to be conducted by third party experts due to risk factors associated with markets, technology, or financial structures. A third party independent analysis conducted under this subsection shall be performed by a private sector expert in assessing such risk factors who is selected by the Secretary or Administrator.
Notwithstanding any other provision of this chapter, the Secretary or Administrator may make a determination that an application under this title requires additional equity because of increased risk factors associated with markets, technology, or financial structures.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1608; Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(D), (2)(D), (b)(3)(A), (4), Jan. 6, 2006, 119 Stat. 3555, 3556; Pub. L. 110–181, div. C, title XXXV, § 3522(a)(4), (b), Jan. 28, 2008, 122 Stat. 597, 598.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1608
- 2006Amended · Pub. L. 109-163 · 119 Stat. 3555, 3556
- 2008Amended · Pub. L. 110-181 · 122 Stat. 597, 598
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.
all 0 arguments · sorted by: best
no arguments yet — make the first case