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16 U.S.C. § 742c–1Investment in obligations of the United States; proceeds to be used for fisheries

submitted 42 years ago by Pub. L. 98-498 to r/title-16-CONSERVATION · 162 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary of Commerce must invest most money in the Fisheries Loan Fund in United States obligations. The investment proceeds first go toward certain fisheries-financing debt and, after that debt is paid, toward the fisheries part of the Federal Ship Financing Fund for fisheries purposes.

All money in the Fisheries Loan Fund established by 16 U.S.C. § 742c must be invested by the Secretary of Commerce in United States obligations, except money currently needed for authorized loans or administrative expenses. Subject to advance appropriations, the Treasury Secretary must credit all investment proceeds to the debt the Commerce Secretary incurred under 46 U.S.C. § 53723 for fisheries financing under chapter 537 of title 46, while that debt exists. After the debt is paid, those proceeds must instead be credited to the fisheries portion of the Federal Ship Financing Fund under the Merchant Marine Act of 1936 and used for the fisheries purposes in chapter 537 of title 46.
the actual law source: uscode.house.gov ↗public domain

All moneys in the Fisheries Loan Fund established under Section 1 742c of this title shall be invested by the Secretary of Commerce in obligations of the United States, except so much as shall be currently needed for loans or administrative expenses authorized under the Fisheries Loan Fund. All accrued proceeds from such investment shall be, subject to amounts provided in advance by appropriations, credited by the Secretary of the Treasury to the debt of the Secretary of Commerce incurred under section 53723 of title 46 in connection with fisheries financing under chapter 537 of title 46 for so long as such debt exists. All accrued proceeds from such investment, after such debt has been liquidated, shall be, subject to amounts provided in advance by appropriations, credited to the fisheries portion of the Federal Ship Financing Fund established under section 1102 of the Merchant Marine Act, 1936, as amended, and used for the fisheries purposes provided in chapter 537 of title 46.

Source credit: (Pub. L. 98–498, title IV, § 432, Oct. 19, 1984, 98 Stat. 2310.)

history & why it existsrecord from the source credit
  • 1984Enacted · Pub. L. 98-498 · 98 Stat. 2310

A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-498 on 1984-10-19.

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