16 U.S.C. § 742c–1 — Investment 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
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 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.)
- 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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