46 U.S.C. § 50303 — Operating property and extending term of notes

(a) General Authority .— The Secretary of Transportation may— (1) operate or lease docks, wharves, piers, vessels, or real property under the Secretary’s control, except that the previous consent of the Secretary of Defense for such use must be required with respect to any vessel^* in the Ready Reserve Force or in the National Defense Reserve Fleet which is maintained in a retention status for the Department of Defense; and (2) make extensions and accept renewals of— (A) promissory notes and other evidences of indebtedness on property; and (B) mortgages and other contracts securing the property. (b) Terms of Transactions .— A transaction under subsection (a) must be on terms the Secretary considers necessary to carry out the purposes of this subtitle, but consistent with sound business practice. (c) Availability of Amounts .— Amounts received by the Secretary from a transaction under this section are available for expenditure by the Secretary as provided in this subtitle.