Sec. 109. Salvage recoveries for subrogated ownership of vessels and cargoes
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Section 53909 of title 46, United States Code, is amended by adding at the end the following: Notwithstanding title XIV of the Ronald W. Reagan National Defense Authorization Act for Fiscal Year 2005 ( 10 U.S.C. 113 note), the Secretary of Transportation is authorized to enter into marine salvage agreements for the recoveries, sale, and disposal of sunken or damaged vessels, cargoes, or properties owned or insured by or on behalf of the Maritime Administration, the United States Shipping Board, the U.S.
Shipping Board Bureau, the United States Maritime Commission, or the War Shipping Administration. Notwithstanding other provisions of law, the net proceeds from salvage agreements entered into as authorized in subsection
(e)shall remain available until expended and be distributed as follows for marine insurance related salvages: Fifty percent of the net funds recovered shall be deposited in the war risk revolving fund and available for the purposes of the war risk revolving fund. Fifty percent of the net funds recovered shall be deposited in the Vessel Operations Revolving Fund as established by section 50301(a) of title 46 and available until expended as follows: Fifty percent shall be available to the Administrator of the Maritime Administration for such acquisition, maintenance, repair, reconditioning, or improvement of vessels in the National Defense Reserve Fleet as is authorized under other Federal law. Twenty five percent shall be available to the Administrator of the Maritime Administration for the payment or reimbursement of expenses incurred by or on behalf of State maritime academies or the United States Merchant Marine Academy for facility and training ship maintenance, repair, and modernization, and for the purchase of simulators and fuel. The remainder shall be distributed to the Department of the Interior for grants as authorized by section 308703 of title 54. .
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Sec. 109
Salvage recoveries for subrogated ownership of vessels and cargoes
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