Sec. 3095. REFINANCING OF PACIFIC COAST GROUNDFISH FISHING CAPACITY REDUCTION LOAN
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## SEC. 3095 REFINANCING OF PACIFIC COAST GROUNDFISH FISHING CAPACITY REDUCTION LOAN ###
(a)In General The Secretary of Commerce, upon receipt of such assurances as the Secretary considers appropriate to protect the interests of the United States, shall issue a loan to refinance the existing debt obligation funding the fishing capacity reduction program for the West Coast groundfish fishery implemented under section 212 of the Department of Commerce and Related Agencies Appropriations Act, 2003 (title II of division B of Public Law 108-7; 117 Stat. 80). ###
(b)Applicable Law Except as otherwise provided in this section, the Secretary shall issue the loan under this section in accordance with subsections
(b)through
(e)of section 312 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1861a) and sections 53702 and 53735 of title 46, United States Code. ###
(c)Loan Term ####
(1)In general Notwithstanding section 53735(c)(4) of title 46, United States Code, a loan under this section shall have a maturity that expires at the end of the 45-year period beginning on the date of issuance of the loan. ####
(2)Extension Notwithstanding paragraph
(1)and if there is an outstanding balance on the loan after the period described in paragraph (1), a loan under this section shall have a maturity of 45 years or until the loan is repaid in full. ###
(d)Limitation on Fee Amount Notwithstanding section 312(d)(2)(B) of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1861a(d)(2)(B)), the fee established by the Secretary with respect to a loan under this section shall not exceed 3 percent of the ex-vessel value of the harvest from each fishery for where the loan is issued. ###
(e)Interest Rate ####
(1)In general Notwithstanding section 53702(b)(2) of title 46, United States Code, the annual rate of interest an obligor shall pay on a direct loan obligation under this section is the percent the Secretary must pay as interest to borrow from the Treasury the funds to make the loan. ####
(2)Subloans Each subloan under the loan authorized by this section— #####
(A)shall receive the interest rate described in paragraph (1); and #####
(B)may be paid off at any time notwithstanding subsection (c)(1). ###
(f)Ex-Vessel Landing Fee ####
(1)Calculations and accuracy The Secretary shall set the ex-vessel landing fee to be collected for payment of the loan under this section— #####
(A)as low as possible, based on recent landings value in the fishery, to meet the requirements of loan repayment; #####
(B)upon issuance of the loan in accordance with paragraph (2); and #####
(C)on a regular interval not to exceed every 5 years beginning on the date of issuance of the loan. ####
(2)Deadline for initial ex-vessel landings fee calculation Not later than 60 days after the date of issuance of the loan under this section, the Secretary shall recalculate the ex-vessel landing fee based on the most recent value of the fishery. ###
(g)Authorization There is authorized to be appropriated to the Secretary of Commerce to carry out this section an amount equal to 1 percent of the amount of the loan authorized under this section for purposes of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).
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- Pub. L. 108-7
- 117 Stat. 80
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Sec. 3095
REFINANCING OF PACIFIC COAST GROUNDFISH FISHING CAPACITY REDUCTION LOAN
Pub. L.Pub. L. 108-7
Stat.117 Stat. 80
Cites 4Cited by 0 across 0 sources