Sec. 302. VESSEL REPLACEMENT
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## SEC. 302 VESSEL REPLACEMENT ###
(a)Loans and Guarantees Chapter 537 of title 46, United States Code, is amended— ####
(1)in section 53701— #####
(A)by redesignating paragraphs
(8)through
(14)as paragraphs
(9)through (15), respectively; and #####
(B)by inserting after paragraph
(7)the following: > > #### “(8) Historical uses > > The term ‘historical uses’ includes— > > > ##### “(A) > > refurbishing, repairing, rebuilding, or replacing equipment on a fishing vessel, without materially increasing harvesting capacity; > > > ##### “(B) > > purchasing a used fishing vessel; > > > ##### “(C) > > purchasing, constructing, expanding, or reconditioning a fishery facility; > > > ##### “(D) > > refinancing existing debt; > > > ##### “(E) > > reducing fishing capacity; and > > > ##### “(F) > > making upgrades to a fishing vessel, including upgrades in technology, gear, or equipment, that improve— > > > ###### “(i) > > collection and reporting of fishery-dependent data; > > > ###### “(ii) > > bycatch reduction or avoidance; > > > ###### “(iii) > > gear selectivity; > > > ###### “(iv) > > adverse impacts caused by fishing gear; or > > > ###### “(v) > > safety.” > ; and ####
(2)in section 53702(b), by adding at the end the following: > > #### “(3) Minimum obligations available for historic uses > > Of the direct loan obligations issued by the Secretary under this chapter, the Secretary shall make a minimum of $59,000,000 available each fiscal year for historic uses. > > > #### “(4) Use of obligations in limited access fisheries > > In addition to the other eligible purposes and uses of direct loan obligations provided for in this chapter, the Secretary may issue direct loan obligations for the purpose of— > > > ##### “(A) > > financing the construction or reconstruction of a fishing vessel in a fishery managed under a limited access system; or > > > ##### “(B) > > financing the purchase of harvesting rights in a fishery that is federally managed under a limited access system.” > . ###
(b)Limitation on Application to Certain Fishing Vessels of Prohibition Under Vessel Construction Program Section 302(b)(2) of the Fisheries Financing Act (title III of Public Law 104-297; 46 U.S.C. 53706 note) is amended— ####
(1)in the second sentence— #####
(A)by striking “or in” and inserting “, in”; and #####
(B)by inserting before the period the following: “, in fisheries that are under the jurisdiction of the North Pacific Fishery Management Council and managed under a fishery management plan issued under the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1801 et seq.), or in the Pacific whiting fishery that is under the jurisdiction of the Pacific Fishery Management Council and managed under a fishery management plan issued under that Act”; and ####
(2)by adding at the end the following: “Any fishing vessel operated in fisheries under the jurisdiction of the North Pacific Fishery Management Council and managed under a fishery management plan issued under the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1801 et seq.), or in the Pacific whiting fishery under the jurisdiction of the Pacific Fishery Management Council and managed under a fishery management plan issued under that Act, and that is replaced by a vessel that is constructed or rebuilt with a loan or loan guarantee provided by the Federal Government may not be used to harvest fish in any fishery under the jurisdiction of any regional fishery management council, other than a fishery under the jurisdiction of the North Pacific Fishery Management Council or the Pacific Fishery Management Council.”.
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- Pub. L. 104-297
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