A bill to amend title XI of the Merchant Marine Act 1936, in order to extend the mortgage insurance program therein to shoreside fishery facilities and equipment.
Federal Ship Mortgage Insurance Amendments - Authorizes the Secretary of Commerce, under the Merchant Marine Act, 1936, to guarantee the principle and interest on any obligation which aids in financing the construction or rehabilitation of fishery facilities and equipment as defined in this Act.
Sets the limit of the obligations which may be guaranteed at 87 1/2 percent of the actual cost of the fishery facilities and equipment.
States that any obligation guaranteed under this Act shall be treated as an obligation guaranteed under the Merchant Marine Act, 1936 to aid in the construction, reconstruction, or reconditioning of a vessel.
Authorizes the Federal Financing Bank to purchase obligations relating to fishing vessels or fishery facilities and equipment.
Introduced in House
Introduced in House
Referred to House Committee on Merchant Marine and Fisheries.
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