107 STAT. 1812 PUBLIC LAW 103-160—NOV. 30, 1993 during that year for loan guarantees under this title for construction of eligible export vessels.". 46 USC app. (b) IMPLEMENTATION. — 1279dnote. (j) INITIAL DESIGNATION OF COUNCIL MEMBERS.— Each member of the council established under section 1111(b) of the Merchant Marine Act, 1936, as added by subsection (a), shall name a designee for service on the council not later than 30 days after the date of the enactment of this Act. Each such member shall promptly notify the Secretary of Transportation of that designation. (2) DESIGNATION OF SENIOR MARAD OFFICIAL.—Not later than 30 days after the date of the enactment of this Act, the Secretary of Transportation shall designate a senior ofiElcial within the Maritime Administration to have the responsibility and authority to carry out the terms and conditions set forth under section 1111 of title XI the Merchant Marine Act, 1936, Public as added by subsection (a). The Secretary shall make the desinformation. ignation of that official known through a public announcement in a national periodical. SEC. 1366. LOAN GUARANTEES FOR EXPORT VESSELS. Title XI of the Merchant Marine Act, 1936 (46 App. U.S.C. 1271 et seq.) is amended as follows: 46 USC app. (1) ELIGIBLE EXPORT VESSEL DEFINED. —Section 1101 is ^^^^' amended by adding at the end the following new subsection: "(o) The term 'eligible export vessel' means a vessel constructed, reconstructed, or reconditioned in the United States for use in world-wide trade which will, upon delivery or redelivery, be placed under or continued to be documented under the laws of a country other than the United States.". (2) LIMITATIONS ON GUARANTEE OBLIGATIONS.— Section 46 USC app. 1103 is amended— ^^^- (A) by amending the first sentence of subsection (f) to read as follows: '^e aggregate unpaid principal amount of the obligations guaranteed under this section and outstanding at any one time shall not exceed $12,000,000,000, of which (1) $850,000,000 shall be limited to obligations pertaining to guarantees of obligations for fishing vessels and fishery facilities made under this title, and (2) $3,000,000,000 shall be limited to obligations pertaining to guarantees of obligations for eligible export vessels."; and (B) by adding at the end the following new subsection: "(g)(1) The Secretary may not issue a commitment to guarantee obligations for an eligible export vessel unless, after considering— "(A) the status of pending applications for commitments to guarantee obligations for vessels documented under the laws of the United States and operating or to be operated in the domestic or foreign commerce of the United States, "(B) the economic soundness of the applications referred to in subparagraph (A), and "(C) the amount of guarantee authority available, the Secretary determines, in the sole discretion of the Secretary, that the issuance of a commitment to guarantee obligations for an eligible export vessel will not result in the denial of an economically sound application to issue a commitment to guarantee obliga-
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