84 STAT. ]
PUBLIC LAW 91-469-OCT. 21, 1970
1035
SEC. 29. Section 1101(c) of the Merchant Marine Act, 1936 (46 U.S.C. 1271(c)), is amended as follows: es Stat. i267; (1) By striking out the word "and" immediately before the words '^^ ^*^*- ^^• "floating drydocks". (2) By inserting after the word "walls" and before the word "owned" a comma and the words "and oceanographic research or instruction vessels,". SEC. 30. Section 1103(e) of the Merchant Marine Act, 1936 (46 U.S.C. 1273(e)), is amended by striking the figure "$1,000,000,000" 68 Stat. ues., and inserting in lieu thereof the figure "$3,000,000,000". SEC. 31. Section 1104(a) of the Merchant Marine Act, 1936 (46 U.S.C. 1274(a)), is amended by inserting in paragraph (8) immediately before the words "commercial use" the words "research, or for". SEC. 32. Section 1104(b) of the Merchant Marine Act, 1936 (46 U.S.C. 1274(b)), is amended as follows: (1) By inserting in paragraph (2) immediately before the words "commercial use" the words "research or for". (2) By striking from paragraph (4) the words "be less than" and inserting in lieu thereof the words "not exceed". (3) By inserting at the end of {paragraph (4), immediately before the semicolon, a colon and a proviso to read as follows: '"'•Provided, however, That in the case of a vessel, the size and speed of which are approved by the Secretary of Commerce, and which is eligible for mortgage aid for construction under section 509 of this Act and in ^"'^' P- ^°2^'respect of which the minimum downpayment by the mortgagor required by that section would be 12^^ per centum of the cost of such vessel, the advance and the principal amount of all other advances under insured loans outstanding at the time of said advance shall not exceed 87i^ per centum of such actual cost". SEC. 33. Section 1105(d) of the Merchant Marine Act, 1936 (46 U.S.C. 1275(d)) is amended by striking the last sentence thereof and inserting a new sentence to read as follows: "Such installments shall include interest on the purchase price remaining unpaid at a rate not less than (i) a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such installments, adjusted to the nearest one-eighth of 1 per centum, plus (ii) an allowance adequate in the judgment of the Secretary of Commerce to cover administrative costs." SEC. 34. Section 1214 of the Merchant Marine Act, 1936 (46 U.S.C. 1294), is amended by striking out the words "20 years from the date 79 Stat. 264. of enactment of this title" and inserting in lieu thereof the date "September 7, 1975". SEC. 35. (a) The word "Commission" is stricken out of sections 210, 211, 501, 502, 503, 504, 505, 510(b), 601(a), 602, 603, 605(c), and 606 of the Merchant Marine Act, 1936, wherever it appears, and the ^^ use 1120, words "Secretary of Commerce" are inserted in lieu thereof. WVo, 1171-1173', (b) Subsection (a) of section 211 of the Merchant Marine Act, 1936, 1175^ ii76. is amended by striking out the word "its" and inserting in lieu thereof the word "his". (c) The second sentence of section 501(a) of the Merchant Marine Act, 1936, is amended by striking out the word "it" and inserting the word "he" in lieu thereof. (d) The second sentence of section 501(c) of the Merchant Marine Act, 1936, is amended by striking out the word "its" and inserting the word "his" in lieu thereof. (e) The first sentence of section 502(a) of the Merchant Marine Act, 1936, is amended by striking out the word "it" and inserting the word "he" in lieu thereof.
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