110 STAT. 3009-69
PUBLIC LAW 104-208—SEPT. 30, 1996
(2) The amount of appropriated funds required by the Federal Credit Reform Act of 1990 (2 U.S.C. 661a et seq.) in
advance of the Secretary's issuance of a guarantee or a commitment to guarantee under this section shall be provided by
the State in which the shipyard is located, and other involved
States, or by a State-chartered agency, and deposited by the
Secretary in the financing account established under the Federal Credit Reform Act of 1990 (2 U.S.C. 661a et seq.) for
loan guarantees issued by the Secretary under title XI of the
Merchant Marine Act of 1936 (46 App. U.S.C. 1271 et seq.).
No federally appropriated funds shall be available for this
purpose. The funds deposited into that financing account shall
be held and applied by the Secretary in accordance with the
provisions of the Federal Credit Reform Act of 1990 (2 U.S.C.
661a et seq.), except that, unless the Secretary shall have
earlier paid an obligee or been required to pay an obligee
pursuant to the terms of a loan guarantee, the funds deposited
in that financing account shall be returned, upon the expiration
of the Secretary's loan guarantee, to the State, States, or Statechartered agency which originally provided the funds to the
Secretary.
(3) Notwithstanding the provisions of any other law or
regulation, the cost (as that term is defined by the Federal
Credit Reform Act of 1990 (2 U.S.C. 661a et seq.)) of a guarantee
or commitment to guarantee issued under this section—
(A) may only be determined with reference to the merits of the specific closed shipyard reactivation project which
is the subject of that guarantee or commitment to guarantee, without reference to any other project, type of project,
or averaged risk; and
(B) may not be used in determining the cost of any
other project, type of project, or averaged risk applicable
to guarantees or commitments to guarantee issued under
title XI of the Merchant Marine Act, 1936 (46 App. U.S.C.
1271 et seq.).
(e) SUNSET.— No commitment to guarantee obligations under
this section shall be issued by the Secretary after one year after
the date of enactment of this section.
(f) DEFINITION. — As used in this section, the term "Secretary"
means the Secretary of Transportation.
TITLE VII—RESCISSIONS
DEPARTMENT OF JUSTICE
GENERAL ADMINISTRATION
WORKING CAPITAL FUND
(RESCISSION)
Of the unobligated balances available under this heading on
October 31, 1996, $30,000,000 are rescinded.
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