84 STAT. ]
PUBLIC LAW 91-469-OCT. 21, 1970
tion 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 loans, adjusted to the nearest one-eighth of 1 per centum, plus (ii) an allowance adecjuate in the judgment of the Secretary of Commerce to cover administrative costs". (g) By striking out of the last sentence the words "of 3I/2 per centum per annunr' and inserting in lieu thereof the words "per annum applicable to payments that are chargeable to the purchaser's portion of the price of the vessel". (4) Subsection (e) is amended as follows: (a) By striking out of the first sentence the words "the applicant" and inserting in lieu thereof the words "a citizen of the United States". (b) By striking out of the third sentence the words "an applicant" and inserting in lieu thereof the words "a citizen of the United States". (5) Subsection (f) is amended as follows: (a) By striking out the words "title VII and section 509, and the Federal Maritime Board, in connection with ship construction, reconstruction, or reconditioning under title V (except section 509)," in the second sentence and inserting in lieu thereof "titles V and VII,". (b) By striking out the words "in such manner as it may be determined" in the second sentence and inserting in lieu thereof "in such manner as he may determine". (c) By striking out the word "applicant" wherever it appears and inserting in lieu thereof the word "purchaser." (d) By striking out of the fourth sentence of the second paragraph the words "on any" and inserting in lieu thereof the words "in an". (e) By striking out of the fourth sentence of the second paragraph the words "of the operator". (6) Subsection (g) is amended as follows: (a) By striking out of the first sentence the word "agreement" and inserting in lieu thereof the word "application". (b) By striking out of the first sentence the words "an applicant under this title" and inserting in lieu thereof the words "any citizen of the United States". SEC. 8. Section 603 of the Merchant Marine Act, 1936 (46 U.S.C. 1153), is amended as follows: (1) By striking out the word "applicant" wherever it appears and inserting in lieu thereof the word "purchaser". (2) By striking out of the first sentence the words "purchase between the applicant and the Commission" and inserting in lieu thereof the words "sale between the purchaser and the Secretary of Commerce". SEC. 9. Section 504 of the Merchant Marine Act, 1936 (46 U.S.C. 1154), is amended as follows: (1) By striking out the first three sentences. (2) By inserting, after the section number, a new sentence to read as follows: "If a qualified purchaser under the terms of this title desires to purchase a vessel to be constructed in accordance with an application for construction-differential subsidy under this title, the Secretary of Commerce may, in lieu of contracting to pay the entire cost of the vessel under section 502, contract to pay only construction-differential subsidy and the cost of national defense features to the shipyard constructing such vessel. The construction-differential subsidy and payments for the cost of national defense features shall be based upon the lowest responsible domestic bid unless the vessel is constructed at a negotiated price as provided by section 502(a) or under a contract negotiated by the Secretary of Commerce as provided in section
1021
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ee Stat. 761.
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