86 STAT. ]
PUBLIC LAW 92-507-OCT. 19, 1972
909
Public Law 92-507 AN ACT
ToamendtheMerchantMarineAct, 1986, asanieiuled.
October 19, 1972
—[H. R. 9756]—
Be It enacted by the Senate and House of Representat'irea of the United States of America in Congress assembled. Financing A'CT of SECTION 1. Section 1101 of the Merchant Marine Act, 1986, as 1972. amended (46 U.S.C. 1271), is amended by striking out the entire sec- g/itatVoa^s^^' tion and inserting the following: "SEC. 1101. A S used in this title— Definitions. " (a) The term 'mortgage' includes a preferred mortgage as defined Stat. in the Ship Mortgage Act, 1920, as amended, on any vessel of the 4941 _ 4 21000; Stat. _. 4 United States (other than a towboat, barge, scow, lighter, car float, 46 USC 922. canal boat, or tank vessel of less than twenty-five gross tons), and a mortgage on such a vessel which will become a preferred mortgage when recorded and endorsed as required by the Ship Mortgage Act, 1920, as amended: " (b) The term 'vessel' includes all types, whether in existence or under construction, of passenger cargo and combination passengercargo carrying vessels, tankers, tugs, towboats, barges and dredges which are or will be documented under the laws of the United States, fishing vessels whose ownership will meet the citizenship requirements for documenting vessels in the coastwise trade within the meaning of section 2 of the Shipping Act, 1916, as amended, floating drydocks 73'*sta!?597°°^' which have a capacity of thirty-five thousand or more lifting tons and 46 USC 802. a beam of one hundred and twenty-five feet or more between the wing walls and oceanographic research or instruction or pollution treatment, abatement or control vessels owned by citizens of the United States; "(c) The term 'obligation' shall mean any note, bond, debenture, or other evidence of indebtedness (exclusive of notes or other obligations •; . issued by the Secretary of Commerce pursuant to subsection (d) of section 1105 of this title and obligations eligible for investment of POS^ p. 914. funds under section 1102 and subsection (d) of section 1108 of this Pyt. pp. 910, title), issued for one of the purposes specified in subsection (a) of section 1104 of this title; P°S'. P- 9IO. " (d) The term 'obligor' shall mean any party primarily liable for payment of the principal of or interest on any obligation; (e) The term 'obligee' shall mean the holder of an obligation; • ^'^^^'i "(f) The term 'actual cost' of a vessel as of any specified date means the aggregate, as determined by the Secretary of Commerce, of (i) all amounts paid by or for the account of the obligor on or before that date, and (ii) all amounts which the obligor is then obligated to pay from time to time thereafter, for the construction, reconstruction, or reconditioning of such vessel; " (g) The term 'depreciated actual cost' of a vessel means the actual cost of the vessel depreciated on a straightline basis over the useful life of the vessel as determined by the Secretary of Commerce, not to exceed twenty-five years from the date the vessel was delivered by the shipbuilder, or, if the vessel has been reconstructed or reconditioned, the actual cost of the vessel depreciated on a straightline basis from the date the vessel was delivered by the shipbuilder to the date of such reconstruction or reconditioning on the basis of the original useful life of the vessel and from the date of such reconstruction or reconditioning on a straightline basis and on the basis of a useful life of the vessel determined by the Secretary of Commerce, plus all amounts paid or obligated to be paid for the reconstruction or reconditioning depreciated on a straightline basis and on the basis of a useful life of the vessel determined by the Secretary of Commerce; and
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