Section 1 Short title
This Act may be cited as the “Federal Ship Financing Improvement Act”.
Federal Ship Financing Improvement Act
A BILL
To amend title 46, United States Code, to allow the Administrator of the Maritime Administration to finance vessel retrofit, repair, or similar work required for the vessel to be a vessel of the United States, and for other purposes.
Sec. 2 Loans for retrofitting to qualify as a vessel of the United States
Section 53706(a) of title 46, United States Code, is amended by adding at the end the following:
“(8) Financing (including reimbursement of an obligor for expenditures previously made for) the reconstruction, reconditioning, retrofitting, repair, or similar work in a shipyard located in the United States—
“(A) required for the vessel to be a vessel of the United States;
“(B) required for the vessel to be issued a coastwise endorsement under chapter 121;
“(C) to convert a civilian vessel of the United States to a more useful military configuration;
“(D) for any vessel under contract to the Federal Government; or
“(E) for any vessel participating in—
“(i) the Maritime Security Program or the Emergency Preparedness Program under chapter 531;
“(ii) the Cable Security Fleet under chapter 532;
“(iii) the Tanker Security Fleet under chapter 534; or
“(iv) the National Defense Reserve Fleet under section 57100.”
Sec. 3 Buy America requirements for shipyard modernization and improvement program
Section 53733 of title 46, United States Code, is amended by adding at the end the following:
“(f) Buy America—Section 54101(d)(2) shall apply to any funds obligated by the Administrator under this section.”