16 U.S.C. § 742c-1 : US Code - Section 742C-1: Investment in obligations of the United States; proceeds to be used for fisheries

Search 16 U.S.C. § 742c-1 : US Code - Section 742C-1: Investment in obligations of the United States; proceeds to be used for fisheries

All moneys in the Fisheries Loan Fund established under Section
(!1) 742c of this title shall be invested by the Secretary of
Commerce in obligations of the United States, except so much as
shall be currently needed for loans or administrative expenses
authorized under the Fisheries Loan Fund. All accrued proceeds from
such investment shall be, subject to amounts provided in advance by
appropriations, credited by the Secretary of the Treasury to the
debt of the Secretary of Commerce incurred under section 1105(d) of
the Merchant Marine Act, 1936 [46 App. U.S.C. 1275(d)], as amended,
in connection with fisheries financing under title XI of the
Merchant Marine Act, 1936 [46 App. U.S.C. 1271 et seq.], as
amended, for so long as such debt exists. All accrued proceeds from
such investment, after such debt has been liquidated, shall be,
subject to amounts provided in advance by appropriations, credited
to the fisheries portion of the Federal Ship Financing Fund
established under section 1102 of the Merchant Marine Act, 1936 [46
App. U.S.C. 1272], as amended, and used for the fisheries purposes
provided in title XI of the Merchant Marine Act, 1936, as amended.