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Full Text of this Amendment

SA 3400. Mr. SPECTER submitted an amendment intended to be proposed to amendment SA 3336 proposed by Mr. BAUCUS to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:

At the end of title VI, add the following:
SEC. 602. LOAN GUARANTEES FOR SHIPYARDS AND REPROGRAMMING OF FUNDS FOR SEALIFT CAPACITY.
Section 115 of the Miscellaneous Appropriations and Offsets Act, 2004 (division H of Public Law 108-199; 118 Stat. 439), as amended by section 1017 of the Emergency Supplemental Appropriations Act for Defense, the Global War on Terror, and Tsunami Relief, 2005 (Public Law 109-13; 119 Stat. 250), is amended to read as follows:
"Sec. __. (a)(1) Of the amounts provided in the Department of Defense Appropriations Act, 2002 (Public Law 107-117; 115 Stat. 2244), the Department of Defense Appropriations Act, 2003 (Public Law 107-248; 116 Stat. 1533), and the Department of Defense Appropriations Act, 2004 (Public Law 108-87; 117 Stat. 1068) under the heading `National Defense Sealift Fund' for construction of additional sealift capacity, notwithstanding section 2218(c)(1) of title 10, United States Code--

"(A) $15,000,000, shall be made available for the Secretary of Transportation to make loan guarantees as described in subsection (b); and
"(B) $25,000,000, shall be made available for--
"(i) design testing simulation and construction of infrastructure improvements to a marine cargo terminal capable of supporting a mixed use of traditional container operations, high speed loading and off-loading, and military sealift requirements; and
"(ii) engineering, simulation, and feasibility evaluation of advance design vessels for the transport of high-value, time sensitive cargoes to expand a capability to support military sealift, aviation, and commercial operations.
"(2) The amounts made available in this subsection shall remain available until expended.
"(b)(1) A loan guarantee described in this subsection is a loan guarantee issued by the Secretary of Transportation to maintain the capability of a qualified shipyard to construct a large ocean going commercial vessel if the applicant for such a loan guarantee demonstrates that absent such loan guarantee--
"(A) the domestic capacity for the construction of large ocean going commercial vessels will be significantly impaired;
"(B) more than 1,000 shipbuilding-related jobs will be terminated at any one facility; and
"(C) the capability of domestic shipyards to meet the demand for replacement and expansion of the domestic ocean going commercial fleet will be significantly constrained.
"(2) In this subsection, the term `qualified shipyard' means a shipyard that--
"(A) is located in the United States;
"(B) consists of at least one facility with not less than of 1,000 employees;
"(C) has exclusively constructed ocean going commercial vessels larger than 20,000 gross registered tons;
"(D) delivered 8 or more such ocean going commercial vessels during the 5-year period ending on the date of the enactment of the American Workers, State, and Business Relief Act of 2010; and
"(E) applies for a loan guarantee made available pursuant to subsection (a)(1)(A).
"(3) Notwithstanding the provisions of chapter 537 of subtitle V of title 46, United States Code, or any regulations issued pursuant to such chapter, a loan guarantee pursuant to subsection (a)(1)() shall be issued only to a qualified shipyard upon commitment by the qualified shipyard of not less than $40,000,000 in equity and demonstrated proof that actual construction of the new vessel for which such loan guarantee was issued will commence not later than April 30, 2010.
"(4) A loan guarantee issued pursuant to subsection (a)(1)(A) shall be deemed to have a subsidy rate of no greater than 9 percent.
"(5) The Secretary of Transportation shall select each qualified shipyard to receive a loan guarantee pursuant to subsection (a)(1)(A) not later than 60 days after the date of the enactment of the American Workers, State, and Business Relief Act of 2010.".


(As printed in the Congressional Record for the Senate on Mar 3, 2010.)