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7341530
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President has signed S. 1542, Maritime Appropriation Act of 1975 [Signing Statements and Announcements]
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document
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id
7341530
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contentType
document
title
President has signed S. 1542, Maritime Appropriation Act of 1975 [Signing Statements and Announcements]
citationUrl
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White House Press Releases (Ford Administration)
Press Releases
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U.S. Senate. (03/04/1789 - )
Legislation
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7341530
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13
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1975-11-13
month
11
year
1975
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nara-archive
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39ddcb868b30d401
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Digitized from Box 18 of the White House Press Releases at the Gerald R. Ford Presidential Library
NOVEMBER 13, 1975
Office of the White House Press Secretary
NOTICE TO THE PRESS
The President has signed S. 1542 - Maritime Appropriation Act of 1975 --
which authorizes appropriations of $543.6 million for fiscal year 1976 for
certain maritime programs within the Department of Commerce; requires
minimum allocation of certain funds to each of the four seacoasts of the
United States; and increases the statutory limitation on the Federal ship
mortgage guarantee program from $5 billion to $7 billion.
S. 1542 will authorize appropriations totalling $543,618,000 for fiscal year
1976 for the following maritime programs within the Department of Commerce:
-- subsidies for construction or reconstruction of U.S. flag vessels,
and for costs of certain national defense features for U.S. flag
ships -- $195,000,000;
-- operating differential subsidies -- $315,936,000;
-- research and development programs to advance ship development and
construction, ship operations systems, and intermodal transportation
systems -- $12,232,000;
-- maintenance expenses for the National Defense Reserve Fleet --
$4,242,000;
-- operating expenses for the Merchant Marine Academy --
$11,500,000;
-- financial assistance to State maritime academies --
$4,708,000.
The bill will also authorize such sums as are necessary to cover increases
in personnel salaries and benefits and the effects of inflation on the Merchant
Marine Academy. The Administration had requested this provision because of
the great impact which inflation has on the budget of a school as small as
the Academy.
S. 1542 will also increase from $5 billion to $7 billion the limit on the
amount of loan guarantees which may be outstanding under the Title XI
Federal ship mortgage guarantee program. This program authorizes the
Secretary of Commerce to guarantee the principal and interest on loans to
finance the construction, reconstruction, and reconditioning of U.S. flag vessels
thus enabling vessel owners to obtain long-term financing at favorable rates.
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