S.Amdt. 3485

SA 3485. Mr. SPECTER submitted an amendment intended to be proposed
to amendment SA 3452 proposed by Mr. Rockefeller to the bill H.R. 1586,
to impose an additional tax on bonuses received from certain TARP
recipients; which was ordered to lie on the table; as follows:

At the end of title VII, add the following:

SEC. 723. 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. 115. (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) any remaining amount may 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 FAA Air Transportation Modernization and
Safety Improvement Act; 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)(A) 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 FAA Air Transportation Modernization and
Safety Improvement Act.''.
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