(1) be treated in the same manner and to the same extent as other obligations guaranteed under this chapter, except with respect to provisions of this chapter that by their nature cannot be applied to obligations guaranteed under this section;
(2) have the fishing fees established under the program paid into a separate subaccount of the fishing capacity reduction fund established under this section;
(3) not exceed $100,000,000 in an unpaid principal amount outstanding at any one time for a program;
(4) have such maturity (not to exceed 20 years), take such form, and contain such conditions as the Secretary determines necessary for the program to which they relate;
(5) have as the exclusive source of repayment (subject to the second sentence of subsection (d)(2)) and as the exclusive payment security, the fishing fees established under the program; and
(6) at the discretion of the Secretary be issued in the public market or sold to the Federal Financing Bank.
|Source (U.S. Code)||Source (Statutes at Large)|
|53735(a)||46 App.:1279f(e).||June 29, 1936, ch. 858, title XI, §1111, as added Pub. L. 104–297, title III, §303, Oct. 11, 1996, 110 Stat. 3616; Pub. L. 104–208, title I, §101 [title II, §211(b)], Sept. 30, 1996, 110 Stat. 3009–41.|
This section was derived from section 1111 of act June 29, 1936, as added by Pub. L. 104–297, §303, which was classified to section 1279f of the former Appendix to this title. Section 1111 was renumbered section 1113 of the Act by Pub. L. 109–163, div. C, title XXXV, §3507(d), Jan. 6, 2006, 119 Stat. 3557, which was repealed by Pub. L. 110–181, div. C, title XXXV, §3522(b), Jan. 28, 2008, 122 Stat. 598. See Historical and Revision notes above and section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title.
2008—Pub. L. 110–181 repealed Pub. L. 109–163, §3507(a)(1)(H), (d). See 2006 Amendment note below and Codification note above.
2006—Pub. L. 109–163, §3507(a)(1)(H), which directed the amendment of section 1279f of the former Appendix to this title from which this section was derived by substituting "Secretary or Administrator" for "Secretary" wherever appearing, was repealed by Pub. L. 110–181, §3522(b). See Historical and Revision notes above.