resenting approximately 46 percent of total landings 
at the time. 
(5) Because of an absence of a repayment 
mechanism, $4,243,730 in interest accrued before 
fee collection procedures were established in 2005, 
over 18 months after the groundfish fishing capacity 
reduction program was initiated. 
(6) In 2011, the West Coast groundfish fishery 
transitioned to an individual fishing quota fishery, 
which is a type of catch share program. 
(7) By 2015, West Coast groundfish fisher-
men’s expenses are expected to include fees of ap-
proximately $450 per day for observers, a 3-percent 
cost recovery fee as authorized by the Magnuson- 
Stevens Fishery Conservation and Management Act 
(16 U.S.C. 1801) for catch share programs, and a 
5-percent ex-vessel landings rate for the loan repay-
ment, which could reach 18 percent of their total 
gross revenue. 
(8) In 2012, the West Coast groundfish limited 
entry trawl fishery generated $63,000,000, an in-
crease from an average of $45,000,000 during the 
years 2006 to 2011. This revenue is expected to con-
tinue to increase post-rationalization. 
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(b) PURPOSE.—The purpose of this Act is to refi-
nance the Pacific Coast groundfish fishery fishing capacity 
reduction program to protect and conserve the West Coast 
groundfish fishery and the coastal economies in California, 
Oregon, and Washington that rely on it. 
SEC. 3. REFINANCING OF PACIFIC COAST GROUNDFISH 
FISHING CAPACITY REDUCTION LOAN. 
(a) IN GENERAL.—The Secretary of Commerce, upon 
receipt of such assurances as the Secretary considers ap-
propriate to protect the interests of the United States, 
shall issue a loan to refinance the existing debt obligation 
funding the fishing capacity reduction program for the 
West Coast groundfish fishery implemented under section 
212 of the Department of Commerce and Related Agen-
cies Appropriations Act, 2003 (title II of division B of 
Public Law 108–7; 117 Stat. 80). 
(b) APPLICABLE LAW.—Except as otherwise provided 
in this section, the Secretary shall issue the loan under 
this section in accordance with subsections (b) through (e) 
of section 312 of the Magnuson-Stevens Fishery Conserva-
tion and Management Act (16 U.S.C. 1861a) and sections 
53702 and 53735 of title 46, United States Code. 
(c) LOAN TERM.— 
(1) IN
GENERAL.—Notwithstanding section 
53735(c)(4) of title 46, United States Code, a loan 
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under this section shall have a maturity that expires 
at the end of the 45-year period beginning on the 
date of issuance of the loan. 
(2) EXTENSION.—Notwithstanding paragraph 
(1) and if there is an outstanding balance on the 
loan after the period described in paragraph (1), a 
loan under this section shall have a maturity of 45 
years or until the loan is repaid in full. 
(d) LIMITATION ON FEE AMOUNT.—Notwithstanding 
section 312(d)(2)(B) of the Magnuson-Stevens Fishery 
Conservation 
and 
Management 
Act 
(16 
U.S.C. 
1861a(d)(2)(B)), the fee established by the Secretary with 
respect to a loan under this section shall not exceed 3 per-
cent of the ex-vessel value of the harvest from each fishery 
for where the loan is issued. 
(e) INTEREST RATE.— 
(1) IN
GENERAL.—Notwithstanding section 
53702(b)(2) of title 46, United States Code, the an-
nual rate of interest an obligor shall pay on a direct 
loan obligation under this section is the percent the 
Secretary must pay as interest to borrow from the 
Treasury the funds to make the loan. 
(2) SUBLOANS.—Each subloan under the loan 
authorized by this section— 
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(A) shall receive the interest rate described 
in paragraph (1); and 
(B) may be paid off at any time notwith-
standing subsection (c)(1). 
(f) EX-VESSEL LANDING FEE.— 
(1) CALCULATIONS AND ACCURACY.—The Sec-
retary shall set the ex-vessel landing fee to be col-
lected for payment of the loan under this section— 
(A) as low as possible, based on recent 
landings value in the fishery, to meet the re-
quirements of loan repayment; 
(B) upon issuance of the loan in accord-
ance with paragraph (2); and 
(C) on a regular interval not to exceed 
every 5 years beginning on the date of issuance 
of the loan. 
(2) DEADLINE FOR INITIAL EX-VESSEL LAND-
INGS FEE CALCULATION.—Not later than 60 days 
after the date of issuance of the loan under this sec-
tion, the Secretary shall recalculate the ex-vessel 
landing fee based on the most recent value of the 
fishery. 
(g) AUTHORIZATION.—There is authorized to be ap-
propriated to the Secretary of Commerce to carry out this 
section an amount equal to 1 percent of the amount of 
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the loan authorized under this section for purposes of the 
Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.). 
Æ 
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