Source: http://www.law.cornell.edu/cfr/text/46/283.5?quicktabs_7=0
Timestamp: 2014-07-29 21:17:06
Document Index: 328980961

Matched Legal Cases: ['art 283', '§ 283', '§ 283', 'art 283', '§ 283', '§ 283', '§ 283', '§ 283', '§ 283']

46 CFR 283.5 - Notification and reporting requirements. | LII / Legal Information Institute
CFR › Title 46 › Chapter II › Subchapter C › Part 283 › Section 283.5 46 CFR 283.5 - Notification and reporting requirements.
§ 283.5
The operator shall give written notice of a dividend declaration to the Maritime Administrator immediately upon such declaration.
Reports—
The operator shall submit a report as described below whenever it declares a dividend or applies for approval under § 283.3 to declare a dividend as of the approximate date of such declaration or request. Such statements shall include information no less current than 30 days. If no dividends are declared during the calendar year, the operator is not required to submit a statement.
If the Maritime Administration determines that the operator was, for any reason, not qualified to pay the dividend, then the operator shall, in writing, request the approval of the Maritime Administrator for any subsequent dividend declaration. If such approval is then granted, the operator may follow the requirements of this part 283 once again. The reports required by this section shall be prepared in accordance with the definitions set forth in § 283.2. A separate statement shall be submitted showing the adjustments made to working capital, long-term debt and net worth, and shall conform to the definitions of such items as contained herein. As appropriate, reports shall include the following:
The ratio of debt to equity, floor net worth and prior years' earnings in the format set forth in Schedule A;
The excess of “funds available” over “funds required” in the format as set forth in Schedule B;
Working capital as set forth in Schedule C; and
Other applicable limitations prescribed in any agreements between the operator and the Maritime Administrator affecting the payment of dividends.
Officials to whom notices and reports are to be directed.
Operators shall submit, in triplicate, all notices, reports and requests prescribed in this part to the Secretary, Maritime Administration, Washington, DC 20590, with a copy of such notice or request to the appropriate Maritime Administration Region Director.
Schedule A—Ratio of Debt to Equity, Floor Net Worth, and Prior Years' Earnings
Company ___
____________, 19__
Ratio of Long-Term Debt to Equity
Adjusted Floor Net Worth as computed in accordance with § 283.2
Prior years' earnings as defined in § 283.2
(Signature of Chief Financial Officer or other authorized officer)
Schedule B—Funds Available and Funds Required
___________, 19__
I. FUNDS AVAILABLE
A. On deposit in statutory funds:
Construction and escrow funds
Plus accrued deposits to funds (or less accrued withdrawals from funds)
B. Gross book value of vessels and related barges and containers employed in subsidized services:
Subsidized vessels
Related barges
Related containers
C. Progress payments made on subsidized vessels and related barges and containers undergoing construction, reconstruction or reconditioning
D. Progress payments made on additional vessels and related barges and containers agreed to be constructed or acquired
E. Balance of trade-in allowances (section 510 of the Act)
F. Capitalized Lease Obligations as defined in § 283.2(b)
G. Net Working Capital (from Schedule D)
II. FUNDS REQUIRED
A. Cost of current commitments:
1. ODSA vessels under construction or reconstruction:
Less Government contributions
Cost to operator
($................)
25% of cost to operator
2. Additional vessels under construction, reconstruction or reconditioning pursuant to a contract with the Assistant Secretary or the Board:
3. Barges and containers under construction or contract to purchase:
B. Estimated cost of additional vessels (whether to be owned or leased):
1. Subsidized vessels to be replaced under ODSA:
2. Additional vessels agreed to be constructed or acquired:
3. Additional barges and containers required as the complement of vessels agreed to be constructed or acquired in items B1 and B2 above:
C. Outstanding indebtedness on, or secured by, subsidized vessels and related barges and containers, or incurred in connection with the acquisition, construction, or reconstruction of such vessels and related barges and containers
D. The present value of Capitalized Lease Obligations as defined in § 283.2(b), excluding that portion of any such amount payable within one year
III. EXCESS FUNDS (DEFICIENCY OF FUNDS)
Schedule C—Determination of Working Capital (As Defined in 46 CFR 283.2
A. CURRENT ASSETS:
Accounts receivable (current)
Other current assets (specify)
Accrued deposits to CCF, (provided operator has met prorated deposit schedule)
Other adjustments (specify)
B. CURRENT LIABILITIES:
Add one-half annual charter hire (if not included above)
Less current liabilities for which payment is available from CCF deposits
C. WORKING CAPITAL:
Current assets less current liabilities