An Act to amend section 4 of the Fish and Wildlife Act of 1956 to authorize the Secretary of the Interior to make loans for the financing and refinancing of new and used fishing vessels, and to extend the term during which the Secretary can make fisheries loans under the act
PL 89-85 (S.998), enacted 07/24/1965

262 
PUBLIC LAW 89-85-JULY 24, 1965 
[79 STAT. 
July 24, 1965 
[S. 998] 
Public Law 89-85 
AN ACT 
To amend section 4 of the Fish and Wildlife Act of 1956 to authorize the Secre-
tary of the Interior to make loans for the financing and refinancing of new 
and used fishing vessels, and to extend the term during which the Secretary 
can make fisheries loans under the Act. 
Fish and Wild-
life Act of 1956f 
amendment. 
Interest rate 
f 
ormul a. 
Conditions for 
loans. 
U.S. citizen-
ship. 
41 Stat. 1008. 
46 u s e 802. 
Fisheries loan 
fund, extension. 
72 Stat. 1710. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That section 4(a) 
of the Fish and Wildlife Act of 1956 (70 Stat. 1121), as amended (16 
U.S.C. 742c(a)), is further amended to read as follows: 
"(a) The Secretary of the Interior is authorized, under such rules 
and regulations and under such terms and conditions as he may pre-
scribe, to make loans for financing or refinancing of the cost of pur-
chasing, constructing, equipping, maintaining, repairing, or operating 
new or used commercial fishmg vessels or gear." 
SEC. 2. Section 4(b) (1) of the Fish and Wildlife Act of 1956 (70 
Stat. 1121), as amended (16 U.S.C. 742c(b) (1)) is amended to read 
as follows: 
"(1) Bear an interest rate of not less than (a) a rate deter-
mined by the Secretary of the Treasury, taking into consideration 
the average market yield on outstanding Treasury obligations of 
comparable maturity, plus (b) such additional charge, if any, 
toward covering other costs of the program as the Secretary may 
determine to be consistent with its purpose." 
SEC. 3. Amend section 4(b) of the Fish and Wildlife Act of 1956 
(70 Stat. 1121), as amended (16 U.S.C. 742c(b)) by adding at the 
end thereof the following: 
"(4) Loans shall be approved only upon the furnishing of such 
security or other reasonable assurance of repayment as the Secretary 
may require considering the objectives of this section which are to 
upgrade commercial fishing vessels and gear and to provide reason-
able financial assistance not otherwise available to commercial fisher-
men. The proposed collateral for a loan must be of such a nature 
that, when considered with the integrity and ability of the manage-
ment, and the applicant's past and prospective earnings, repayment 
of the loan will be reasonably assured. 
"(5) The applicant shall possess the ability, experience, resources, 
and other qualifications necessary to enable him to operate and main-
tain new or used commercial fishing vessels or gear. 
"(6) Before the Secretary approves a loan for the purchase or 
construction of a new or used vessel which will not replace an existing 
commercial fishing vessel, he shall determine that the applicant's con-
templated operation of such vessel in a fishery will not cause economic 
hardship or injury to the efficient vessel operators already operating 
in that fishery. 
" (7) An applicant for a fishery loan must be a citizen of the United 
States. 
"(8) The United States citizenship of each applicant shall be estab-
lished within the meaning of section 2 of the Shipping Act, 1916, as 
amended, to the satisfaction of the Secretary." 
SEC. 4. Section 4(c) of the Fish and Wildlife Act of 1956 (70 Stat. 
1121), as amended (16 U.S.C. sec. 742c(c)), is amended to read as 
follows: 
"(c) There is created a fisheries loan fund, which shall be used by 
the Secretary as a revolving fund to make loans for financing and 
refinancing under this section. Any funds received by the Secretary 
on or before June 30,1970, in payment of principal or interest on any 
79 STAT. ] 
PUBLIC LAW 89-86-JULY 24, 1965 
263 
loans so made shall be deposited in the fund and be available for 
making additional loans under this section. The Secretary shall pay 
from the fund into the miscellaneous receipts of the Treasury, at 
the close of each fiscal year, interest on the cumulative amount of 
appropriations available as capital to the fund from and after July 1, 
1965, less the average undispersed cash balance in the fund during the 
year. The rate of such interest shall be determined by the Secretary 
of the Treasury, taking into consideration the average market yield 
during the month preceding each fiscal year on outstanding Treasury 
obligations of maturity comparable to the average maturity of loans 
made from the fund. 
Interest payments may be deferred with the 
approval of the Secretary of the Treasury, but any interest payments 
so deferred shall themselves bear interest. Any funds received in the 
fisheries loan fund after June 30, 1970, and any balance remaining 
therein at the close of June 30, 1970 (at which time the fund shall 
cease to exist), shall be covered into the Treasury as miscellaneous 
receipts. There is authorized to be appropriated to the fisheries loan 
fund the sum of $20,000,000 to provide initial capital." 
SEC. 5. The provisions of this Act shall be effective July 1, 1965. 
Notwithstanding the provisions of section 4(c) of the Fish and Wild-
life Act of 1956, as amended, any balance remaining in the fisheries 
loan fund at the close of June 30,1965, shall be available to make loans 
for the purposes of section 4 of said Act from July 1,1965, to the close 
of June 30,1970. 
Approved July 24, 1965. 
Effective 
Remaining 
availability 
loans. 
date, 
funds, 
for 
Public Law 89-86 
AN ACT 
To amend sections 20a and 214 of the Interstate Commerce Act. 
July 24, 1965 
[H. R. 5 246] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That paragraph (^2) s^fed''b'^"govem' 
of section 20a of the Interstate Commerce Act is amended by striking mental bodies, 
the period at the end and inserting in lieu thereof a colon and the exemption. 
following: ^''Provided, That nothing in this-section is to be construed 
49 use 20a! 
as applying to securities issued or obligations or liabilities assumed 
by the United States or any instrumentality thereof, or by the District 
of Columbia or any instrumentality thereof, or by any State of the 
United States, or by any political subdivision or municipal corporation 
of any State, or by any instrumentality of one or more States, political 
subdivisions thereof, or municipal corporations.". 
SEC. 2. Section 214 of the Interstate Commerce Act is amended by 
striking out the period at the end and inserting in lieu thereof a colon 
and the following: ^^And provided fiwther, That the provisions of this 
section shall not apply to the United States or any instrumentality 
thereof, the District of Columbia, or any instrumentality thereof, 
any State of the United States or political subdivision or municipal 
corporation thereof, or any instrumentality of one or more States, 
political subdivisions thereof, or municipal corporations." 
Approved July 24, 1965. 
5 2 Stat. 1240. 
49 u s e 314.