§3331 Fleet Adjustment Program

Summary

Allows the Secretary of Commerce to give federal money to the State of Washington, after the Secretary approves a submitted program, so the State can buy commercial fishing and charter boats, the fishing gear that goes with them, and licenses. The program must follow the subchapter’s rules, and the federal share can be no more than 75 percent of the total cost. When the State buys a vessel or other personal property under an approved program, the State becomes the owner at purchase. If the State later sells those vessels or property, ownership goes to the buyer under the sale. "Secretary" means the Secretary of Commerce; "State" means the State of Washington.