§53206 Payments

Summary

The Secretary must pay each contractor $5,000,000 for every vessel covered by an operating agreement for each fiscal year 2021 through 2035, if money is available and other rules are met. The money is paid in equal monthly amounts at the end of each month and can only be reduced as this law or section 51307(b) allows. To get payment for a year, the contractor must certify the vessel was and will be operated 365 days that fiscal year. Up to 30 days in drydock, or while being surveyed, inspected, or repaired, count as days operated. No payment is made for days the vessel is not run or kept under the operating agreement, or for any vessel older than 40 years. Payments are cut by a pro rata amount for each day under 365 that the vessel is not operated, with drydock and inspection days counted as operated.