§53206 Payments

Summary

Pay the contractor $5,000,000 for each vessel covered by an operating agreement for each fiscal year 2021 through 2035, if money is available. The money must be paid in equal monthly payments at the end of each month and cannot be cut except as this law allows. The contractor must certify the vessel was and will be operated 365 days in each fiscal year. Up to 30 days in drydock, for surveys, inspections, or repairs count as operated. No payment is made for days the vessel is not run under the operating agreement or if the vessel is older than 40 years. Payments are cut pro rata for each day under 365 the vessel is not operated.