§53733 Shipyard Modernization and Improvement

Summary

The Administrator can guarantee loans or promise to guarantee loans that pay for advanced or modern shipbuilding technology at U.S. shipyards. Only private shipyards can get these guarantees. Advanced shipbuilding technology means machines, robots, control equipment, software, and new methods that raise quality, productivity, and sustainability. General shipyard facility means land structures used to build or repair ships (like dry docks, building ways, lifts, wharves, or cranes), the land and equipment needed, or U.S.-built vessels, floating drydocks, or barges used for that work. Modern shipbuilding technology means the best proven tools and processes to boost shipyard productivity. A guaranteed loan may cover no more than 87.5 percent of the actual cost. Guarantees follow the other rules in subchapter I unless this law says otherwise. The Administrator may take money transferred from other federal departments or agencies to cover the program’s cost (as defined in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)). Buy America rules in Part I of subtitle A of title IX of division G of the Infrastructure Investment and Jobs Act (Public Law 117–58; 41 U.S.C. 8301 note) apply to funds used under this program.