Volume 92 · 1755
Public Law 95–505
To amend title XI of the Merchant Marine Act, 1936, to permit the guarantee of obligations for financing Great Lakes vessels In an amount not exceeding 87½ per centum of the actual or depreciated actual cost of each vessel.
Approved October 24, 1978
Statutory text
An Act
To amend title XI of the Merchant Marine Act, 1936, to permit the guarantee of obligations for financing Great Lakes vessels In an amount not exceeding 87½ per centum of the actual or depreciated actual cost of each vessel.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 509 of
Great Lakes vessels, financing.
the Merchant Marine Act, 1936, as amended (46 U.S.C. 1159), is amended by striking the words “fourteen knots” in the fourth sentence, and inserting in lieu thereof the words “ten knots”.
Approved October 24, 1978.