SEVENTY-FIRST CONGRESS . SEss. III . Cas . 90,100 . 1931 .
1059 CHAP . 90 .-Joint Resolution Am end ing section 1 of the Act entitled "An January 31, 1931 . Act authorizing the construction, repair, and preservation of certain public [H.J. Res. 441.1 "
[Pub. Res., No. 117.1 wo rks on riv ers and harbors, and for oth er pur pos es, ap pro ved July 3, 1930, relating to the Monongahela River, Pennsylvania . Resolved by the Senate and House of Represent atives o f the United States of America in Congress assembled, That t he provi sion relating to the Monongahela River, Pennsylvania, in section 1 of the Act entitled "An Act authorizing the construction, repair, and pres ervation of certa in publi c works on river s and har bors, an d for other purposes," approved July 3, 1930, is hereby amended to read as follows " Monongahela River, Pennsylvania, in accordance with the report submitted in Rivers and Harbors Committee Document Numbered 22, Seventieth Congress, second session : Provided, That the Chief of Engineers may, in his discretion, locate the new locks and dam above the existing structure and on such site as he may deem most desirable ." Approved, January 3 1, 1 9 31 . Mono ngahela River, Pa . Improvement proj- ect, modified . An te, p . 928, amend- ed. Proviso . Loc ation o f locks and dam altere d . February 2,1931 . Ill. R. 7998.1 [Public, No . 603 .1 . CHAP . 100 .-An Act To am end subs ecti on (d) of se ctio n 11 of the Me rch ant Marine Act of June 5, 19 20, as am end ed by sec tion 301 of the Mer - chant Marine Act of May 22, 1928 . Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled That subsection Merchant Marine Construction Loan (d) of section 11 of the Merchant Marine Act of June 5, 1920, as fund . Vol . 45, p . 691, amend- amended by section 301 of the Merchant Marine Act of May 22, 1928 ed . (United States Code, title 46,
871 ; section 871 ; Forty-fifth Statutes at v s c p .153s ;snpp . Iv, ~p : 617. Large, par t 1, page 691), is amended to read as follows : " (d) All such loans shall bear interest at rates as follows, pay- Interest rates . able not less frequently than annually : During any period in which Op erated in coast - the vessel is operated exclusively in coastwise trade, or is inactive, wise trade, or inactive . the rate of interest shall be as fixed by the board, but not less than 51 per centum per annum . During the period in which a vessel Reduced rate during /1
During
construction, etc . is bein g co nstru cted, equ ipped , rec ondi tione d, re mode led, or im - proved ; and/or, during any period in which such a vessel is operated in foreign trade the rate shall be as fixed by the board, but provided however, that on all contracts hereinafter entered into, the interest rate shall be not less than 31 /2 per centum per annum . The lowest appLower rate not ly f vessel operas to rate of interest shall not be granted for the construction, equipment, in coastwise, etc , tr ades fo r more than reconditioning, remodeling or improvement of any vessel for the three months annually . foreign trade, unless it is contracted that such vessel upon completion shall not be operated exclusively and under enrollment in the coast- wi se an d/or inte rcoas tal trade for more than thre e mo nths in an y Higher rate collected calendar year ; and, if such vessel shall be operated exclusively and far excess . under enrollment in such trades for more than three months in any calendar year, the board shall collect the difference between the low rate of interest charged and 5 1/4 p er cent um per an num dur ing the period of construction, equipment, reconditioning, remodeling or improvement . The board may prescribe rules for determining se Rate to be p re- the amount of interest payable under the provisions of this paragraph ." Appro ved, Febr uary 2, 19 31 . In foreign trade .
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