making additional loans under this section. The Secretary shall pay 

 from the fund into the miscellaneous receipts of the Treasury, at 

 the close of each fiscal year, interest on the cumulative amount of 

 appropriations available as capital to the fund from and after July 1, 

 1965, less the average undispersed cash balance in the fund during 

 the year. The rate of such interest shall be determined by the 

 Secretary of the Treasury, taking into consideration the average 

 market yield during the month preceding each fiscal year on out- 

 standing Treasury obligations of maturity comparable to the average 

 maturity of loans made from the fund. Interest payments may be 

 deferred with the approval of the Secretary of the Treasury, but any 

 interest payments so deferred shall themselves bear interest. Any 

 funds received in the fisheries loan fund after June 30, 1970, and 

 any balance remaining therein at the close of June 30, 1970 (at 

 which time the fund shall cease to exist), shall be covered into the 

 Treasury as miscellaneous receipts. There is authorized to be 

 appropriated to the fisheries loan fund the sum of $20,000,000 to 

 provide initial capital. 



(d) Modification of loan contract. 



The Secretary, subject to the specific limitations in this 

 section, may consent to the modification, with respect to the rate of 

 interest, time of payment of any installment of principal, or security, 

 of any loan contract to which he is a party. 



(e) Chartering vessels; loans to Alaskan earthquake victims; 

 termination date. 



The Secretary is authorized under such terms and conditions 

 and pursuant to regulations prescribed by him to use the funds 

 appropriated under this section to make loans to commercial fisher- 

 men for the purpose of chartering fishing vessels pending the 

 construction or repair of vessels lost, destroyed, or damaged 

 by the earthquake of March 27, 1964, and subsequent tidal waves 

 related thereto: Provided, That any loans made under this subsection 

 shall only be repaid from the net profits of the operations of such 

 chartered vessels, which profits shall be reducedby such reasonable 

 amount as determined by the Secretary for the salary of the fisher- 

 men chartering such vessels. The funds authorized herein shall not 

 be available for such loans after June 30, 1966. (Aug. 8, 1956, ch. 

 1036, Sec 4, 70 Stat. 1121; Sept. 2, 1958, Pub. L. 85-888, 72 Stat. 

 1710; May20, 1964, Pub. L. 88-309, Sec. 9, 78 Stat. 199; July 24, 1965, 

 Pub. L. 89-85, Sees. 1-4, 79 Stat. 262.) 



[Amendments ] 



1 965- -Subsec. (a). Pub. L. 89- 85, Section 1 , substituted "financing 

 or refinancing of the cost of purchasing, constructing, equipping, 

 maintaining, repairing, or operating new or used commercial 

 fishing vessels or gear" for "financing and refinancing of op- 

 erations, maintenance, replacement, repair, and equipment of 

 fishing gear and vessels" and deleted provision for research into 

 basic problems of fisheries. 



Subsec. (b). Pub. L. 89-85, Sections 2,3, substituted in par. (1) 

 provision respecting determination of interest rate taking into 

 consideration average market yield on outstanding Treasury 

 obligations of comparable maturity plus additional charge toward 



