§1116. Construction fund

All sums of money now in the construction loan fund created by section 11 ¹ of the Merchant Marine Act, 1920, as amended, together with the proceeds of all debts, accounts, choses in action, and the proceeds of all notes, mortgages, and other evidences of indebtedness, hereby transferred to the Department of Transportation, and all of the proceeds of sales of ships and surplus property heretofore or hereafter made, including proceeds of notes or other evidences of debt taken therefor and the interest thereon, and, notwithstanding any other provision of law, all money representing amounts of unclaimed wages, salvage awards and miscellaneous unclaimed items carried as liabilities on the books of the former United States Shipping Board Merchant Fleet Corporation and all money heretofore or hereafter received from the operation or leasing of lands, docks, wharves, piers, or real property shall be deposited in the Treasury of the United States and there maintained as a revolving fund, herein designated as the construction fund, and shall be available for expenditure by the Secretary of Transportation in carrying out the provisions of this chapter. All moneys received by the Department of Transportation under the provisions of this chapter shall be deposited in its construction fund, and all disbursements made by the Secretary of Transportation under authority of this chapter shall be paid out of said fund, and, notwithstanding any other provision of law, all disbursements applicable to the money referred to in this section may be made by the Secretary of Transportation out of said fund. Further appropriations by Congress to replenish said fund are authorized.

(June 29, 1936, ch. 858, title II, §206, 49 Stat. 1987 ; Aug. 26, 1937, ch. 822, §2, 50 Stat. 839 ; Pub. L. 97–31, §12(63), Aug. 6, 1981, 95 Stat. 159 .)

References in Text

Section 11 of the Merchant Marine Act, 1920, as amended, referred to in text, was classified to section 870 of former Title 46, Shipping, and was repealed by act June 29, 1936, ch. 858, title IX, §903(b), 49 Stat. 2016 .

Amendments

1981-Pub. L. 97–31 substituted "Department of Transportation" for "Commission" in two places and "Secretary of Transportation" for "Commission" in three places. For prior transfers of functions of the Commission, meaning the United States Maritime Commission, see Transfer of Functions note below.

1937-Act Aug. 26, 1937, amended section generally.

Effective Date of 1937 Amendment

Amendment effective as of June 29, 1936, see section 4 of act Aug. 26, 1937.

Transfer of Functions

For transfer of functions of United States Maritime Commission, see Reorg. Plan No. 6 of 1949, Reorg. Plan No. 21 of 1950, and Reorg. Plan No. 7 of 1961, set out under section 1111 of this Appendix.

Limitations on Construction Fund

Acts July 30, 1947, ch. 359, title I, §101, 61 Stat. 603 , and June 30, 1948, ch. 775, §101, 62 Stat. 1199 , which were the Independent Offices Appropriation Act, 1948, and The Supplemental Independent Offices Appropriation Act, 1949, respectively, placed limitations on obligations from the construction fund established by this section.

Reduction of Contract Authorizations

Act May 29, 1945, ch. 136, 59 Stat. 226 , authorized the transfer out of the unexpended balance of appropriations made to the Maritime Commission under the head "Construction fund, United States Maritime Commission Act, June 24, 1936, revolving fund" up until May 29, 1945, of the sum of $3,100,000,000 to be carried to the surplus fund and be covered into the Treasury and reduced the contract authorization for ship construction and facilities incident by $4,265,000,000.

Additional Appropriations

Act Aug. 25, 1941, ch. 409, title III, 55 Stat. 682 , appropriated an amount not to exceed $1,296,650,000 to enable the Commission to enter into further contracts for the construction of vessels, production and procurement of parts, equipment, plants, etc.

Section Referred to in Other Sections

This section is referred to in sections 1116a, 1242 of this Appendix.

¹ See References in Text note below.