FUNDING FOR CERTAIN LOAN GUARANTEE COMMITMENTS FOR FISCAL YEAR 1994.

SEC. 1359. FUNDING FOR CERTAIN LOAN GUARANTEE COMMITMENTS FOR FISCAL YEAR 1994. (a) Funding.—(1) The amount appropriated to the Secretary of Defense pursuant to the authorization of appropriations in section 108 shall be available only for transfer to the Secretary of Transportation and shall be available only for costs (as defined in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of new loan guarantee commitments under (A) section 1104A(a)(1) of the Merchant Marine Act, 1936 (46 App. U.S.C. 1274(a)(1), as amended by section 1356, or section 1111(a)(2) of such Act, as added by section 1355, for vessels of at least 5,000 gross tons that are commercially marketable on the international market (including eligible export vessels), and (B) section 1112 of the Merchant Marine Act, 1936, as added by section 1357. (2) Of the amount referred to in paragraph (1) that is obligated in any year, not more than 12 Mi percent may be obligated for costs of new loan guarantee commitments under section 1112 of the Merchant Marine Act, 1936, as added by section 1357. (3) In making loan guarantee commitments using funds referred to in paragraph (1) for the purpose described in paragraph (2), the Secretary of Transportation shall give priority to applications from shipyards that have engaged in naval vessel construction. (b) Transfer to Secretary of Transportation.—Subject to the provisions of appropriations Acts, amounts made available under subsection (a) shall be transferred to the Secretary of Transportation for use as described in that subsection. Any such transfer shall be made not later than 90 days after the date of the enactment of an Act appropriating the funds to be transferred. (c) Limitations on the use of Department of Defense Funds.—(1) Funds available to the Secretary of Transportation from the Department of Defense under this section may be obligated only to the extent that an equal amount of funds is available for purposes of this section from non-Department of Defense sources. (2) Funds available as of the date of the enactment of this Act under loan guarantee programs under title XI of the Merchant Marine Act, 1936, are considered non-Department of Defense funds for purposes of paragraph (1).