Text of the An Act to provide for Government guarantee of private loans to certain air carriers for purchase of modern aircraft and ...

...modern aircraft and equipment, to foster the development and use of modern transport aircraft by such carriers, and for other purposes

This bill was enacted on September 7, 1957. The text of the bill below is as of Sep 7, 1957 (Passed Congress/Enrolled Bill).

71   STAT.]         PUBLIC LAW 8 5 - 3 0 7 - S E P T . 7, 1957                                    629

Public Law 85-307
                                   AN ACT                                       September 7, 1957
                                                                                     [S. 2229]
To provide for Govermnent guaranty of private loans to certain air carriers
  for purchase of modern aircraft and equipment, to foster tlie development and
  use of modern transport aircraft by such carriers, and for other purposes.

   Be it enacted hy the Senate and House of RepreHentatives of the
                                                                                  Aircraft purchase
United States of America in Congress assembled^ That it is hereby               loans.
declared to be the policy of Congress, in the interests of the commerce           Guaranty.
of the Ignited States, the postal service, and the national defense to
promote the development of local, feeder, and short-haul air trans-
portation. In furtherance of this policy it is deemed necessary and
desirable tliat provision be made to assist certain air carriers engaged
in such air transportation by providing governmental guaranties of
loans to enable them to purchase aircraft suitable for such transporta-
tion on reasonable terms.
   SEC. 2. As used in this Act—
    (a) "Board'- means the Civil Aeronautics Board.
    (b) "Aircraft purchase loan" means any loan, or commitment in
connection therewith, made for the purchase of a commercial trans-
port aircraft, including spare parts normally associated therewitli.
   SEC. 8. The l^oard is hereby authorized to guarantee any lender
against loss of principal or interest on any aircraft purcliase loan
made by such lender to any air carrier holding a certificate of ])ublic
convenience and necessity issued by the Board (a) designated therein
to be for local or feeder air service, or (b) providing for operations
wholly within the Territory of Hawaii, or (c) providing for opera-
tions (the major portion of which are conducted either within Alaska
or between Alaska and the United States) within the Territory of
Alaska (including service between Alaska and the United States, and
between Alaska and adjacent Canadian territory), or (d) providing
for operations within the Commonwealth of Puerto Rico (including
service to the Virgin Islands and the Dominican Republic), or (e)
providing for operations between Florida and the British West Indies
 (including service to Cuba), or (f) for the purpose of authorizing
metropolitan helicopter service. Such guaranty shall be made in such
form, on such terms and conditions, and pursuant to such regulations,
as the Board deems necessary and which are not inconsistent with the
provisions of this Act.
   SEC. 4. No guaranty shall be made:                                             Restrictions.
    (a) Extending to more than the unpaid interest and 90 percent of
the unpaid principal of any loan,
   (b) On any loan or combination of loans for more than 90 ])ercent
of the purchase price of the aircraft, including spare parts, to be
purchased therewith.
    (c) On any loan whose terms permit full repayment more than 10
years after the date thereof.
    (d) Wherein the total face amount of such loan, and of any other
loans to the same carrier, or corporate predecessor carrier or carriers,
guaranteed and outstanding under the terms of this Act exceed
   (e) Unless the Board finds that, without such guaranty, in the
amount thereof, the air carriei- would be unable to obtain necessary
funds for the purchase of needed aircraft on reasonable terms.
   (f) Unless the Board finds that the aircraft to be purchased with
the guaranteed loan is needed to improve the service and efficiency
of operation of the air carrier.

630 PUBLIC LAW 8 5 - 3 0 8 - S E P T . 7, 1957 [71 ST AT. SEC. 5. The Board shall prescribe and collect from the lending insti- tution a reasonable guaranty fee in connection with each loan guar- anteed under this Act. SEC. 6. (a) To permit it to make use of such expert advice and services as it may require in carrying out the provisions of this Act, the Board may use available services and facilities of other agencies and instrumentalities of the Federal Government with their consent and on a reimbursable basis. (b) Departments and agencies of the Federal Government shall exercise their powers, duties, and functions in such manner as will assist in carrying out the objectives of this Act, Crediting of re- ceipts, etc. SEC. 7. (a) Receipts under this Act shall be credited to miscellaneous receipts of the Treasury. (b) Payments to lenders required as a consequence of any guaranty under this Act may be made from funds which are hereby authorized to be appropriated to the Board for that purpose. (c) Administrative expenses under this Act shall be paid from appropriations to the Board for administrative expenses. Effective dates. SEC. 8. This Act shall become eflfective upon enactment, and the authority contained in section 3 hereof shall expire five years there- after. Approved September 7, 1957. Public Law 85-308 September 7, 1957 AN ACT [S. 2434] To amend the Act entitled "An Act to provide books for tlie adult blind". Be it enacted hy the Senate and House of Representatives of the B o o k s f o r the blind. United States of America in Congress assembled, That section 1 of 46 Stat. 1487. the Act entitled "An Act to provide books for the adult blind", 2 u s e 135 a. Appropriation. approved March 3, 1931, as amended, is amended to read as follows: "That there is authorized to be appropriated annually to the Library of Congress, in addition to appropriations otherwise made to said Library, such sums for expenditure under the direction of the Librarian of Congress as may be necessary to provide books pub- lished either in raised characters, on sound-reproduction recordings, or in any other form, and for the purchase, maintenance, and replace- ment of reproducers for such sound-reproduction recordings, for the use of the blind residents of the United States, including the several States, Territories, insular possessions, and the District of Columbia, all of which books, recordings, and reproducers will remain the prop- erty of the Library of Congress but will be loaned to blind readers under regulations prescribed by the Librarian of Congress for this service. In the purchase of books in either raised characters or in sound-reproduction recordings the Librarian of Congress, without reference to the provisions of section 3709 of the Revised Statutes of the United States (41 U. S. C. 5), as amended, shall give preference to non-profit-making institutions or agencies whose activities are primarily concerned with the blind, in all cases where the prices or bids submitted by such institutions or agencies are, by said Librarian, under all the circumstances and needs involved, determined to be fair and reasonable." Applicability. SEC. 2. This Act shall be applicable with respect to the fiscal year ending June 30, 1958, and for each fiscal year thereafter. Approved September 7, 1957.