50 CFR 600.1106 – Longline catcher processor subsector Bering Sea and Aleutian Islands (BSAI) non-pollock groundfish species fee payment and collection system
(a) Purpose. As authorized by Public Law 108 447, this section’s purpose is to:
Terms Used In 50 CFR 600.1106
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
(1) In accordance with § 600.1012, establish:
(i) The borrower’s obligation to repay a reduction loan, and
(ii) The loan’s principal amount, interest rate, and repayment term; and
(2) In accordance with §§ 600.1013 through 600.1016, implement an industry fee system for the reduction fishery.
(b) Definitions. Unless otherwise defined in this section, the terms defined in § 600.1000 and § 600.1105 expressly apply to this section. In addition, the following definition applies to this section:
Reduction fishery means the longline catcher processor subsector of the BSAI non-pollock groundfish fishery that § 679.2 of this chapter defined as groundfish area/species endorsements.
(c) Reduction loan amount. The reduction loan’s original principal amount is $35,000,000.
(d) Interest accrual from inception. Interest began accruing on the reduction loan from May 29, 2007, the date on which NMFS disbursed such loan.
(e) Interest rate. The reduction loan’s interest rate shall be the applicable rate which the U.S. Treasury determines at the end of fiscal year 2007 plus 2 percent.
(f) Repayment term. For the purpose of determining fee rates, the reduction loan’s repayment term is 30 years from May 29, 2007, but fees shall continue indefinitely for as long as necessary to fully repay the loan.
(g) Reduction loan repayment. (1) The borrower shall, in accordance with § 600.1012, repay the reduction loan;
(2) For the purpose of the fee collection, deposit, disbursement, and accounting requirements of this subpart, subsector members are deemed to be both the fish buyer and fish seller. In this case, all requirements and penalties of § 600.1013 that are applicable to both a fish seller and a fish buyer shall equally apply to parties performing both functions;
(3) Subsector members in the reduction fishery shall pay and collect the fee amount in accordance with § 600.1105;
(4) Subsector members in the reduction fishery shall, in accordance with § 600.1014, deposit and disburse, as well as keep records for and submit reports about, the fees applicable to such fishery; except the requirements specified under paragraph (c) of this section concerning the deposit principal disbursement shall be made to NMFS no later than fifteen (15) calendar days following the end of each calendar month; and the requirements specified under paragraph (e) of this section concerning annual reports which shall be submitted to NMFS by February 1 of each calendar year; and
(5) The reduction loan is, in all other respects, subject to the provisions of §§ 600.1012 through 600.1017.