In accordance with the Act, Fisheries paid $15 million from the American Fisheries Act appropriations and the remaining $75 million from the proceeds of a fishing capacity reduction loan under sections 1111 and 1112 of Title XI of the Merchant Marine Act, 1936.
The inshore component of the Bering Sea and Aleutian Islands Pollock loan was repaid in-full and fee collection ceased on February 12, 2020. Total payments applied to the loan were, $147,265,074.14, including total principal of $75,000,000.00 and total interest of $72,265,074.14.
The American Fisheries Act required the loan to be repaid by fees under section 312(d)(2)(C) of the Magnuson-Stevens Fishery Conservation and Management Act. Pursuant to the American Fisheries Act and Section 312, all vessel owners harvesting the inshore component of the Bering Sea and Aleutian Islands (“fish sellers”) were required to pay the fee and all parties making the first ex-vessel purchase of the inshore component Bering Sea and Aleutian Islands (“fish buyers”) were required to collect the fee, account for and forward the fee revenue for the purpose of repaying the loan. The fee was six-tenths of one cent for each pound, round-weight, of all inshore component of the Bering Sea and Aleutian Islands that fish sellers land. Fee collection to repay the 30-year loan began on February 10, 2000. The interest rate was fixed at 7.09 percent.
Regulations & Notices
Michael A. Sturtevant
Financial Services Division (F/MB5)
Office of Management and Budget
1315 East West Highway
Silver Spring, MD 20910