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(continued) the program set forth in Schedule B hereof;
(2) Obligating the assets in the Fund as a compensating balance;
(3) Failure to make deposits required in Schedule D hereof;
(4) Failure to secure written permission from the Maritime Administrator when such permission is required by the rules and regulations;
(5) Failure to submit reports and/or records on a timely basis as provided in Article 9 hereof;
(6) Any material misrepresentation made by the Party or any failure by the Party to disclose material information in connection with this Agreement whether before or after execution hereof and whether made in an application, report, affidavit, or otherwise; or
(7) Failure by the Party to comply with any provisions of section 607 of the Act, the rules and regulations, or this Agreement.
15. Extension of Federal Income Tax Benefits: The Maritime Administrator agrees that the Federal income tax benefits provided in the Act and the rules and regulations shall be available to the Party if the Party shall carry out its obligations under this Agreement.
United States of America, Maritime Administrator, Department of Transportation
(Seal)
Attest:
By _____
(Secretary)
(Seal)
By _____
(Secretary)
Attest:
By____________________
(Contracting Officer) ____________________
(Secretary)
Approved as to form: (Date of Execution)
___ By ___
(Assistant General (President)
Counsel, Maritime
Administration)
XYZ Co._Schedule A_Eligible Agreement Vessels
----------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e)
----------------------------------------------------------------------------------------------------------------
Owned or leased
Name of vessel Specific type Capacity and owner is Date and place
leased constructed
----------------------------------------------------------------------------------------------------------------
SS Smith, official No. 236425... Tanker............ 56,000 dwt........ Leased: ABC Ships, 1962, American
Inc., San Diego, Steel, San
Calif., 50 Francisco, Calif.
percent of
depreciation
ceiling.
SS Brown, official No. 325111... ......do.......... 265,000 dwt....... Owned............. 1974, Southern
Shipyards,
Mobile, Ala.
SS Jones, official No. 190528... Container ship.... 30,000 dwt, 500 ......do.......... 1954, Bond
400-ft containers. Shipyard, New
York, N.Y.
Hercules, official No. 256,125.. Oceangoing tugboat 105 ft 2,000 hp... ......do.......... 1968, Washington
Iron Works,
Seattle, Wash.
XYZ-1, official No. 257,164..... Roll-on, roll-off 1,200 gr ton, 45 ......do.......... 1968, Washington
barge. 40-ft containers. Iron Works,
Seattle, Wash.
XYZ-2, official No. 260,138..... ......do.......... ......do.......... ......do.......... 1969, Washington
Iron Works,
Seattle, Wash.
OTC-35, official No. 262,170.... ......do.......... 1,500 gr ton, 60 Leased; Oregon 1969, J. & J.
40-ft containers. Towing Co., Shipyard,
Portland, Oreg., Portland, Oreg.
100 percent of
depreciation
ceiling.
200 trailers, Nos. 111032-A- Dry cargo......... 40 ft............. Leased; 1968, Acme
10677B-1M through 11032-A- International Container Corp.,
10877B-1M. Leasing Co., New New York, N.Y.
York, N.Y. 0
percent of
depreciation
ceiling.
1,500 containers, Nos. 312 A Refrigerated dry ......do.......... Owned............. 1969, Aluminum
through 1312 A.. cargo.. Products, Inc.,
Dallas, Tex.
----------------------------------------------------------------------------------------------------------------
XYZ Co._Schedule A_Eligible Agreement Vessels (Continued)
----------------------------------------------------------------------------------------------------------------
(f) (g) (h) (i)
----------------------------------------------------------------------------------------------------------------
Date and place Date
reconstructed documented Area of operation Details of service
----------------------------------------------------------------------------------------------------------------
SS Smith, official No. 236425..... Not available....... 1962 Noncontiguous Carriage of crude
domestic trade. oil from Valdez,
Alaska, to west
coast of the
continental United
States.
SS Brown, official No. 325111..... ......do............ 1974 U.S. foreign trade.. Worldwide carriage
of crude oil.
SS Jones, official No. 190528..... 1970, Litton 1954 U.S. foreign and Container service
Systems, noncontiguous trade. between Japan and
Mississippi. California via
Hawaii.
Hercules, official No. 256,125.... Not available....... 1968 Domestic............ Towing roll-on, roll-
off barges from
Puget Sound to San
Francisco.
XYZ-1, official No. 257,164....... ......do............ 1968 ......do............ Carriage of trailer
type containers
between Puget Sound
and San Francisco.
XYZ-2, official No. 260,138....... ......do............ 1969 ......do............ Do.
OTC-35, official No. 262,170...... ......do............ 1969 ......do............ Do.
200 trailers, Nos. 111032-A-10677B- ......do............ NA ......do............ For use on Barges
1M through 11032-A-10877B-1M. XYZ-1, XYZ-2, and
OTC-35.
1,500 containers, Nos. 312 A ......do............ NA U.S. foreign For use as
through 1312 A.. noncontiguous complement of SS
domestic trade. Jones.
----------------------------------------------------------------------------------------------------------------
XYZ Co., Program Objectives_I. Acquisition or Construction of Vessels
--------------------------------------------------------------------------------------------------------------------------------------------------------
Amount to be Approximate date of_
Vessel name, and official number General Approximate cost withdrawn from ---------------------------------------- Anticipated area
characteristics fund Contract Delivery of operation
--------------------------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
XYZ Co., Program Objectives_II. Reconstruction of Vessels
--------------------------------------------------------------------------------------------------------------------------------------------------------
Amount to be Approximate date of_
Vessel name, and official number General Approximate cost withdrawn from ---------------------------------------- Anticipated area
characteristics fund Contract Delivery of operation
--------------------------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
XYZ Co., Program Objectives_III. Payment of Principal on Existing
Indebtedness
------------------------------------------------------------------------
Purpose of Amount to be paid
Vessel name and official number indebtedness from fund
------------------------------------------------------------------------
------------------------------------------------------------------------
XYZ Co., Schedule C_Depositories for Capital Construction Fund
Name Address
1. First American Bank checking account. 2001 Park Ave., San Francisco,
Calif. 94109.
2. Southern California National Bank 1 Waterfront Place, San
investment trustee established pursuant Francisco, Calif. 94101.
to sec. 390.7 of the SOC regulations.
XYZ Co. Schedule D_Minimum Deposits
[In thousands]
----------------------------------------------------------------------------------------------------------------
Ordinary
Taxable year income Net proceeds Fund interest Depreciation Total
----------------------------------------------------------------------------------------------------------------
1973 to 1975.................... $3,150 \1\ $2,400 $250 .............. $5,800
1976 to 1978.................... 2,900 \2\ 1,500 325 .............. 4,725
1979 to 1981.................... 3,000 .............. 350 85 3,435
1982 to 1984.................... 2,800 .............. 74 125 3,000
1985 to 1987.................... 2,850 .............. 90 60 3,000
1988 to 1990.................... 2,900 .............. 100 .............. 3,000
1991 to 1993.................... 3,000 .............. 100 .............. 3,100
1994 to 1996.................... 3,100 .............. 110 .............. 3,210
1997 to 1999.................... 3,250 .............. 120 .............. 3,370
2000............................ 3,200 .............. 120 .............. 3,320
-------------------------------------------------------------------------------
Total.......................... .............. .............. .............. .............. 35,960
----------------------------------------------------------------------------------------------------------------
\1\ Net proceeds from sale of barges XYZ-1 and XYZ-2 for $1,200,000 each.
\2\ Net proceeds from sale of tug Hercules.
[41 FR 4265, Jan. 29, 1976, as amended at 42 FR 43632, Aug. 30, 1977]
Appendix III to Part 390—U.S. Department of Transportation, Maritime Administration—Sample Semiannual Report
top
[Illustrative sample of the report required by the Maritime Administration pursuant to 46 CFR part 390 prescribing the capital construction fund reporting requirements to be followed by those companies which are party to a capital construction fund agreement]
Exhibit A_XYZ Co., Summary of cash, securities, and stock on deposit and
net accrued deposits to and accrued withdrawals from the capital
construction fund as of june 30, 19__
Thousands
Cash (exhibit A-1 and B)................................ $1,025
Securities and stock_adjusted basis (exhibit A-2 and B). 2,560
---------------
Fund total for tax purposes on deposit (exhibit C)...... 3,585
Net accrued deposits and withdrawals (exhibit A-3)...... 450
---------------
Fund total (agrees with balance sheet submitted at this 4,035
date) on deposit for book purposes_June 30, 19__.......
Portion of fund total for tax purposes as of June 30, Thousands
19__, which represents a ``CCF: Security amount''
pursuant to an agreement covering the dual use of a
capital construction fund
Balance brought forward................................. $403
Deposits................................................ 82
---------------
Total ``CCF: Security Amount''......................... 485
Exhibit A-1_XYZ Company
summary of cash on deposit in capital construction fund as of june 30,
19__
Thousands
First American Bank, San Francisco, Calif., checking $1,025
account No. 654-0876-211...............................
Total cash in capital construction fund at June 30, 19__ 1,025
Exhibit A-2_XYZ Co., Summary of Securities and Stock (Adjusted Basis and
Fair Market Value) in Capital Construction Fund as of June 30, 19__(in
Thousands)
------------------------------------------------------------------------
Adjusted Fair market
basis value
------------------------------------------------------------------------
Treasury notes_due July 4, 19__, $760 $760
$800,000 face value, 1st American Bank,
San Francisco, Calif., trust account
No. 610-2135...........................
Negotiable certificate of deposit_due 500 500
July 31, 19__, $500,000 at 8 percent,
1st American Bank, San Francisco,
Calif., CD No. 186007..................
U.S.A. Motors, Inc._class A common 625 725
stock, 5,000 shares, Southern
California National Bank, trust account
No. 358-21.............................
Energy Co., Inc._1st preferred, 4,100 205 255
shares, Southern California National
Bank, trust account No. 358-21.........
Boon Corp._class A common stock, 10,000 470 520
shares, Southern California National
Bank, San Francisco, Calif., trust
account No. 358-21.....................
-------------------------------
Total securities and stock in capital 2,560 2,760
construction fund at June 30, 19__.....
------------------------------------------------------------------------
Exhibit A-3_XYZ Co., Summary of Net Accrued Deposits and Withdrawals in
Capital Construction Fund as of June 19__
Thousands
Accrued deposits:
19__ income (6 mos. ended June 30, 19__).............. $500
Depreciation.......................................... 200
---------------
Total................................................ 700
Accrued withdrawals: Progress payment made from general 250
fund_hull 210..........................................
---------------
Net accrued deposits and withdrawals in capital 450
construction fund at June 30, 19__.....................
Exhibit B_XYZ Co., Transcript of Transactions in the Capital Construction Fund for the 6 Mos. Ended June 30,
19__
----------------------------------------------------------------------------------------------------------------
Cash Securities and stock
Description of ----------------------- (at adjusted basis)
Date transaction ------------------------ Detail
Debit Credit Debit Credit
----------------------------------------------------------------------------------------------------------------
Jan. 1, 19__ Balances brought $1,500,000 ......... $2,000,000
forward.
Jan. 1, 19__ Bond debt payment_SS .......... $250,000
Smith..
Jan. 3, 19__ Deposit 19__ 300,000
depreciation.
Jan. 4, 19__ Purchased Treasury .......... 752,000 752,000 ......... $800,000 at 6-percent
notes_90 days at 6- discount.
percent discount..
Feb. 29, 19__ Dividends earned....... 4,500 ......... ........... ......... $0.45 per share on
10,000 shares Boon
Corp.
Mar. 15, 19__ Progress payment No. 3 .......... 172,500
hull 210..
Apr. 4, 19__ Sale of Treasury 752,000 ......... ........... 752,000
notes_cost.
Income from sale....... 48,000
Apr. 4, 19__ Purchased Treasury .......... 760,000 760,000 ......... $800,000 at 5-percent
notes 90 days at 5- discount.
percent discount.
Apr. 15, 19__ Deposit from 19__ 310,000
earnings.
May 15, 19__ Progress payment No. .......... 180,000
4_hull 210..
June 15, 19__ Sale of stock_cost..... 200,000 ......... ........... 200,000 4,000 shares at $56.25
per share.
Gain on sale of stock.. .......... ......... ........... ......... Energy Co., Inc.
25,000
------------------------------------------------------------------------------------------------
Balances carried 1,025,000 ......... 2,560,000
forward.
----------------------------------------------------------------------------------------------------------------
Exhibit C_XYZ Co., Summary of Total Transaction Affecting the Tax Account Balances in the Capital Construction
Fund for the 6 Mos. Ended June 30, 19__
----------------------------------------------------------------------------------------------------------------
Ordinary Capital
income gain Capital Total
----------------------------------------------------------------------------------------------------------------
Opening balance, Jan. 1, 19__............................... $1,000,000 $1,000,000 $1,500,000 $3,500,000
Deposits, income, transfers in, etc......................... 362,500 25,000 300,000 687,500
---------------------------------------------------
Total...................................................... 1,362,500 1,025,000 1,800,000 4,187,500
Withdrawals, losses, transfers out, etc..................... ........... ........... 602,500
---------------------------------------------------
Balance at June 30, 19__.................................... 1,362,500 1,025,000 1,197,500 3,585,000
----------------------------------------------------------------------------------------------------------------
Exhibit D—XYZ Company
summary by vessel of qualified withdrawals from the fund for the six months ending june 30, 19__
A. Acquisition or Construction of Vessels
(1) 80,000 dwt tanker: No qualified withdrawals have been made to date; construction is presently scheduled to commence in mid-1977.
(2) 130-foot ocean tug hull No. 210:
Balance brought $700,000
forward
Qualified 352,500
withdrawals
during period
-----------------------------------------------
Total 1,052,500
qualified
withdrawal
s to date.
130-foot ocean tug hull No. 211: No withdrawals have been made to date; construction is presently scheduled to commence in November 1975
B. Acquisition or Construction of Barges, Containers and Trailers
250-foot tank barge: No qualified withdrawals have been made to date; construction presently scheduled to commence in November 1975.
C. Reconstruction of Vessels
None.
D. Reconstruction of Barges, Containers, and Trailers
None.
E. Payment of Principal on Existing Indebtedness
SS Smith—Official No. 236425:
Balance brought $500,000
forward
Qualified 250,000
withdrawals
during
period......
-----------------------------------------------
Total 750,000
qualified
withdrawal
s to date.
Appendix IV to Part 390—Sample Addendum to Maritime Administration Capital Construction Fund Agreement
top
This Agreement, made by the Maritime Administrator, Department of Transportation (“Maritime Administrator”) and ___ (“Party”), a citizen of the United States of America, as an Addendum to that certain agreement, Contract No. MA/CCF–
Whereas: 1. On ___, the parties hereto entered into a Capital Construction Fund Agreement (“Agreement”) under section 607 of the Merchant Marine Act, 1936, as amended (“Act”);
2. The parties hereto desire to modify that Agreement in the manner hereinafter set forth;
3. The parties hereto have agreed to said amendment and desire to incorporate the same into the Agreement.
Now, therefore, in consideration of the premises the Maritime Administrator and the Party agree as follows:
Notwithstanding the provisions of Article 4(A)(2) of the Agreement, the Party may, within sixty (60) days after notice appears in the Federal Register that the Regulations jointly prescribed by the Secretary of the Treasury and the Secretary of Transportation have been finalized, terminate the Agreement, if such Regulations have a substantial effect on the rights or obligations of the Party. Upon termination of the Agreement pursuant to this Addendum No. __ the provisions of the Internal Revenue Code of 1954, the Act, and the rules and regulations shall apply to all funds remaining in the Fund as if such funds were withdrawn in a non-qualified, withdrawal, as that term is defined in the Act and the rules and regulations.
In witness whereof, the Secretary and the Party have executed this addendum, in quadruplicate, effective as of the date indicated below.
United States of America,
Secretary of Transportation,
Maritime Administrator,
Department of Transportation
By By.................
(Contracting
Officer)
Date Title.................
Attest: Attest:
By By....................
(Secretary)
Title................
(Seal) (Seal)
Approved as to
form:
..................................
(Assistant
General
Counsel
Maritime
Administration
)
[G.O. 109, Rev., Amdt. 6, 42 FR 43634, Aug. 30, 1977]
Appendix V to Part 390—Sample Qualified Trade Affidavit
top
affidavit
State of____________________
County of____________________
I, ___, (Name) being duly sworn, depose and say:
1. That I am the ___ (Title) ____________________________________ of ___. (Name of party)
2. That I am fully acquainted with and have knowledge of the operations of all qualified agreement vessels owned or operated by my company and identified in Capital Construction Fund Agreement, MA/CCF ___.
3. That I have full knowledge of the trading restrictions and liquidated damages provisions pertaining to qualified agreement vessels, as stipulated in section 607 of the Merchant Marine Act, 1936, as amended, and in the rules and regulations of 46 CFR Part 390.
4. That based on my inspection of Company records and to the best of my knowledge and belief, except as noted below in statement 5 of this affidavit, during the period _____ (Beginning of taxable year) through _____ (End of taxable year) my company operated its qualified agreement vessels only in the United States, foreign, Great Lakes, and noncontiguous domestic trade in accordance with Capital Construction Fund Agreement, MA/CCF ___.
5. Exceptions to statement 4 of this Affidavit are as follows (indicate exceptions below or attach a supplemental statement if additional space is needed; if there are no exceptions, write “none”):
(Affiant)
Subscribed and sworn to before me, a Notary Public in and for the State, City and County above named, this ______ day of ________, 19__.
(Notary Public)
My commission expires ____________, 19__
[41 FR 39751, Sept. 16, 1976]