[Federal Register Volume 61, Number 129 (Wednesday, July 3, 1996)] [Notices] [Pages 34798-34799] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 96-17052] ----------------------------------------------------------------------- DEPARTMENT OF COMMERCE National Oceanic and Atmospheric Administration [I.D. 061196A] RIN 0648-AC73 Fishing Vessel and Gear Damage Compensation Fund Program AGENCY: National Marine Fisheries Service (NMFS), National Oceanic and Atmospheric Administration (NOAA), Commerce. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: NMFS announces that the Fishing Vessel and Gear Damage Compensation Fund's (Fund) capital will be depleted before the end of this fiscal year. There are no alternative sources of capital, and the Fund will cease to do business. EFFECTIVE DATE: July 3, 1996. FOR FURTHER INFORMATION CONTACT: Michael L. Grable, Chief, Financial Services Division (301-713-2390). SUPPLEMENTARY INFORMATION: Section 10 of the Fishermen's Protective Act established this fund. This fund has since 1979 paid fishermen's claims for damage to their vessels and gear caused by the actions of other vessels. Claims have typically involved the unobserved loss of fixed fishing gear presumptively caused by other vessels transiting through fixed-gear deployment areas. The Fund's only significant source of capital has been the statutory ability to levy a surcharge of up to 20 percent on fees imposed on foreign fishing vessels formerly fishing in the U.S. exclusive economic zone (EEZ). The last levy occurred in 1984, and foreign fishing in the EEZ has since virtually ceased. The Fund has, since 1984, been husbanding capital reserved from earlier surcharges. There are now enough claims on hand to potentially deplete the Fund's remaining capital. Although the Fund has statutory authority to borrow up to $5,000,000 from the U.S. Treasury with which to pay claims, it cannot do so, because it has no source of funds with which to repay the borrowing. NMFS will, consequently: 1. Accept no further claim applications against the Fund (NMFS will return to claimants all claim applications submitted after the date of this notice). 2. Pay claims already submitted, provided sufficient Fund capital is available, in the chronological order in which claimants' applications are determined by NMFS to be complete for processing and are approved by NMFS (NMFS may return claim applications when NMFS determines there is insufficient Fund capital available). 3. Refund claim application fees to applicants whose claims NMFS cannot process due to insufficient Fund capital. 4. Maintain a list of returned claims, and advise claimants, in chronological order of claim submission, to resubmit them if unobligated Fund capital proves sufficient to pay additional claims. Catalog of Federal Domestic Assistance The Fishing Vessel and Gear Damage Compensation Fund Program is listed in the Catalog of Federal Domestic Assistance under number 11.409. [[Page 34799]] Classification This action has been determined to be not significant for purposes of E.O. 12866. Authority: Public Law 95-396 and 95-561 (22 U.S.C. 1980 et seq.) Dated: June 27, 1996. Rolland A. Schmitten, Assistant Administrator for Fisheries, National Marine Fisheries Service. [FR Doc. 96-17052 Filed 7-2-96; 8:45 am] BILLING CODE 3510-22-F