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June 13, 2002

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MarAd seeks Title XI change
The U.S. Maritime Administration has published a Notice of Proposed Rulemaking ("NPRM") in the Federal Register soliciting public comments on an amendment to its regulations.

This amendment adds a new Section 1109 to the recent modified Merchant Marine Act, 1936, as amended, which authorizes the Secretary of Transportation to hold funds from Title XI obligors as collateral by depositing them with the United States Treasury and investing them in Treasury obligations. These funds will no longer be deposited in private banks. This notice of proposed rulemaking proposes changes to existing procedures to simplify, reduce costs of, and expedite Title XI closings.

Written comments, referencing Docket No. MARAD-2002-12425, may be submitted to the Docket Clerk, U.S. DOT Dockets, Room PL-401, Department of Transportation, 400 7th St., SW, Washington, DC 20590-0001 by 5:00 p.m. August 12, 2002. Comments may be submitted electronically via the Internet at http://dmses.dot.gov/submit.

All comments are available for review between 10:00 a.m. and 5:00 p.m., E.T., Monday through Friday, except federal holidays. Electronic versions of these documents are available on the World Wide Web at http://dms.dot.gov.

For further information contact Richard Lorr, Assistant Chief Counsel for Ship Financing, Maritime Administration, Office of Chief Counsel, Room 7221, 400 7th St., SW, Washington, DC 20590; telephone (202) 366-5882; or e-mail: richard.lorr@marad.dot.gov.

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