United States General Ship Facility Modernization and Improvement Act

[AI summary unavailable — showing source text] United States General Ship Facility Modernization and Improvement Act - Amends provisions of the Merchant Marine Act, 1936 relating to Federal ship mortgage insurance to define "general ship facility" to mean a facility for the construction, repair, rehabilitation, refurbishment, or rebuilding of any vessel, which facility receives no more than eight percent of its total annual revenues from funds appropriated to the U.S. Navy for new ship construction and which is owned by a citizen, corporation, or other entity meeting other requirements. Authorizes the Secretary of Transportation to guarantee payment of the principal and interest on an obligation which aids in the modernization, improvement, or productivity increases of a U.S. general ship facility. Limits the guarantees to 50 percent of the actual cost of the equipment or facility, prohibits guarantees from being made before October 1, 1990, and sets forth other requirements. Amends such mortgage insurance provisions to define "Secretary" to mean the Secretary of Transportation. (Current law defines the term to mean the Secretary of Commerce with respect to fishing vessels and fishing facilities and the Secretary of Transportat…