Port Improvement Act of 1989

[AI summary unavailable — showing source text] Adds a new title to the Maritime Act of 1981, designating the new title as the Port Improvement Act of 1989. Directs the Secretary of Transportation, through the Federal Maritime Administration, and the Secretary of Commerce (the Secretaries) to jointly establish a program to make loans to port agencies for financing and refinancing improvements to facilities at deep-draft ports. Limits the aggregate amount of loans to: (1) a specified dollar amount in a five-fiscal-year period; and (2) 50 percent of the cost of the improvements. Requires the remaining percentage to come from non-Federal sources. Prohibits loans for any activity which is eligible for assistance as a water resource project carried out by the Secretary of the Army through the Chief of Engineers. Sets forth procedures and criteria for selection of loan recipients. Requires a set-aside of 20 percent of amounts appropriated from the Port Improvement Revolving Loan Fund each year for improvements at small deep-draft ports. Limits loans to a maximum of 20 years. Requires repayment at an interest rate which: (1) will ensure that the amount in the Fund will increase at approximately the rate of inflation; and (2) is less th…