Establishing a capital construction fund

Section 53503 of title 46, United States Code, is amended— (1) by striking subsection (a) and inserting the following: (a) In general (1) A citizen of the United States owning or leasing an eligible vessel may make an agreement with the Secretary under this chapter to establish a capital construction fund for the vessel. (2) An operator of a United States marine terminal may make an agreement with the Secretary under this chapter to establish a capital construction fund for the marine terminal.; and (2) by striking subsection (b) and inserting the following: (b) Allowable purpose The purpose of the agreement shall be to provide— (1) replacement vessels, additional vessels, or reconstructed vessels, built in the United States and documented under the laws of the United States, for operation in the foreign or domestic trade of the United States; or (2) replacement cargo handling equipment, additional cargo handling equipment, or reconstructed cargo handling equipment for operation at marine terminals in the United States..