50 CFR Part 253 — Fisheries Assistance Programs

PART 253—FISHERIES ASSISTANCE PROGRAMS Authority: 46 U.S.C. 53701 and 16 U.S.C. 4101 et seq. Source: 75 FR 78623, Dec. 16, 2010, unless otherwise noted. Subpart A—General § 253.1 Purpose. (a) The regulations in this part pertain to fisheries assistance programs. Subpart B of this part governs the Fisheries Finance Program (FFP or the Program), which makes capacity neutral long-term direct fisheries and aquaculture loans. The FFP conducts all credit investigations, makes all credit determinations and holds and services all credit collateral. (b) Subpart C of this part implements Public Law 99-659 (16 U.S.C. 4100 et seq. (1) Promote and encourage State activities in support of the management of interjurisdictional fishery resources identified in interstate or Federal fishery management plans; and (2) Promote and encourage management of interjurisdictional fishery resources throughout their range. (3) The scope of this part includes guidance on making financial assistance awards to States or Interstate Commissions to undertake projects in support of management of interjurisdictional fishery resources in both the executive economic zone (EEZ) and State waters, and to encourage States to enter into enforcement agreements with either the Department of Commerce or the Department of the Interior. Subpart B—Fisheries Finance Program § 253.10 General definitions. The terms used in this subpart have the following meanings: Act Actual cost Applicant Application Application fee Approval in principle letter (AIP) Aquaculture facility Capital Construction Fund (CCF), Captain Charter fishing Citizen Crewman Demand Facility Fish Fisheries harvest authorization Fishery facility Fishing (1) The catching, taking, or harvesting of fish; (2) The attempted catching, taking, or harvesting of fish; (3) Any other activity which can reasonably be expected to result in the catching, taking, or harvesting of fish; (4) Any operations at sea in support of, or in preparation for, any activity described in paragraphs (1) through (3) of this section. (5) Fishing does not include any scientific research activity which is conducted by a scientific research vessel. Fishing industry Guarantee Guarantee fee Guaranteed note IFQ Noteholder Obligor Origination year Program Project (1) The refinancing or construction of a new fishing vessel or the financing or refinancing of a fishery or aquaculture facility or the refurbishing or purchase of an existing vessel or facility, including, but not limited to, architectural, engineering, inspection, delivery, outfitting, and interest costs, as well as the cost of any consulting contract the Program requires; (2) The purchase or refinance of any limited access privilege, IFQ, fisheries access right, permit, or other fisheries harvest authorization, for which the actual cost of the purchase of such authorization would be eligible under the Act for direct loans; (3) Activities (other than fishing capacity reduction, as set forth in part 600.1000 of this title) that assist in the transition to reduced fishing capacity; (4) Technologies or upgrades designed to improve collection and reporting of fishery-dependent data, to reduce bycatch, to improve selectivity or reduce adverse impacts of fishing gear, or to improve safety; or (5) Any other activity that helps develop the U.S. fishing industry, including, but not limited to, measures designed or intended to improve a vessel's fuel efficiency, to increase fisheries exports, to develop an underutilized fishery, or to enhance financial stability, financial performance, growth, productivity, or any other business attribute related to fishing or fisheries. RAM Refinancing Refinancing/assumption fee Refurbishing Security documents Underutilized fishery U.S. U.S. Note Useful life Vessel Wise use § 253.11 General FFP credit standards and requirements. (a) Principal. (b) Interest rate. (c) Ability and experience requirements. (d) Lending restrictions. (1) For venture capital purposes; or (2) To an applicant who cannot document successful fishing industry ability and experience of a duration, degree, and nature that the Program deems necessary to successfully repay the requested loan. (e) Income and expense projections. (f) Working capital. (g) Audited financial statements. (h) Consultant services. (i) Property inspections. (j) Collateral. (k) No additional liens. (l) General FFP credit standards apply. (m) Adverse legal proceedings. § 253.12 Credit application. (a) Applicant. (2) Only the legal title holder of project property, or its parent company (or the lessee of an appropriate long-term lease) may apply for a loan; and (3) An applicant and the majority of its principals must generally have the ability, experience, resources, character, reputation, and other qualifications the Program deems necessary for successfully operating, utilizing, or carrying out the project and protecting the Program's interest; and (4) Applicants should apply to the appropriate NMFS Regional Financial Services Branch to be considered. (b) Application fee. (c) False statement. § 253.13 Initial investigation and approval. (a) The Program shall undertake a due diligence investigation of every application it receives to determine if, in the Program's sole judgment, the application is both: (1) Eligible for a loan because it meets applicable loan requirements; and (2) Qualified for a loan because the project is deemed an acceptable credit risk. (b) The Program will approve eligible and qualified applicants by evaluating the information obtained during the application and investigation process. (c) Among other investigations, applicants may be subject to a background check, fisheries violations check and credit review. Background checks are intended to reveal if any key individuals associated with the applicant have been convicted of or are presently facing criminal charges such as fraud, theft, perjury, or other matters which significantly reflect on the applicant's honesty or financial integrity. (d) The Program, at its own discretion, may decline or delay approval of any loans or disbursements to any applicant found to have outstanding citations, notices of violations, or other pending legal actions or unresolved claims. (e) The Program may place any terms and conditions on such approvals that the Program, in its sole discretion, deems necessary and appropriate. (f) Credit decision. (2) Any application the Program deems ineligible or unqualified will be declined. § 253.14 Loan documents. (a) U.S. Note. (2) The U.S. Note evidences the obligor's indebtedness to the United States. (i) For financing approved after October 11, 1996, the U.S. Note evidences the obligor's actual indebtedness to the U.S.; and (ii) For financing originating before October 11, 1996, that continues to be associated with a Guaranteed Note, the U.S. Note shall evidence the obligor's actual indebtedness to the U.S. upon the Program's payment of any or all of the sums due under the Guaranteed Note or otherwise disbursed on the obligor's behalf. (iii) The U.S. Note will, among other things, contain provisions to add to its principal balance all amounts the Program advances or incurs, including additional interest charges and costs incurred to protect its interest or accommodate the obligor. (3) The U.S. Note shall be assignable by the Program, at its sole discretion. (b) Security documents. (2) The Program will, at a minimum, require the pledge of adequate collateral, generally in the form of a security interest or mortgage against all property associated with a project or security as otherwise required by the Program. (3) The Program will require such other security as it deems necessary and appropriate, given the circumstances of each obligor and the project. (4) The security documents will, among other things, contain provisions to secure the repayment of all additional amounts the Program advances or incurs to protect its interest or accommodate the obligor, including additional interest charges and fees. § 253.15 Recourse against parties. (a) Form. (b) Principals accountable. (1) All major shareholders of a closely-held corporate obligor; (2) The parent corporation of a subsidiary corporate obligor; (3) The related business entities of the obligor if the Program determines that the obligor lacks substantial pledged assets other than the project property or is otherwise lacking in any credit factor required to approve the application; (4) Any or all major limited partners; (5) Non-obligor spouses of applicants or obligors in community property states; and/or (6) Against any others it deems necessary to protect its interest. (c) Recourse against parties. (d) Recourse unavailable. § 253.16 Actual cost. Actual cost shall be determined as follows: (a) The actual cost of a vessel shall be the sum of: (1) The total cost of the project depreciated on a straight-line basis, over the project property's useful life, using a 10-percent salvage value; and (2) The current market value of appurtenant limited access privileges or transferable limited access privileges vested in the name of the obligor, the subject vessel or their owners, provided that such privileges are utilized by or aboard the subject vessel and will be pledged as collateral for the subject FFP financing. (b) The actual cost of a facility shall be the sum of: (1) The total cost of the project, not including land, depreciated on a straightline basis over the Project Property's useful life, using a 10-percent salvage value; (2) The current market value of the land that will be pledged as collateral for the subject FFP financing, provided that such land is utilized by the facility; and (3) The net present value of the payments due under a long term lease of land or marine use rights, provided that they meet the following requirements: (i) The project property must be located at such leased space or directly use such marine use rights; (ii) Such lease or marine use right must have a duration the Program deems sufficient; and (iii) The lease or marine use right must be assigned to the Program such that the Program may foreclose and transfer such lease to another party. (c) The actual cost of a transferable limited access privilege shall be determined as follows: (1) For financing the purchase of limited access privileges, the actual cost shall be the purchase cost. (2) For refinancing limited access privileges, the actual cost shall be the current market value. (d) The actual cost of any Project that includes any combination of items described in paragraphs (a), (b) or (c) of this section shall be the sum of such calculations. § 253.17 Insurance. (a) All insurable collateral property and other risks shall be continuously insured so long as any balance of principal or interest on a Program loan or guarantee remains outstanding. (b) Insurers must be acceptable to the Program. (c) Insurance must be in such forms and amounts and against such risks the Program deems necessary to protect the United States' interest. (d) Insurance must be endorsed to include the requirements the Program deems necessary and appropriate. (1) Normally and as appropriate, the Program will be named as an additional insured, mortgagee, or loss payee, for the amount of its interest; any waiver of this requirement must be in writing; (2) Cancellation will require adequate advance written notice; (3) The Program will be adequately protected against other insureds' breaches of policy warranties, negligence, omission, etc., in the case of marine insurance, vessel seaworthiness will be required; (4) The insured must provide coverage for any other risk or casualty the Program may require. § 253.18 Closing. (a) Approval in principle letters. (b) Contracts. (c) Additional requirements. (d) Closing schedules. § 253.19 Dual-use CCF. The Program may require the pledge of a CCF account or annual deposits of some portion of the project property's net income into a dual-use CCF. A dual-use CCF provides the normal CCF tax-deferral benefits, but also gives the Program control of CCF withdrawals, recourse against CCF deposits, ensures an emergency refurbishing reserve (tax-deferred) for project property, and provides additional collateral. § 253.20 Fees. (a) Application fee. (b) Guarantee fee. (c) Refinancing or assumption fee. (d) Where payable. § 253.21 Demand by guaranteed noteholder and payment. Every demand by the guaranteed noteholder must be delivered in writing to the Program and must include the noteholder's certified record of the date and amount of each payment made on the guaranteed note and the manner of its application. The only period during which a guaranteed noteholder can make demand for a payment default begins on the thirty-first day of the payment default and continues through the ninetieth day of a payment default. The noteholder must possess evidence of the demand's timely delivery. § 253.22 Program operating guidelines. The Program may issue policy and administrative guidelines, as the need arises. § 253.23 Default and liquidation. Upon default under the terms of any note, guarantee, security agreement, mortgage, or other security document the Program shall take remedial actions including, but not limited to, where appropriate, retaking or arrest of collateral, foreclosure, restructuring, debarment, referral for debt collection, or liquidation as it deems best able to protect the U.S. Government's interest. § 253.24 Enforcement violations and adverse actions. (a) Compliance with applicable law. (b) Applicant disqualification. (i) Delay application or approval processing; (ii) Delay loan closing; (iii) Delay disbursement of loan proceeds; (iv) Disqualify an applicant or obligor; or (v) Declare default. (2) The Program will not approve loans or disburse funds to any applicant found to have an outstanding, final and unappealable fisheries fine or other unresolved penalty until either: Such fine is paid or penalty has been resolved; or the applicant enters into an agreement to pay the penalty and makes all payments or installments as they are due. Failure to pay or resolve any such fine or penalty in a reasonable period of time will result in the applicant's disqualification. (c) Foreclosure in addition to other penalties. § 253.25 Other administrative requirements. (a) Debt Collection Act. (b) Certifications. (c) Taxpayer identification. (d) Audit inquiry. (e) Paperwork Reduction Act. § 253.26 Traditional loans. (a) Eligible projects. (1) The Program will not finance the cost of new vessel construction. (2) The Program will not finance a vessel refurbishing project that materially increases an existing vessel's harvesting capacity. (b) Financing or refinancing. (2) Notwithstanding paragraph (a)(1) of this section, the Program may refinance the construction cost of a vessel whose construction cost has already been financed (or otherwise paid) prior to the submission of a loan application. (3) Notwithstanding paragraph (a)(2) of this section, the Program may refinance the refurbishing cost of a vessel whose initial refurbishing cost has already been financed (or otherwise paid) prior to the submission of a loan application. (4) The Program may finance or refinance the purchase or refurbishment of any vessel or facility for which the Secretary has: (i) Accelerated and/or paid outstanding debts or obligations; (ii) Acquired; or (iii) Sold at foreclosure. (c) Existing vessels and facilities. (d) Fisheries modernization. (1) Activities that assist in the transition to reduced fishing capacity; or (2) Technologies or upgrades designed to: (i) Improve collection and reporting of fishery-dependent data; (ii) Reduce bycatch; (iii) Improve selectivity; (iv) Reduce adverse impacts of fishing gear; or (v) Improve safety. (e) Guaranty transition. (f) Maturity. (g) Credit standards. § 253.27 IFQ financing. The Program may finance or refinance the project cost of purchasing, including the reimbursement of obligors for expenditures previously made for purchasing, individual fishing quotas in accordance with the applicable sections of the Magnuson-Stevens Fishery Conservation and Management Act or any other statute. § 253.28 Halibut sablefish IFQ loans. (a) Specific definitions. (1) Entry-level fishermen means fishermen who do not own any IFQ in the year they apply for a loan. (2) Fishermen who fish from small vessels means fishermen wishing to purchase IFQ for use on Category B, Category C, or Category D vessels, but who do not own, in whole or in part, any Category A or Category B vessels, as such vessels are defined in 50 CFR 679.40(a)(5) of this title. (3) Halibut sablefish quota share means a halibut or sablefish permit, the face amount of which is used as the basis for the annual calculation of a person's halibut or sablefish IFQ, also abbreviated as “HSQS” or “halibut/sablefish QS.” (4) Halibut/Sablefish IFQ means the annual catch limit of halibut or sablefish that may be harvested by a person who is lawfully allocated halibut or sablefish quota share, a harvest privilege for a specific portion of the total allowable catch of halibut or sablefish. (b) Entry level fishermen. (1) Does not own any halibut/sablefish QS during the origination year; (2) Applies for a loan to purchase a quantity of halibut/sablefish QS that is not greater than the equivalent of 8,000 lb. (3,628.7 kg) of IFQ during the origination year; (3) Possesses the appropriate transfer eligibility documentation duly issued by RAM for HSQS; (4) Intends to be present aboard the vessel, as may be required by applicable regulations; and (5) Meets all other Program eligibility, qualification, lending and credit requirements. (c) Fishermen fishing from small vessels. (1) Apply for a loan to purchase halibut or sablefish QS for use on vessel Categories B, C, or D, as defined under 50 CFR 679.40(a)(5) of this title; (2) Not own an aggregate quantity of halibut/sablefish QS (including the loan QS) of more than the equivalent of 50,000 lb. (22,679.6 kg) of IFQ during the origination year; (3) Not own, in whole or in part, directly or indirectly (including through stock or other ownership interest) any vessel of the type that would have been assigned Category A or Category B HSQS under 50 CFR 679.40(a)(5); (4) Possess the appropriate transfer eligibility documentation duly issued by the RAM for HSQS; (5) Intend to be present aboard the vessel, as may be required by applicable regulations, as IFQ associated with halibut/sablefish QS financed by the loan is harvested; and (6) Meet all other Program eligibility, qualification, lending and credit requirements. (d) Refinancing. (i) The HSQS being refinanced would have been eligible for Program financing at the time the applicant purchased it, and (ii) The applicant meets the Program's applicable lending requirements. (2) The refinancing is in an amount up to 80 percent of HSQS' current market value; however, the Program will not disburse any amount that exceeds the outstanding principal balance, plus accrued interest (if any), of the existing HSQS debt being refinanced. (3) In the event that the current market value of HSQS and principal loan balance do not meet the 80 percent requirement in paragraph (d)(2) of this section, applicants seeking refinancing may be required to provide additional down payment. (e) Maturity. (f) Repayment. (g) Security. (h) Crew member transfer eligibility certification. (i) Program credit standards. § 253.29 CDQ loans. (a) FFP actions. (b) Eligible projects. (c) Eligible entities. (1) The villages of Akutan, Atka, False Pass, Nelson Lagoon, Nikolski, and Saint George through the Aleutian Pribilof Island Community Development Association. (2) The villages of Aleknagik, Clark's Point, Dillingham, Egegik, Ekuk, Ekwok, King Salmon/Savonoski, Levelock, Manokotak, Naknek, Pilot Point, Port Heiden, Portage Creek, South Naknek, Togiak, Twin Hills, and Ugashik through the Bristol Bay Economic Development Corporation. (3) The village of Saint Paul through the Central Bering Sea Fishermen's Association. (4) The villages of Chefornak, Chevak, Eek, Goodnews Bay, Hooper Bay, Kipnuk, Kongiganak, Kwigillingok, Mekoryuk, Napakiak, Napaskiak, Newtok, Nightmute, Oscarville, Platinum, Quinhagak, Scammon Bay, Toksook Bay, Tuntutuliak, and Tununak through the Coastal Villages Region Fund. (5) The villages of Brevig Mission, Diomede, Elim, Gambell, Golovin, Koyuk, Nome, Saint Michael, Savoonga, Shaktoolik, Stebbins, Teller, Unalakleet, Wales, and White Mountain through the Norton Sound Economic Development Corporation. (6) The villages of Alakanuk, Emmonak, Grayling, Kotlik, Mountain Village, and Nunam Iqua through the Yukon Delta Fisheries Development Association. (7) Any new groups established by applicable law. (d) Loan terms. (2) CDQ loans are subject to all Program general credit standards and requirements. Collateral, guarantee and other requirements may be adjusted to individual credit risks. § 253.30 Crab IFQ loans. (a) Specific definitions. (1) Crab means those crab species managed under the Fishery Management Plan for Bering Sea/Aleutian Island (BSAI) King and Tanner Crab. (2) Crab FMP means the Fishery Management Plan for BSAI King and Tanner Crab. (3) Crab quota share means a BSAI King and Tanner Crab permit, the base amount of which is used as a basis for the annual calculation of a person's Crab IFQ, also abbreviated as “Crab QS.” (b) Crab captains or crewmen. (1) Who is or was: (i) A captain of a crab fishing vessel, or (ii) A crew member of a crab fishing vessel; (2) Who has been issued the appropriate documentation of eligibility by RAM; (3) Whose aggregate holdings of QS will not exceed any limit on Crab QS holdings that may be in effect in the Crab FMP implementing regulations or applicable statutes in effect at the time of loan closing; and will not hold either individually or collectively, based on the initial QS pool, as published in 50 CFR part 680, Table 8; and (4) Who, at the time of initial application, meets all other applicable eligibility requirements to fish for crab or hold Crab QS contained in the Crab FMP implementing regulations or applicable statutes in effect at the time of loan closing. (c) Refinancing. (i) The Crab QS being refinanced would have been eligible for Program financing at the time the applicant purchased it; (ii) The applicant meets the Program's applicable lending requirements; and (iii) The applicant would meet the requirements found in the Crab FMP implementing regulations at the time any such refinancing loan would close. (2) The Program may refinance an amount up to 80 percent of Crab QS's current market value; however, the Program will not disburse any amount that exceeds the outstanding principal balance, plus accrued interest (if any), of the existing Crab QS debt being refinanced. (3) In the event that the current market value of Crab QS and current principal balance do not meet the 80 percent requirement in paragraph (c)(2) of this section, applicants seeking refinancing may be required to provide additional down payment. (d) Maturity. (e) Repayment. (f) Security. (g) Crew member transfer eligibility certification. (h) Crab Quota Share Ownership Limitation. (i) Program credit standards. § 253.31 Harvesting rights loans. (a) Specific definitions. (1) Harvesting right(s (2) Limited access system (b) Loan requirements and limitations. (1) The borrower must meet all regulatory and statutory requirements to hold the harvesting rights at the time any such loan or refinancing loan would close. (2) NMFS will accept and consider the input of a Regional Fishery Management Council at any time regarding the availability of loans in a fishery under the Council's authority. (i) The Council may submit an explanation to NMFS, in writing, as to why the availability of financing for harvesting rights in a fishery would harm the achievement of the goals and objectives of the Fishery Management Plan applicable to the fishery. If NMFS accepts the Council's reasoning, harvesting rights loans will not be provided, or will cease to be provided, in that fishery. (ii) If NMFS determines that harvesting rights loans will not be provided in a fishery, NMFS will publish a notice in the Federal Register (iii) In such a scenario, pending applications will be returned and loan fees returned as exceptional circumstances justify the action. (3) The harvesting rights to be financed must be issued in a manner in which they can be individually identified such that a valid and specific security interest can be recorded. This determination shall be solely made by the Program. (c) Refinancing. (i) The harvesting rights being refinanced would have been eligible for Program financing at the time the borrower purchased them, if Program financing had been available; (ii) The borrower meets all other applicable lending requirements; and (iii) The refinancing is in an amount up to 80 percent of the harvesting rights' current market value, as determined at the sole discretion of the Program, and subject to the limitation that the Program will not disburse any amount that exceeds the outstanding principal balance, plus accrued interest (if any), of the existing harvesting rights' debt being refinanced or its fair market value, whichever is less. (2) In the event that the current market value of harvesting rights and principal loan balance do not meet the 80 percent requirement in paragraph (c)(1)(iii) of this section, borrowers seeking refinancing may be required to provide additional down payment. (d) Maturity. (e) Repayment. (f) Security. (g) Program credit standards. [83 FR 24232, May 25, 2018] §§ 253.32-253.49 [Reserved] Subpart C—Interjurisdictional Fisheries § 253.50 Definitions. The terms used in this subpart have the following meanings: Act Adopt Commercial fishery failure (1) The inability to harvest or sell raw fish or manufactured and processed fishery merchandise; or (2) Compensation for economic loss suffered by any segment of the fishing industry as the result of a resource disaster. Enforcement agreement Federal fishery management plan et seq. Fisheries management Fishery resource Interjurisdictional fishery resource (1) A fishery resource for which a fishery occurs in waters under the jurisdiction of one or more states and the U.S. Exclusive Economic Zone; or (2) A fishery resource for which an interstate or a Federal fishery management plan exists; or (3) A fishery resource which migrates between the waters under the jurisdiction of two or more States bordering on the Great Lakes. Interstate Commission Interstate compact Interstate Fisheries Research Program Interstate fishery management plan Landed NMFS Regional Director Project Research Secretary State State agency Value Volume § 253.51 Apportionment. (a) Apportionment formula. (1) The equally weighted average value is determined by the following formula: (2) Upon appropriation of funds by Congress, the Secretary will take the following actions: (i) Determine each state's share according to the apportionment formula. (ii) Certify the funds to the respective NMFS Regional Director. (iii) Instruct NMFS Regional Directors to promptly notify states of funds' availability. (b) No state, under the apportionment formula in paragraph (a) of this section, that has a ratio of one-third of 1 percent or higher may receive an apportionment for any fiscal year that is less than 1 percent of the total amount of funds available for that fiscal year. (c) If a State's ratio under the apportionment formula in paragraph (b) of this section is less than one-third of 1 percent, that state may receive funding if the state: (1) Is signatory to an interstate fishery compact; (2) Has entered into an enforcement agreement with the Secretary and/or the Secretary of the Interior for a fishery that is managed under an interstate fishery management plan; (3) Borders one or more of the Great Lakes; (4) Has entered into an interstate cooperative fishery management agreement and has in effect an interstate fisheries management plan or an interstate fisheries research Program; or (5) Has adopted a Federal fishery management plan for an interjurisdictional fishery resource. (d) Any state that has a ratio of less than one-third of 1 percent and meets any of the requirements set forth in paragraphs (c)(1) through (5) of this section may receive an apportionment for any fiscal year that is not less than 0.5 percent of the total amount of funds available for apportionment for such fiscal year. (e) No state may receive an apportionment under this section for any fiscal year that is more than 6 percent of the total amount of funds available for apportionment for such fiscal year. (f) Unused apportionments. (1) That is not obligated during that year; (2) With respect to which the state notifies the Secretary that it does not wish to receive that part; or (3) That is returned to the Secretary by the state, may not be considered to be appropriated to that state and must be added to such funds as are appropriated for the next fiscal year. Any notification or return of funds by a state referred to in this section is irrevocable. § 253.52 State projects. (a) General Designation of state agency. (2) States that choose to submit proposals in any fiscal year must so notify the NMFS Regional Director before the end of the third quarter of that fiscal year. (3) Any state may, through its state agency, submit to the NMFS Regional Director a completed NOAA Grants and Cooperative Agreement Application Package with its proposal for a project, which may be multiyear. Proposals must describe the full scope of work, specifications, and cost estimates for such project. (4) States may submit a proposal for a project through, and request payment to be made to, an Interstate Fisheries Commission. Any payment so made shall be charged against the apportionment of the appropriate state(s). Submitting a project through one of the Commissions does not remove the matching funds requirement for any state, as provided in paragraph (c) of this section. (b) Evaluation of projects. (c) State matching requirements. (1) The state has adopted an interstate fishery management plan for the fishery resource to which the project applies; or (2) The state has adopted fishery regulations that the Secretary has determined are consistent with any Federal fishery management plan for the species to which the project applies, in which case the Federal share cannot exceed 90 percent of the total estimated cost of the project. (d) Financial assistance award. (e) Restrictions. (2) The expenditure of funds under this subpart may be applied only to projects for which a proposal has been evaluated under paragraph (b) of this section and approved by the Secretary, except that up to $25,000 each fiscal year may be awarded to a state out of the state's regular apportionment to carry out an “enforcement agreement.” An enforcement agreement does not require state matching funds. (f) Prosecution of work. § 253.53 Other funds. (a) Funds for disaster assistance. (2) In addition, pursuant to section 308(d) of the Act, the Secretary is authorized to award grants to persons engaged in commercial fisheries for uninsured losses determined by the Secretary to have been suffered as a direct result of a fishery resource disaster. Funds may be distributed by the Secretary only after notice and opportunity for public comment of the appropriate limitations, terms, and conditions for awarding assistance under this section. Assistance provided under this section is limited to 75 percent of an uninsured loss to the extent that such losses have not been compensated by other Federal or State Programs. (b) Funds for interstate commissions. § 253.54 Administrative requirements. Federal assistance awards made as a result of this Act are subject to all Federal laws, Executive Orders, Office of Management and Budget Circulars as incorporated by the award; Department of Commerce and NOAA regulations; policies and procedures applicable to Federal financial assistance awards; and terms and conditions of the awards.

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