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pdfINSTRUCTIONS TO APPLY FOR
FISHING VESSEL CAPITAL CONSTRUCTION FUND AGREEMENT
< APPLICATION FORM
Social Security/Employer Identification Number: If you are a sole proprietor of your
business or a partner in a partnership and you are applying as an individual taxpayer,
enter your Social Security number. If you are applying as a corporation or partnership
taxpayer, enter the Employer Identification number.
Estimated CCF Deposit: Enter the estimated amount of your initial CCF deposit
attributable to your Schedule A eligible vessel(s) from sale or insurance proceeds, fishing
income, and or/depreciation.
CCF Depository: Provide the name and address of each FDIC or SIPC insured bank,
savings and loan, brokerage firm, etc., where you plan to set up your CCF account. All
CCF assets must be kept separate and apart from any general operating or personal funds,
and you must notify us of any change in depositories prior to making the change. Any
investment of the account shall be made in accordance with Article VII of the Agreement
and Sec. 607(c) of the Act.
Evidence of Ownership or Lease for Schedule A Vessels:
For each vessel you own or lease submit a copy (back and front) of the current
Coast Guard Form 1270, "Certificate of Documentation;" or, if the vessel is
2 - 5 net tons, submit a copy of the current Certificate of Number
for an undocumented vessel.
For each vessel you lease, submit a copy of the current Lease Agreement.
If you sold the eligible Schedule A vessel during the year, submit a copy of Coast
Guard Form 1332, "Abstract of Title," or a fully executed Bill of Sale copy. You
must provide acceptable evidence of your ownership immediately prior to the sale
of the vessel.
Proof of U.S. Citizenship: If the Schedule A vessel is Coast Guard documented in your
name, no additional proof is necessary. If the vessel is undocumented or leased, provide a
copy of your birth certificate, naturalization certificate, current passport, or a notarized
affidavit. Corporations or partnerships must be U.S. citizens within the meaning of 46
U.S.C. 802. Complete the attached forms for corporations or partnerships.
Application Instructions for
Fishing Vessel Capital Construction Fund
Page 2
< FISHING VESSEL CCF APPLICATION FORM - continued
Federal Income Tax Return Copies: Submit complete and signed copies of your Federal
returns as filed with IRS for the previous 2 years, i.e., if this application is for taxable year
ending December 31, 1997, submit copies of your 1995 and 1996 Federal returns; or if
this application is for fiscal year ending March 31, 1997, submit copies of your FY 1994
and FY 1995 Federal returns.
Federal Tax Extension Notice Copy: If, at the time you are applying for this
Agreement, you are on automatic extension for filing your tax return, you must include a
signed and dated copy of the IRS Automatic Extension form as filed with IRS. If, in fact,
you are on an additional extension, you must include a copy of the IRS approved
Additional Extension form.
< SCHEDULE A "ELIGIBLE" VESSEL AND SCHEDULE B "QUALIFIED" VESSEL
FORMS
The terms "eligible" and "qualified" vessel mean any vessel 2 net tons and over, and (a)
constructed in the United States, and if reconstructed, reconstructed in the U.S.; (b) documented
for fishery under the laws of the U.S.; and, (c) operated in the fisheries of the U.S.
On both Schedule A and Schedule B forms, under:
"Vessel Type", the term 'Charter' means a vessel which will carry fishing parties for hire.
"Fishery of Operation," list in order of importance the common name of the species of fish
and shellfish each vessel does or will catch, process, or transport.
"Area of Operation," list the geographical areas where each vessel does or will operate,
i.e., Alaska, East Coast, Gulf of Mexico, West Coast, etc.
< SCHEDULE A ELIGIBLE VESSEL FORM
Complete a Schedule A form for each eligible (income producing) vessel you owned or leased
during all or a portion of the first taxable year for which you are applying.
Application Instructions for
Fishing Vessel Capital Construction Fund
Page 3
< SCHEDULE B QUALIFIED VESSEL FORMS
Complete a Schedule B form for each qualified vessel project reflecting actual or anticipated
plans for construction, acquisition, or reconstruction. PLEASE NOTE-- give your best
estimate completing all blanks because the project(s) must be a firm representation of your
actual intentions. Your first objective should commence within 10 years after entering the CCF
Agreement. If your original plans change, your Schedule B objective(s) may be amended (subject
to regulations) by mutual consent.
!CONSTRUCTION, ACQUISITION AND/OR MORTGAGE PAYMENTS
Construction of a new vessel must take place in the U.S. and must be completed within
18 months, unless otherwise consented to.
In order to acquire a used vessel, you must agree to accomplish a second objective. If you
do not complete the second objective, all previous withdrawals for acquisition of the used
vessel may be considered nonqualified.
Acquisition requirements are:
(a) if the vessel to be acquired is not more than 5 years old, you must
accomplish either construction of a new vessel within 10 years, or reconstruction
of a vessel within 7 years from the date of purchase; or,
(b) if the vessel is more than 5 years old, that same vessel's reconstruction
must be accomplished within 7 years from the date of purchase. You must include
this additional required Schedule B objective form with your application. See
reconstruction requirements below.
Principal Mortgage Payments. If you do not use the CCF to initially acquire a used
vessel and wish to have as your Schedule B objective in your Agreement to make the
principal mortgage payments on the vessel, you must agree to the same requirements for
acquisition of a used vessel. The vessel must also have enough remaining basis for
depreciation to reduce for the amount of the payments to be paid with CCF. You must
provide evidence of this related debt, such as, copies of mortgage or promissory note.
Application Instructions for
Fishing Vessel Capital Construction Fund
Page 4
< SCHEDULE B QUALIFIED VESSEL FORMS - Continued
!RECONSTRUCTION
The reconstruction work must take place in the U.S.
Time Allowed: Once started, the reconstruction project must be completed
within 18 months, unless otherwise consented to.
Minimum Cost Requirement: Each reconstruction must equal at least 20 percent
of the original acquisition cost, or $100,000, whichever is less.
Type of Improvements: A reconstruction may include rebuilding, replacing,
reconditioning, converting and/or improving any portion of a vessel. The
improvements must prolong the useful life of the reconstructed vessel, increase its
value, or adapt it to a different commercial use in the fishing trade or industry.
< NOAA FORM 88-14, INTERIM CAPITAL CONSTRUCTION FUND AGREEMENT
Important--Complete only the last page of both CCF Agreement forms.
All applicants print or type your name(s) and Social Security Number or Employer Identification
Number next to the word "Party" (on lower right side of page).
Directly below "Party," the applicant's signature(s) must appear on the "By" line, and below your
signature enter your title, i.e., Owner, Lessee, President. The signature(s) may be witnessed on
the "By" line (on left side of page).
If signature is by an attorney-in-fact, provide a signed original Power of Attorney authorizing
same.
Corporations. The authorized officer's signature must be attested to by the corporate secretary
(on left side of page).
In addition, a corporate resolution to enter the Agreement, or the enclosed Certificate of
Corporate Secretary form must accompany all corporation applications.
Partnerships. All partners must sign, unless a managing owner or other party has been directed to
carry on all CCF activities. A document evidencing this must be provided with the application.
Application Instructions for
Fishing Vessel Capital Construction Fund
< GENERAL INFORMATION
Upon approval of your CCF application, you will receive:
!An approval letter
!Your copy of the executed CCF Agreement with approved
Schedule A and Schedule B forms
!A letter authorizing withdrawals if the objective has
commenced or is scheduled to commence within two years
!Annual Deposit/Withdrawal Report forms, instructions, and
reporting requirements
!Investment Guide
Page 5
File Type | application/pdf |
File Title | C:\PRA\OMB83I pre-ps.WP6.wpd |
Author | rroberts |
File Modified | 2007-06-20 |
File Created | 2007-06-20 |