40 U.S.C. § 548: Surplus vessels

Except as provided in subsection (b), the Maritime Administration shall dispose of surplus vessels of 1,500 gross tons or more which the Administration determines to be merchant vessels or capable of conversion to merchant use. The vessels shall be disposed of in accordance with part F of subtitle V of title 46 and other laws authorizing the sale of such vessels. The Administrator of the National Oceanic and Atmospheric Administration may dispose of covered vessels and equipment, which would otherwise be disposed of under subsection (a), through sales or transfers under this title. retain the proceeds from the sale or transfer of a covered vessel or equipment under paragraph (1) until expended under subparagraph (B); and use such proceeds, without fiscal year limitation, for the acquisition of new covered vessels and equipment or the repair and maintenance of existing covered vessels and equipment. In this subsection, the term “covered vessels and equipment” means survey and research vessels and related equipment owned by the Federal Government and under the control of the National Oceanic and Atmospheric Administration.