H. R. 7764
Public Law 674
To authorize the construction of modern naval vessels, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States is hereby authorized to undertake the construction of not to exceed fifty thousand tons of modern naval vessels in the following categories:
(a) Combatant vessels, thirty thousand tons.
(b) Auxiliary vessels, ten thousand tons.
(c) Experimental types, ten thousand tons.
The President is authorized to convert not to exceed two hundred thousand tons of existing naval vessels, from among those vessels on the Navy List determined to be best fitted for conversion, to modern naval vessels, of the following categories :
(a) Combatant vessels, one hundred and twenty-five thousand tons.
(b) Auxiliary vessels, seventy-five thousand tons. Construction authorized by this section shall be chargeable against tonnages authorized by existing law. Sums heretofore or hereafter appropriated or made available for the commencement of construction or conversion of vessels, machinery, armament, and equipment shall be held and considered to be available for either the construction, the conversion, or the equipment of vessels.
There is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, not to exceed the sum of $350,000,000 to be expended for the construction or conversion of the foregoing vessels.
Approved August 8, 1950.