Maritime Appropriation Authorization Act - Authorizes appropriations in specified amounts to the Department of Commerce for fiscal year 1979 for: (1) vessel construction or reconditioning; (2) the payment of obligations incurred for the operating - differential subsidy; (3) research and development expenses; (4) operating expenses including reserve fleet expenses; (5) financial assistance to State marine schools; and (6) the Merchant Marine Academy.
Stipulates that a vessel must be offered for participation or be enrolled in a Sealift Readiness program before authorized funds may be paid for the operation or construction of such vessel.
Amends the Maritime Academy Act of 1958 by authorizing the Secretary of Commerce to pay additional amounts to assist in paying for the cost of fuel oil consumed during the training cruises of vessels.
Amends the Merchant Marine Act of 1936 to increase the amount of the aggregate unpaid principal of guaranteed obligations which may be outstanding at any one time.