(2) make available to the United States Government such portion of the Special Account as may be determined by the President to be necessary for the requirements of the United States Government: Provided, That such portion shall not be less than 10 per centum in the case of any country to which such minimum requirement has been applicable under any Act repealed by this Act; and

(3) utilize the remainder of the Special Account for programs agreed to by the United States Government to carry out the purposes for which new funds authorized by this Act would themselves be available: Provided, That whenever funds from such Special Account are used by a country to make loans, all funds received in repayment of such loans prior to termination of assistance to such country shall be reused only for such purposes as shall have been agreed to between the country and the United States Government.

(b) Any unencumbered balances of funds which remain in the Account upon termination of assistance to such country under this Act shall be disposed of for such purposes as may, subject to approval by Act of the Congress, be agreed to between such country and the United States Government.

Sec. 610.697 Transfer Between Accounts.-(a) 698 Whenever the President determines it to be necessary for the purposes of this

0722 U.S.C. 2360. Subsection designation "(a)" and subsec. (b) were added by sec. 301(a) of the FA Act of 1962.

698 In an August 8, 1994, memorandum for the Secretary of State, the President, pursuant to sec. 610(a):

"determine[d] that it is necessary for the purposes of the Act that $1 million of funds made available for the purposes of section 23 of the Arms Export Control Act, be transferred to, and consolidated with, funds made available for Chapter 5 of Part II of the Act.

"I hereby authorize the use of the aforesaid $1 million in funds made available under Chapter 5 of Part II of the Act to increase programs for countries of Central and Eastern Europe and the former Soviet Union." (Presidential Determination No. 94-40 of August 8, 1994; 59 F.R. 42127).

In an August 18, 1994, memorandum for the Secretary of State, the President, pursuant to sec. 610(a):

"determine[d] that it is necessary for the purposes of the Act that $3.812 million of funds made available for section 23 of the Arms Export Control Act for fiscal year 1994 for the cost of direct loans be transferred to, and consolidated with, funds made available under Chapter 6 of Part II of the Act.

"Pursuant to the authority vested in me by section 614(aX1) of the Act, I hereby determine that it is important to the security interests of the United States to furnish up to $4.312 million in funds made available under chapter 6 of part II of the Act for assistance for sanctions enforcement against Serbia and Montenegro without regard to any provision of law within the scope of section 614(aX1), including section 660 of the Act. I hereby authorize the furnishing of such assistance." (Presidential Determination No. 94-43 of August 18, 1994; 59 F.R. 44889).

In a September 30, 1994, memorandum for the Secretary of State, the President, pursuant to sec. 610(a):

"determine[d] that it is necessary for the purposes of the Act that $4.6 million of funds made available for section 23 of the Arms Export Control Act for fiscal year 1994 for cost of direct loans, be transferred to, and consolidated with, funds made available for chapter 4 of part II of the Act.

"I hereby authorize the use in the fiscal year 1995 of the aforesaid $4.6 million in the funds made available above under chapter 4 of Part II of the Act to provide economic assistance to Haiti." (Presidential Determination No. 94-54 of September 30, 1994; 59 F.R. 51485).

In a September 30, 1994, memorandum for the Secretary of State, the President, pursuant to sec. 610(a):

"determine[d] that it is necessary for the purposes of the Act that $4.6 million of funds made available for section 23 of the Arms Export Control Act, be transferred to, and consolidated with, funds made available for chapter 4, Part II of the Act.

"I hereby authorize the use of the aforesaid $4.6 million in the funds made available above under chapter 4 of Part II of the Act to set aside a Guatemala Peace Fund to provide Continued

Act, not to exceed 10 per centum of the funds made available for any provision of this Act (except funds made available pursuant to title IV of chapter 2 of part I or for section 23 of the Arms Export Control Act) 699 may be transferred to, and consolidated with, the funds made available for any 699 provision of this Act, (except funds made available under chapter 2 of part II of this Act) 700 and may be used for any of the purposes for which such funds may be used, except that the total in the provision for the benefit of which the transfer is made shall not be increased by more than 20 per centum of the amount of funds made available for such provision.

(b) 697 The authority contained in this section and in sections 451, 506,701 and 614 shall not be used to augment appropriations made available pursuant to sections 636(g)(1) and 637 or used otherwise to finance activities which normally would be financed from appropriations for administrative expenses. 702

(c) 703 Any funds which the President has notified Congress pursuant to section 653 that he intends to provide in military assistance to any country may be transferred to, and consolidated with, any other funds he has notified Congress pursuant to such section that he intends to provide to that country for development assistance purposes.

Sec. 611.704 Completion of Plans and Cost Estimates. (a) No agreement or grant which constitutes an obligation of the United States Government in excess of $500,000 705 under section 1501 of title 31, United States Code,706 shall be made for any assistance authorized under chapter I of part I, title II of chapter 2 of part I, or chapter 4 of part II-707

(1) if such agreement or grant requires substantive technical or financial planning, until engineering, financial, and other plans necessary to carry out such assistance, and a reasonably firm estimate of the cost to the United States Government of providing such assistance, have been completed; and

economic assistance to promote peace and stability in Guatemala." (Presidential Determination No. 94-55 of September 30, 1994; 59 F.R. 51487).

The parenthetical phrase was added by sec. 301 of the FA Act of 1969. Sec. 10(a) of the International Narcotics Control Act of 1990 (Public Law 101-623; 104 Stat. 3356) inserted reference to sec. 23 of the Arms Export Control Act, but, in an enrolling error, this text was inserted inside the parenthesis. Should probably read **** for any provision of this Act (except funds made available pursuant to title IV of chapter 2 of part I) or for section 23 of the Arms Export Control Act may be transferred to ****. Sec. 10 also struck out "other" at the place noted and provided that "(b) The amendments made by subsection (a) apply with respect to funds made available for fiscal year 1991 or any fiscal year thereafter.".

700 The parenthetical phrase was added by sec. 19(aX1) of the FA Act of 1974.

701 Sec. 301(c) of the FA Act of 1967 inserted "506" for "510".

702 The final sentence of subsec. (b), which had been amended by the FA Act of 1966, was repealed by sec. 10(b)(2) of the International Security Assistance Act of 1978 (Public Law 95424; 92 Stat. 735). It formerly read as follows:

"Not to exceed $9,000,000 of the funds appropriated under section 402 of this Act for any fiscal year may be transferred to and consolidated with appropriations made under section 637(a) of this Act for the same fiscal year, subject to the further limitation that funds so transferred shall be available solely for additional administrative expenses incurred in connection with programs in Vietnam..

703 Subsec. (c) was added by sec. 19(aX2) of the FA Act of 1974.

704 22 U.S.C. 2361.

706 Sec. 1208 of the International Security and Development Cooperation Act of 1985 (Public Law 99-83; 99 Stat. 278), raised this amount from $100,000.

706 This reference to 31 U.S.C. 1501 replaced an earlier reference to 31 U.S.C. 200.

707 The words "chapter 1 of part I, title II of chapter 2 of part I, or chapter 4 of part II" were inserted in lieu of "titles I, II, and VI of chapter 2 and chapter 4 of part 1" by sec. 102(gX2XD) of the International Development and Food Assistance Act of 1978 (Public Law 95-424; 92 Stat.

(2) if such agreement or grant requires legislative action within the recipient country, unless such legislative action may reasonably be anticipated to be completed in time to permit the orderly accomplishment of the purposes of such agreement or grant.

(b) Plans required under subsection (a) of this section for any water or related land resource construction project or program shall include a computation of benefits and costs made insofar as practicable in accordance with the principles, standards, and procedures established pursuant to the Water Resources Planning Act 708 (42 U.S.C. 1962, et seq.) or acts amendatory or supplementary thereto.

(c) To the maximum extent practicable, all contracts for construction outside the United States made in connection with any agreement or grant subject to subsection (a) of this section shall be made on a competitive basis.

(d) Subsection (a) of this section shall not apply to any assistance furnished for the sole purpose of preparation of engineering, financial, and other plans.

(e) 709 In addition to any other requirements of this section, no assistance_authorized under chapter 1 of part I, title II of chapter 2 of part I, or chapter 4 of part II710 shall be furnished with respect to any capital assistance project estimated to cost in excess of $1,000,000 until the head of the agency primarily responsible for administering part I of the Act has received and taken into consideration a certification from the principal officer of such agency in the country in which the project is located as to the capability of the country (both financial and human resources) to effectively maintain and utilize the project taking into account among other things the maintenance and utilization of projects in such country previously financed or assisted by the United States.

Sec. 612.711 Use of Foreign Currencies. (a) Except as otherwise provided in this Act or other Acts, foreign currencies received either (1) as a result of the furnishing of nonmilitary assistance under the Mutual Security Act of 1954, as amended, or any Act repealed thereby and unobligated on the date prior to the effective date of this Act, or (2) on or after the effective date of this Act, as a result of the furnishing of nonmilitary assistance under the Mutual Security Act of 1954, as amended, or any Act repealed thereby, or (3) as a result of the furnishing of assistance under part I, which are in excess of the amounts reserved under authority of section 105(d) of the Mutual Educational and Cultural Exchange Act of 1961 or any other Act relating to educational and cultural ex

708 The reference to this Act was added by sec. 1208(2) of Public Law 99-83 (99 Stat. 278), and replaced an earlier reference to a document entitled: "Principles and Standards for Planning Water and Related Land Resources, dated October 25, 1973.". The reference to the 1973 document was substituted in lieu of a reference of the "Memorandum of the President dated May 15, 1962" by sec. 117 of the International Development Cooperation Act of 1979 (Public Law 96-53; 93 Stat. 365). Previously, sec. 301(c) of the FA Act of 1963 had substituted the reference to the 1962 memorandum in lieu of a reference to "circular A47 of the Bureau of the Budget.". 708 Subsec. (e) was added by sec. 301(d) of the FA Act of 1967.

710 The words "chapter 1 of part 1, title 2 of chapter 2 of part I, or chapter 4 of part II" were inserted in lieu of "titles I, II, or VI of chapter 2 or chapter 4 of part 1" by sec. 102(gX2XE) of the International Development and Food Assistance Act of 1978 (Public Law 95-424; 92 Stat. 943).

71122 U.S.C. 2362. Subsection designation “(a)" in sec. 612 was added by sec. 301(dX1) of the FA Act of 1963.

changes, may be sold by the Secretary of the Treasury to agencies of the United States Government for payment of their obligations outside the United States, and the United States dollars received as reimbursement shall be deposited into miscellaneous receipts of the Treasury. Foreign currencies so received which are in excess of the amounts so reserved and of the requirements of the United States Government in payment of its obligations outside the United States, as such requirements may be determined from time to time by the President, shall be available for the authorized purposes of part I in such amounts as may be specified from time to time in appropriation Acts.

(b) 712 Any Act of Congress making appropriations to carry out programs under this or any other Act for United States operations abroad is hereby authorized to provide for the utilization of United States-owned excess foreign currencies to carry out any such operations authorized by law.

713 As used in this subsection, the term "excess foreign currencies" means foreign currencies or credits owned by or owed to the United States which are, under applicable agreements with the foreign country concerned, available for the use of the United States Government and are determined by the President to be excess to the normal requirements of departments and agencies of the United States for such currencies or credits and are not prohibited from use under this subsection by an agreement entered into with the foreign country concerned.

The President shall take all appropriate steps to assure that, to the maximum extent possible, United States-owned foreign currencies are utilized in lieu of dollars. Dollar funds made available pursuant to this Act shall not be expended for goods and services when United States-owned foreign currencies are available for such purposes unless the administrative official approving the voucher certifies as to the reason for the use of dollars in each case.714

(c) 715 In addition to funds otherwise available, excess foreign currencies, as defined in subsection (b), may be made available to friendly foreign governments and to private, nonprofit United States organizations to carry out voluntary family planning programs in countries which request such assistance. No such program shall be assisted unless the President has received assurances that in the administration of such program the recipient will take reasonable precautions to insure that no person receives any family planning assistance or supplies unless he desires such services. The excess foreign currencies made available under this subsection shall not, in any one year, exceed 5 per centum of the aggregate of all excess foreign currencies. As used in this subsection, the term "voluntary family planning program" includes, but is not limited to, demographic studies, medical and psychological re

712 Subsec. (b) was added by sec. 301(c) of the FA Act of 1964. Originally added as subsec. (c), it was redesignated by sec. 301(c) of the FA Act of 1964 and former subsec. (b) was redesignated as sec. 104(t) of Public Law 480 (the latter has subsequently been transferred in part to sec. 103(m) of Public Law 480).

713 The first sentence of this paragraph was struck out by sec. 301(b) of the FA Act of 1965. It read as follows: "The President shall take all appropriate steps to assure that, to the maximum extent possible, United States-owned excess foreign currencies are utilized in lieu of dollars.".

714 This paragraph was added by sec. 301(b) of the FA Act of 1965.

715 Subsec. (c) was added by sec. 301(e) of the FA Act of 1966.

search, personnel training, the construction and staffing of clinics and rural health centers, specialized training of doctors and paramedical personnel, the manufacture of medical supplies, and the dissemination of family planning information, medical assistance, and supplies to individuals who desire such assistance.

(d) 716 In furnishing assistance under this Act to the government of any country in which the United States owns excess foreign currencies as defined in subsection (b) of this section, except those currencies generated under the Agricultural Trade Development and Assistance Act of 1954, as amended,717 the President shall endeavor to obtain from the recipient country an agreement for the release, on such terms and conditions as the President shall determine, of an amount of such currencies up to the equivalent of the dollar value of assistance furnished by the United States for programs as may be mutually agreed upon by the recipient country and the United States to carry out the purposes for which new funds authorized by this Act would themselves be available.

Sec. 613.718 Accounting, Valuation, Reporting, and Administration of Foreign Currencies.719-(a) Under the direction of the President, the Secretary of the Treasury shall have responsibility for valuation and central accounting with respect to foreign credits (including currencies) owed to or owned by the United States. In order to carry out such responsibility the Secretary shall issue regulations binding upon all agencies of the Government.

(b) The Secretary of the Treasury shall have sole authority to establish for all foreign currencies or credits the exchange rates at which such currencies are to be reported by all agencies of the Government.

(c) 720*** [Repealed-1981]

(d) 721 In cases where assistance is to be furnished to any recipient country in furtherance of the purposes of this or any other Act on a basis which will result in the accrual of foreign currency proceeds to the United States, the Secretary of the Treasury shall issue regulations requiring that agreements, in respect of such assistance, include provisions for the receipt of interest income on the foreign currency proceeds deposited in authorized depositories: Provided, That whenever the Secretary of State determines it not to be in the national interest to conclude arrangements for the receipt of interest income he may waive the requirement thereof: Provided further, That the Secretary of State, or his delegate, shall promptly make a complete report to the Congress on each such determination and the reasons therefor.

716 Subsec. (d) was added by sec. 302 of the FA Act of 1969.

717 For text, see Legislation on Foreign Relations Through 1994, vol. I-B.

718 22 U.S.Ć. 2363.

719 Sec. 301(cX1) of the FA Act of 1965 inserted "Accounting, Valuation, Reporting, and Administration of Foreign Currencies" for "Accounting, Valuation, and Reporting of Foreign Currencies".

720 Subsec. (c), as amended by sec. 46 of Public Law 94-273, was repealed by sec. 734(aX1) of the International Security and Development Cooperation Act of 1981 (Public Law 97-113; 95 Stat. 1560). Subsec. (c) had required a semiannual report to the Congress on the amount of all foreign currencies acquired without payment of dollars on hand for each foreign country. Such information is now required on an annual basis as part of the report required under sec. 634(a) of this Act.

721 Subsec. (d) was added by sec. 301(cX2) of the FA Act of 1965.