shall be canceled and a new debt obligation for the country shall be established, and the agency primarily responsible for administering part I of this Act shall make an adjustment in its accounts to reflect the debt reduction. SEC. 705.994 REPAYMENT OF PRINCIPAL. (a) CURRENCY OF PAYMENT.-The principal amount of each new obligation issued pursuant to section 704(b) shall be repaid in United States dollars. (b) DEPOSIT OF PAYMENTS.-Principal repayments of new obligations shall be deposited in the United States Government account established for principal repayments of the obligations for which those obligations were exchanged. SEC. 706.995 INTEREST ON NEW OBLIGATIONS. (a) RATE OF INTEREST.-New obligations issued by a beneficiary country pursuant to section 704(b) shall bear interest at a concessional rate. (b) CURRENCY OF PAYMENT; DEPOSITS. (1) LOCAL CURRENCY.-If the beneficiary country has entered into an Americas Framework Agreement, interest shall be paid in the local currency of the beneficiary country and deposited in an Americas Fund. Such interest shall be the property of the beneficiary country, until such time as it is disbursed pursuant to section 707(d). Such local currencies shall be used for the purposes specified in the Americas Framework Agreement. (2) UNITED STATES DOLLARS.-If the beneficiary country has not entered into an Americas Framework Agreement, interest shall be paid in United States dollars and deposited in the United States Government account established for interest payments of the obligations for which the new obligations were exchanged. (c) INTEREST ALREADY PAID.-If a beneficiary country enters into an Americas Framework Agreement subsequent to the date on which interest first became due on the newly issued obligation, any interest already paid on such new obligation shall not be redeposited into the Americas Fund established for that country. SEC. 707.996 ENTERPRISE FOR THE AMERICAS FUNDS. (a) ESTABLISHMENT.-Each beneficiary country that enters into an Americas Framework Agreement shall be required to establish an Enterprise for the Americas Fund to receive payments in local currency pursuant to section 706(b)(1). (b) DEPOSITS.--Local currencies deposited in an Americas Fund shall not be considered assistance for purposes of any provision of law limiting assistance to a country. (c) INVESTMENT.-Deposits made in an Americas Fund shall be invested until disbursed. Any return on such investment may be retained by the Americas Fund, without deposit in the Treasury of the United States and without further appropriation by the Con gress. 994 22 U.S.C. 2430d. 996 22 U.S.C. 2430e. 996 22 U.S.C. 2430f. (d) DISBURSEMENTS.-Funds in an Americas Fund shall be disbursed only pursuant to an Americas Framework Agreement. SEC. 708.997 AMERICAS FRAMEWORK AGREEMENTS. (a) AUTHORITY.-The Secretary of State is authorized, in consultation with other appropriate Government officials, to enter into an Americas Framework Agreement with any eligible country concerning the operation and use of the Americas Fund for that country. In the negotiation of such Agreements, the Secretary shall consult with the Enterprise for the Americas Board in accordance with section 709. (b) CONTENTS OF AGREEMENTS.—An Americas Framework Agreement with an eligible country shall (1) require that country to establish an Americas Fund; (2) require that country to make interest payments under section 706(b)(1) into an Americas Fund; (3) require that country to make prompt disbursements from the Americas Fund to the administering body described in subsection (c); (4) when appropriate, seek to maintain the value of the local currency resources of the Americas Fund in terms of United States dollars; (5) specify, in accordance with subsection (d), the purposes for which amounts in an Americas Fund may be used; and (6) contain reasonable provisions for the enforcement of the terms of the agreement. (c) ADMINISTERING BODY.— (1) IN GENERAL.-Funds disbursed from the Americas Fund in each beneficiary country shall be administered by a body constituted under the laws of that country. (2) COMPOSITION.-The administering body shall consist of(A) one or more individuals appointed by the United States Government, (B) one or more individuals appointed by the government of the beneficiary country, and (C) individuals who represent a broad range of (i) environmental nongovernmental organizations of the beneficiary country, (ii) child survival and child development nongovernmental organizations of the beneficiary country, (iii) local community development nongovernmental organizations of the beneficiary country, and (iv) scientific or academic organizations or institutions of the beneficiary country. A majority of the members of the administering body shall be individuals described in subparagraph (C). (3) RESPONSIBILITIES.-The administering body (A) shall receive proposals for grant assistance from eligible grant recipients (as determined under subsection (e)) and make grants to eligible grant recipients in accordance with the priorities agreed upon in the Americas Framework Agreement, consistent with subsection (d); 90722 U.S.C. 2430g. (B) shall be responsible for the management of the program and oversight of grant activities funded from resources of the Americas Fund; (C) shall be subject, on an annual basis, to an audit of financial statements conducted in accordance with generally accepted auditing standards by an independent auditor; (D) shall be required to grant to representatives of the United States General Accounting Office such access to books and records associated with operations of the Americas Fund as the Comptroller General of the United States may request; (E) shall present an annual program for review each year by the Enterprise for the Americas Board; and (F) shall submit a report each year on the activities that it undertook during the previous year to the Chair of the Enterprise for the Americas Board and to the government of the beneficiary country. (d) ELIGIBLE ACTIVITIES.-Grants from an Americas Fund shall be used for (1) activities that link the conservation and sustainable use of natural resources with local community development; and (2) child survival and other child development activities. (e) GRANT RECIPIENTS.-Grants made from an Americas Fund shall be made to (1) nongovernmental environmental, conservation, child survival and child development, development, and indigenous peoples organizations of the beneficiary country; (2) other appropriate local or regional entities; and (3) in exceptional circumstances, the government of the beneficiary country. (f) REVIEW OF LARGER GRANTS.-Any grant of more than $100,000 from an Americas Fund shall be subject to veto by the Government of the United States or the government of the beneficiary country. (g) ELIGIBILITY CRITERIA.—In the event that a country ceases to meet the eligibility requirements set forth in section 703(a), as determined by the President pursuant to section 703(b), then grants from the Americas Fund for that country may only be made to nongovernmental organizations until such time as the President determines that such country meets the eligibility requirements set forth in section 703(a). SEC. 709.998 ENTERPRISE FOR THE AMERICAS BOARD. For purposes of this part, the Enterprise for the Americas Board shall (1) advise the Secretary of State on the negotiations of Americas Framework Agreements; (2) ensure, in consultation with (A) the government of the beneficiary country, (B) nongovernmental organizations of the beneficiary country, 998 22 U.S.C. 2430h. (C) nongovernmental organizations of the region (if appropriate), (D) environmental, scientific, child survival and child development, and academic leaders of the beneficiary country, and (E) environmental, scientific, child survival and child development, and academic leaders of the region (as appropriate), that a suitable administering body is identified for each Americas Fund; and (3) review the programs, operations, and fiscal audits of each administering body. SEC. 710.*** ANNUAL REPORTS TO THE CONGRESS. The annual reports submitted pursuant to section 614 of the Agricultural Trade Development and Assistance Act of 1954 (7 U.S.Č. 1738mm) shall include a description of each Americas Framework Agreement and a description of any grants that have been extended by administering bodies pursuant to an Americas Framework Agreement. PART V 1000 * * * [Repealed-1976] 999 22 U.S.C. 2430i. 1000 Part V, which related to Indochina Postwar Reconstruction, was repealed by sec. 413 of the International Security Assistance and Arms Export Control Act of 1976 (Public Law 94-329; 90 Stat. 761). For complete text of regulations governing determinations, authorizations, etc., and remaining funds under part V, see page 535. 1001 Part VI, which related to assistance to the Middle East and had been added by the FA Act of 1974, was repealed by sec. 12(b)(4) of the International Security Assistance Act of 1978 (Public Law 95-384; 92 Stat. 737). b. The Arms Export Control Act CONTENTS Page Section 2-Coordination With Foreign Policy Chapter 1-Foreign and National Security Policy Objectives and Restraints Section 3-Eligibility 301 Section 4-Purposes for Which Military Sales by the United States Are 310 Section 5-Prohibition Against Discrimination 310 Section 6 Foreign Intimidation and Harassment of Individuals in the Section 25-Annual Estimate and Justification for Sales Program 324 Section 26-Security Assistance Surveys 327 Section 27-Authority of President to Enter into Cooperative Projects Chapter 2B Sales to United States Companies for Incorporation Into End 332 Section 30-General Authority 332 Chapter 2C-Exchange of Training and Related Support 333 333 Chapter 3 Military Export Controls 333 Section 31-Authorization and Aggregate Ceiling on Foreign Military 333 Section 33-Restraint in Arms Sales to Sub-Saharan Africa Section 35-Foreign Military Sales to Less Developed Countries 337 337 Section 37-Fiscal Provisions Relating to Foreign Military Sales Credits 346 347 Section 39-Fees of Military Sales Agents and Other Payments Section 40-Transactions With Countries Supporting Acts of International Terrorism Section 52-Use and Transfer of Items Procured by the Fund 368 ............... 369 |