2011 US Code
Title 22 - Foreign Relations and Intercourse
Chapter 49 - SUPPORT OF PEACE TREATY BETWEEN EGYPT AND ISRAEL (§§ 3401 - 3427)
Subchapter I - POLITICAL, ECONOMIC, AND TECHNOLOGICAL SUPPORT (§§ 3401 - 3408)
Section 3402 - Supplemental authorization of foreign military sales loan guaranties for Egypt and Israel
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 5, Title 22 - FOREIGN RELATIONS AND INTERCOURSE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 49 - SUPPORT OF PEACE TREATY BETWEEN EGYPT AND ISRAEL SUBCHAPTER I - POLITICAL, ECONOMIC, AND TECHNOLOGICAL SUPPORT Sec. 3402 - Supplemental authorization of foreign military sales loan guaranties for Egypt and Israel |
Contains | section 3402 |
Date | 2011 |
Laws in Effect as of Date | January 3, 2012 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 96-35, §4, July 20, 1979, 93 Stat. 90; Pub. L. 97-113, title VII, §734(a)(4), Dec. 29, 1981, 95 Stat. 1560. |
Statutes at Large References | 82 Stat. 1320 93 Stat. 90 95 Stat. 1560, 1552 |
Public Law References | Public Law 90-629, Public Law 96-35, Public Law 97-113 |
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The Congress finds that the legitimate defense interests of Israel and Egypt require a one time extraordinary assistance package due to Israel's phased withdrawal from the Sinai and Egypt's shift from reliance on Soviet weaponry. The authorizations contained in this section do not, however, constitute Congressional approval of the sale of any particular weapons system to either country. These sales will be reviewed under the normal procedures set forth in section 36(b) of the Arms Export Control Act [22 U.S.C. 2776(b)].
(b) Authorization of appropriationIn addition to amounts authorized to be appropriated for the fiscal year 1979 by section 31(a) of the Arms Export Control Act [22 U.S.C. 2771(a)], there is authorized to be appropriated to the President to carry out that Act [22 U.S.C. 2751 et seq.] $370,000,000 for the fiscal year 1979.
(c) Principal amounts of guaranteed loansFunds made available pursuant to subsection (b) of this section may be used only for guaranties for Egypt and Israel pursuant to section 24(a) of the Arms Export Control Act [22 U.S.C. 2764(a)]. The principal amount of loans guaranteed with such funds may not exceed $3,700,000,000 of which $2,200,000,000 shall be available only for Israel and $1,500,000,000 shall be available only for Egypt. The principal amount of such guaranteed loans shall be in addition to the aggregate ceiling authorized for the fiscal year 1979 by section 31(b) of the Arms Export Control Act [22 U.S.C. 2771(b)].
(d) Repayment scheduleLoans guaranteed with funds made available pursuant to subsection (b) of this section shall be on terms calling for repayment within a period of not less than thirty years, including an initial grace period of ten years on repayment of principal.
(e) Modification of terms of guaranteed loans(1) The Congress finds that the Governments of Israel and Egypt each have an enormous external debt burden which may be made more difficult by virtue of the financing authorized by this section. The Congress further finds that, as a consequence of the impact of the debt burdens incurred by Israel and Egypt under such financing, it may become necessary in future years to modify the terms of the loans guaranteed with funds made available pursuant to this section.
(2) Repealed. Pub. L. 97–113, title VII, §734(a)(4), Dec. 29, 1981, 95 Stat. 1560.
(Pub. L. 96–35, §4, July 20, 1979, 93 Stat. 90; Pub. L. 97–113, title VII, §734(a)(4), Dec. 29, 1981, 95 Stat. 1560.)
References in TextThat Act, referred to in subsec. (b), means the Arms Export Control Act, Pub. L. 90–629, Oct. 22, 1968, 82 Stat. 1320, as amended, which is classified principally to chapter 39 (§2751 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2751 of this title and Tables.
Amendments1981—Subsec. (e)(2). Pub. L. 97–113 struck out par. (2) which required annual reports respecting economic conditions in Israel and Egypt and their external debt burdens, covered in provisions respecting external debt burdens of Egypt, Israel, and Turkey in section 723 of Pub. L. 97–113, title VII, Dec. 29, 1981, 95 Stat. 1552, not classified to the Code.
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