2012 US Code
Title 22 - Foreign Relations and Intercourse
Chapter 32 - FOREIGN ASSISTANCE (§§ 2151 - 2443)
Subchapter IV - DEBT REDUCTION FOR DEVELOPING COUNTRIES WITH TROPICAL FORESTS (§§ 2431 - 2431k)
Section 2431e - Reduction of debt owed to United States as result of credits extended under title I of Food for Peace Act
Publication Title | United States Code, 2012 Edition, 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 32 - FOREIGN ASSISTANCE SUBCHAPTER IV - DEBT REDUCTION FOR DEVELOPING COUNTRIES WITH TROPICAL FORESTS Sec. 2431e - Reduction of debt owed to United States as result of credits extended under title I of Food for Peace Act |
Contains | section 2431e |
Date | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 87-195, pt. V, §807, as added Pub. L. 105-214, §1, July 29, 1998, 112 Stat. 888; amended Pub. L. 108-323, §3(b), Oct. 6, 2004, 118 Stat. 1219; Pub. L. 110-246, title III, §3001(b)(1), (2)(Q), June 18, 2008, 122 Stat. 1820. |
Statutes at Large References | 68 Stat. 454 112 Stat. 888 118 Stat. 1219 122 Stat. 1820 |
Public Law References | Public Law 87-195, Public Law 105-214, Public Law 108-323, Public Law 110-246 |
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Notwithstanding any other provision of law, the President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of January 1, 1998, as a result of any credits extended under title I of the Food for Peace Act (7 U.S.C. 1701 et seq.) to a country eligible for benefits from the Facility.
(2) Authorization of appropriations (A) In generalFor the cost (as defined in section 661a(5) of title 2) for the reduction of any debt pursuant to this section, there are authorized to be appropriated to the President—
(i) $25,000,000 for fiscal year 1999;
(ii) $50,000,000 for fiscal year 2000; and
(iii) $50,000,000 for fiscal year 2001.
(B) LimitationThe authority provided by this section shall be available only to the extent that appropriations for the cost (as defined in section 661a(5) of title 2) of the modification of any debt pursuant to this section are made in advance.
(b) Implementation of debt reduction (1) In generalAny debt reduction pursuant to subsection (a) of this section shall be accomplished at the direction of the Facility by the exchange of a new obligation for obligations of the type referred to in subsection (a) of this section outstanding as of the date specified in subsection (a)(1) of this section.
(2) Exchange of obligations (A) In generalThe Facility shall notify the Commodity Credit Corporation of an agreement entered into under paragraph (1) with an eligible country to exchange a new obligation for outstanding obligations.
(B) Additional requirementAt the direction of the Facility, the old obligations that are the subject of the agreement shall be canceled and a new debt obligation shall be established for the country relating to the agreement, and the Commodity Credit Corporation shall make an adjustment in its accounts to reflect the debt reduction.
(c) Additional terms and conditions(1) The following additional terms and conditions shall apply to the reduction of debt under subsection (a)(1) of this section in the same manner as such terms and conditions apply to the reduction of debt under section 604(a)(1) of the Food for Peace Act [7 U.S.C. 1738c(a)(1)]:
(A) The provisions relating to repayment of principal under section 605 of such Act [7 U.S.C. 1738d].
(B) The provisions relating to interest on new obligations under section 606 of such Act [7 U.S.C. 1738e].
(2) In addition to the application of the provisions relating to repayment of principal under section 605 of the Food for Peace Act [7 U.S.C. 1738d] to the reduction of debt under subsection (a)(1) of this section (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new obligation established under subsection (b) of this section may be made in the local currency of the beneficiary country and deposited in the Tropical Forest Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under section 606 of such Act [7 U.S.C. 1738e].
(Pub. L. 87–195, pt. V, §807, as added Pub. L. 105–214, §1, July 29, 1998, 112 Stat. 888; amended Pub. L. 108–323, §3(b), Oct. 6, 2004, 118 Stat. 1219; Pub. L. 110–246, title III, §3001(b)(1), (2)(Q), June 18, 2008, 122 Stat. 1820.)
References in TextThe Food for Peace Act, referred to in subsec. (a)(1), is act July 10, 1954, ch. 469, 68 Stat. 454. Title I of the Act is classified generally to subchapter II (§1701 et seq.) of chapter 41 of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 1691 of Title 7 and Tables.
Amendments2008—Pub. L. 110–246 substituted “Food for Peace Act” for “Agricultural Trade Development and Assistance Act of 1954” in section catchline and wherever appearing in subsecs. (a)(1) and (c).
2004—Subsec. (c). Pub. L. 108–323 designated existing provisions as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), and added par. (2).
Effective Date of 2008 AmendmentAmendment by Pub. L. 110–246 effective May 22, 2008, see section 4(b) of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.
Delegation of FunctionsFor delegation of functions of President under this section, see Ex. Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a note under section 2381 of this title.
For delegation of functions of President under subsec. (a) of this section, see section 1 of Ex. Ord. No. 13345, July 8, 2004, 69 F.R. 41901, set out as a note under section 1738 of Title 7, Agriculture.
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