22 U.S.C. § 2344 — Reimbursements
submitted 65 years ago by Pub. L. 87-195 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 346 words · no verdicts yet
This section creates a separate account for certain repayments and receipts from military assistance. It explains what the account may fund, when it ends, and how remaining assets and money are handled.
(a) Dollar repayments, sale proceeds from foreign-currency repayments, debt evidence proceeds, fees, premiums, and interest received from cash or credit military assistance financed under subchapter II must go into a separate fund account. The money remains available until spent and may be used only to finance sales and guarantees, including overhead. Despite other receipt laws, foreign-currency repayments may be used for subchapter II. The President may transfer to and combine with the account appropriations under subchapter II, including unliquidated balances previously obligated for sales and guarantees.
(b)(1) The account ends at the end of June 30, 1968, or earlier if the President chooses. (2) When it ends, all assets, including loans and other amounts owed, go to a special Treasury account used only to pay outstanding United States liabilities and obligations arising from credit-sale agreements and guarantees made under subchapter II before June 30, 1968. Money exceeding those liabilities and obligations must from time to time go to the Treasury’s general fund.
Whenever funds made available for use under subchapter II of this chapter have been or are used to furnish military assistance on cash or credit terms, United States dollar repayments, including dollar proceeds derived from the sale of foreign currency repayments to any agency or program of the United States Government, receipts received from the disposition of evidences of indebtedness and charges (including fees and premiums) or interest collected shall be credited to a separate fund account, and shall be available until expended solely for the purpose of financing sales and guaranties, including the overhead costs thereof, and, notwithstanding any provision of law relating to receipts and credits accruing to the United States Government, repayments in foreign currency may be used to carry out subchapter II of this chapter. Such amounts of the appropriations made available under subchapter II of this chapter (including unliquidated balances of funds heretofore obligated for financing sales and guarantees) as may be determined by the President shall be transferred to, and merged with, the separate fund account.
The special fund account established under subsection (a) of this section shall terminate as of the end of June 30, 1968, or on such earlier date as may be selected by the President.
Upon the termination of such fund account pursuant to paragraph (1), all of the assets of such fund account (including loans and other payments receivable) shall be transferred to a special account in the Treasury, which special account shall be available solely for the purpose of discharging outstanding liabilities and obligations of the United States arising out of credit sales agreements entered into, and guaranties issued, under subchapter II of this chapter prior to June 30, 1968. Any moneys in such special account in excess of the aggregate United States dollar amount of such liabilities and obligations shall be transferred from time to time to the general fund of the Treasury.
Source credit: (Pub. L. 87–195, pt. II, § 524, formerly § 508, Sept. 4, 1961, 75 Stat. 437; Pub. L. 89–171, pt. II, § 201(e), Sept. 6, 1965, 79 Stat. 657; Pub. L. 89–583, pt. II, § 201(c), Sept. 19, 1966, 80 Stat. 803; renumbered § 524 and amended Pub. L. 90–137, pt. II, § 201(h), Nov. 14, 1967, 81 Stat. 456; Pub. L. 90–629, ch. 4, § 45(a), Oct. 22, 1968, 82 Stat. 1327.)
- 1961Enacted · Pub. L. 87-195 · 75 Stat. 437
- 1965Amended · Pub. L. 89-171 · 79 Stat. 657
- 1966Amended · Pub. L. 89-583 · 80 Stat. 803
- 1967Amended · Pub. L. 90-137 · 81 Stat. 456
- 1968Amended · Pub. L. 90-629 · 82 Stat. 1327
A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-195 on 1961-09-04.
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