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22 U.S.C. § 2771 — Military sales authorizations and ceilings

submitted 58 years ago by Pub. L. 90-629 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 279 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section authorizes fiscal-year 1986 and 1987 appropriations for foreign military sales credits and guarantees. It sets total, concessional-interest, and minimum-interest limits.

(a) Authorization for foreign military sales credit and guarantee program. The President may receive appropriations of $5,371,000,000 for fiscal year 1986 and the same amount for 1987 to carry out this chapter. Credits under section 2763 and guaranteed-loan principal under section 2764(a) may not exceed maximum amounts set in appropriations legislation. Such legislation may keep unobligated balances available. (b) Aggregate ceilings on credit sales; availability at concessional rates of interest. (1) Section 2763 credits may not exceed $5,371,000,000 in either 1986 or 1987. (2) No more than $553,900,000 in either year may be provided at concessional rates. Financing does not count toward that limit if a country is released from its contractual duty to repay the Government. (c) Interest rates. Section 2763 loans must bear interest at least equal to the current average market yield on comparable-maturity outstanding marketable United States obligations.

the actual law source: uscode.house.gov ↗public domain
(a) Authorization for foreign military sales credit and guarantee program

There are authorized to be appropriated to the President to carry out this chapter $5,371,000,000 for fiscal year 1986 and $5,371,000,000 for fiscal year 1987. Credits may not be extended under section 2763 of this title in an amount, and loans may not be guaranteed under section 2764(a) of this title in a principal amount, which exceeds any maximum amount which may be established with respect to such credits or such loan guarantees in legislation appropriating funds to carry out this chapter. Unobligated balances of funds made available pursuant to this section are hereby authorized to be continued available by appropriations legislation to carry out this chapter.

(b) Aggregate ceilings on credit sales; availability at concessional rates of interest
(1)

The total amount of credits extended under section 2763 of this title shall not exceed $5,371,000,000 for fiscal year 1986 and $5,371,000,000 for fiscal year 1987.

(2)

Of the aggregate amount of financing provided under this section, not more than $553,900,000 for fiscal year 1986 and not more than $553,900,000 for fiscal year 1987 may be made available at concessional rates of interest. If a country is released from its contractual liability to repay the United States Government with respect to financing provided under this section, such financing shall not be considered to be financing provided at concessional rates of interest for purposes of the limitation established by this paragraph.

(c) Interest rates

Loans available under section 2763 of this title shall be provided at rates of interest that are not less than the current average market yield on outstanding marketable obligations of the United States of comparable maturities.

Source credit: (Pub. L. 90–629, ch. 3, § 31, Oct. 22, 1968, 82 Stat. 1324; Pub. L. 91–672, § 2, Jan. 12, 1971, 84 Stat. 2053; Pub. L. 92–226, pt. IV, § 401(a), (b), Feb. 7, 1972, 86 Stat. 32; Pub. L. 93–189, § 25(5), (6), Dec. 17, 1973, 87 Stat. 730; Pub. L. 93–559, § 45(a)(6), (7), Dec. 30, 1974, 88 Stat. 1815; Pub. L. 94–329, title II, § 210(a)–(c)(1), June 30, 1976, 90 Stat. 740; Pub. L. 95–92, § 19, Aug. 4, 1977, 91 Stat. 623; Pub. L. 95–384, § 20, Sept. 26, 1978, 92 Stat. 741; Pub. L. 96–92, § 17(a), Oct. 29, 1979, 93 Stat. 708; Pub. L. 96–533, title I, §§ 104(d), 105(b)(3), 106(a)–(c), Dec. 16, 1980, 94 Stat. 3133–3136; Pub. L. 97–113, title I, § 105, Dec. 29, 1981, 95 Stat. 1521; Pub. L. 98–151, § 101(b)(2), Nov. 14, 1983, 97 Stat. 969, 970; Pub. L. 99–83, title I, § 101(a), (b), Aug. 8, 1985, 99 Stat. 193; Pub. L. 101–513, title V, § 596(c), Nov. 5, 1990, 104 Stat. 2062; Pub. L. 104–164, title I, §§ 101, 104(b)(2)(C), July 21, 1996, 110 Stat. 1422, 1427.)

history & why it existsrecord from the source credit
  • 1968Enacted · Pub. L. 90-629 · 82 Stat. 1324
  • 1971Amended · Pub. L. 91-672 · 84 Stat. 2053
  • 1972Amended · Pub. L. 92-226 · 86 Stat. 32
  • 1973Amended · Pub. L. 93-189 · 87 Stat. 730
  • 1974Amended · Pub. L. 93-559 · 88 Stat. 1815
  • 1976Amended · Pub. L. 94-329 · 90 Stat. 740
  • 1977Amended · Pub. L. 95-92 · 91 Stat. 623
  • 1978Amended · Pub. L. 95-384 · 92 Stat. 741
  • 1979Amended · Pub. L. 96-92 · 93 Stat. 708
  • 1980Amended · Pub. L. 96-533 · 94 Stat. 3133
  • 1981Amended · Pub. L. 97-113 · 95 Stat. 1521
  • 1983Amended · Pub. L. 98-151 · 97 Stat. 969, 970
  • 1985Amended · Pub. L. 99-83 · 99 Stat. 193
  • 1990Amended · Pub. L. 101-513 · 104 Stat. 2062
  • 1996Amended · Pub. L. 104-164 · 110 Stat. 1422, 1427

A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-629 on 1968-10-22.

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