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22 U.S.C. § 285uAdditional contribution to special funds

submitted 46 years ago by Pub. L. 89-369 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 225 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. Governor of the Bank may promise $378,250,000 to the Asian Development Fund. Congress must approve this money, with limits for 1982 and 1983. The Treasury pays it in four yearly installments to control costs.

(a) United States share: The U.S. Governor of the Bank may agree, on behalf of the United States, to contribute $378,250,000 to the Asian Development Fund, one of the Bank's special funds. This commitment only counts once Congress appropriates the necessary money. (b) Authorization of appropriations; maximum available for certain years: The law authorizes $378,250,000 to be appropriated, with no time limit on spending it, to pay for this contribution. But no more than $111,250,000 could be made available for fiscal year 1982, and no more than $44,500,000 for fiscal year 1983. (c) Funding requirements: To keep costs down for the United States, the Secretary of the Treasury must (1) pay the U.S. contribution to the Asian Development Fund using a letter of credit, spread across four yearly installments, and (2) get the Bank to certify that any money drawn down on that letter of credit but not yet paid out will never be more than the U.S. share of what the Bank expects to need to pay out over the following three months.
the actual law source: uscode.house.gov ↗public domain
(a) United States share

The United States Governor of the Bank is authorized to contribute on behalf of the United States $378,250,000 to the Asian Development Fund, a special fund of the Bank, except that any commitment to make such contribution shall be made subject to obtaining the necessary appropriations.

(b) Authorization of appropriations; maximum available for certain years

In order to pay for the United States contribution to the Asian Development Fund provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $378,250,000 for payment by the Secretary of the Treasury: Provided, however, That not more than $111,250,000 of such sum may be made available for the fiscal year 1982, and not more than $44,500,000 of such sum may be made available for the fiscal year 1983.

(c) Funding requirements

For the purpose of keeping to a minimum the cost to the United States, the Secretary of the Treasury—

(1)

shall pay the United States contribution to the Asian Development Fund authorized by this section by letter of credit in four annual installments; and

(2)

shall take the steps necessary to obtain a certification from the Bank that any undisbursed balances resulting from drawdowns on such letter of credit will not exceed at any time the United States share of expected disbursement requirements for the following three-month period.

Source credit: (Pub. L. 89–369, § 24, as added Pub. L. 96–259, title II, § 201, June 3, 1980, 94 Stat. 430; amended Pub. L. 97–35, title XIII, § 1352(b), Aug. 13, 1981, 95 Stat. 744.)

history & why it existsrecord from the source credit
  • 1980Enacted · Pub. L. 89-369 · 94 Stat. 430
  • 1981Amended · Pub. L. 97-35 · 95 Stat. 744

A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-369 on 1980-06-03.

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