§ 2431e. — Reduction of debt owed to United States as result of credits extended under title I of Agricultural Trade Development and Assistance Act of 1954.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC2431e]
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 Agricultural Trade Development
and Assistance Act of 1954
(a) Authority to reduce debt
(1) Authority
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 Agricultural
Trade Development and Assistance Act of 1954 (7 U.S.C. 1701 et seq.)
to a country eligible for benefits from the Facility.
(2) Authorization of appropriations
(A) In general
For 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) Limitation
The 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 general
Any 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 general
The 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 requirement
At 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
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 Agricultural Trade Development and Assistance
Act of 1954 [7 U.S.C. 1738c(a)(1)]:
(1) The provisions relating to repayment of principal under
section 605 of such Act [7 U.S.C. 1738d].
(2) The provisions relating to interest on new obligations under
section 606 of such Act [7 U.S.C. 1738e].
(Pub. L. 87-195, pt. V, Sec. 807, as added Pub. L. 105-214, Sec. 1, July
29, 1998, 112 Stat. 888.)
References in Text
The Agricultural Trade Development and Assistance Act of 1954,
referred to in subsec. (a)(1), is act July 10, 1954, ch. 469, 68 Stat.
454, as amended. Title I of the Act is classified generally to
subchapter II (Sec. 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.
Delegation of Functions
For 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.
Section Referred to in Other Sections
This section is referred to in sections 2431a, 2431d, 2431f of this
title.
