§ 2777. — Fiscal provisions relating to foreign military sales credits.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC2777]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 39--ARMS EXPORT CONTROL
SUBCHAPTER III--MILITARY EXPORT CONTROLS
Sec. 2777. Fiscal provisions relating to foreign military sales
credits
(a) Permissible uses of cash payments under sections 2761, 2762, 2763,
and 2769
Cash payments received under sections 2761, 2762, and 2769 of this
title and advances received under section 2763 of this title shall be
available solely for payments to suppliers (including the military
departments) and refunds to purchasers and shall not be available for
financing credits and guaranties.
(b) Transfer of funds to miscellaneous receipts of Treasury
Amounts received from foreign governments and international
organizations as repayments for credits extended pursuant to section
2763 of this title, amounts received from the disposition of instruments
evidencing indebtedness under section 2764(b) of this title (excluding
such portion of the sales proceeds as may be required at the time of
disposition to be obligated as a reserve for payment of claims under
guaranties issued pursuant to section 2764(b) of this title, which sums
are made available for such obligations), and other collections
(including fees and interest) shall be transferred to the miscellaneous
receipts of the Treasury.
(c) Credit of funds to reserve under section 2764(c)
Notwithstanding the provisions of subsection (b) of this section, to
the extent that any of the funds constituting the reserve under section
2764(c) of this title are paid out for a claim arising out of a loan
guaranteed under section 2764 of this title, amounts received from a
foreign government or international organization after the date of such
payment, with respect to such claim, shall be credited to such reserve,
shall be merged with the funds in such reserve, and shall be available
for any purpose for which funds in such reserve are available.
(Pub. L. 90-629, ch. 3, Sec. 37, Oct. 22, 1968, 82 Stat. 1326; Pub. L.
93-189, Sec. 25(11), Dec. 17, 1973, 87 Stat. 731; Pub. L. 96-533, title
I, Secs. 104(b), 105(e)(1), Dec. 16, 1980, 94 Stat. 3133, 3135.)
Amendments
1980--Subsec. (a). Pub. L. 96-533, Sec. 105(e)(1), inserted
reference to section 2769 of this title.
Subsec. (c). Pub. L. 96-533, Sec. 104(b), added subsec. (c).
1973--Subsec. (b). Pub. L. 93-189 inserted provisions relating to
indebtedness under section 2764(b) of this title and exclusions of
portions of the sales proceeds required at the time of disposition as a
reserve for payment of claims under guaranties issued under section
2764(b) of this title.
Section Referred to in Other Sections
This section is referred to in section 2291c of this title; title 10
section 114.
