§ 1738c. — Reduction of certain debt.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 7USC1738c]
TITLE 7--AGRICULTURE
CHAPTER 41--AGRICULTURAL TRADE DEVELOPMENT AND ASSISTANCE
SUBCHAPTER VI--ENTERPRISE FOR THE AMERICAS INITIATIVE
Sec. 1738c. Reduction of certain debt
(a) Authority to reduce debt
(1) In general
Notwithstanding any other provision of law, the President may
reduce the amount owed to the United States or any agency of the
United States, and outstanding as of January 1, 1990, as a result of
any credits extended under subchapter II of this chapter to a
country eligible for benefits from the Facility.
(2) Availability of appropriations
The authorities under this section may be exercised only to the
extent provided for in advance in appropriation Acts.
(b) Limitation
A debt reduction authorized under subsection (a) of this section
shall be accomplished, at the direction of the Facility, through the
exchange of a new obligation under this subchapter for obligations of
the type referred to in subsection (a) of this section outstanding as of
January 1, 1990.
(c) Exchange of obligations
The Facility shall notify the Commodity Credit Corporation of an
agreement entered into under subsection (b) of this section with an
eligible country to exchange a new obligation for outstanding
obligations. At the direction of the Facility, the old obligations that
are the subject of the agreement may be canceled and a new debt
obligation may be established for the country relating to the agreement.
The Commodity Credit Corporation shall make an adjustment in its
accounts to reflect a debt reduction under this section.
(July 10, 1954, ch. 469, title VI, Sec. 604, as added Pub. L. 101-624,
title XV, Sec. 1512, Nov. 28, 1990, 104 Stat. 3658; amended Pub. L. 102-
237, title III, Sec. 303, Dec. 13, 1991, 105 Stat. 1855.)
Amendments
1991--Subsec. (a)(2). Pub. L. 102-237 substituted ``Availability''
for ``Avaliability'' in heading.
Delegation of Functions
Functions of President under this section delegated to Secretary of
the Treasury by section 1 of Ex. Ord. No. 12757, Mar. 19, 1991, 56 F.R.
12107, set out as a note under section 1738 of this title.
Section Referred to in Other Sections
This section is referred to in sections 1738d, 1738e of this title;
title 22 section 2431e.
