Page:United States Statutes at Large Volume 104 Part 5.djvu/337

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3659 "(2) AvALiABiLTTY 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) shall be accomplished, at the direction of the Facility, through the exchange of a new obligation under this title for obligations of the type referred to in subsection (a) 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) 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. "SEC. 605. REPAYMENT OF PRINCIPAL. 7 USC 1738d. "(a) CURRENCY OF PAYMENT.— The principal amount owed under each new obligation issued under section 604 shall be repaid in United States dollars. "(b) DEPOSIT OF PAYMENTS.—Principal repa3nnents on new obligations issued under section 604 shall be deposited in Commodity Credit Corporation accounts. "SEC. 606. INTEREST OF NEW OBLIGATIONS. . 7 USC 1738e. "(a) RATE OF INTEREST. —New obligations issued to an eligible country under section 604 shall bear interest at a concessional rate. "(b) CURRENCY OF PAYMENT, DEPOSITS.— "(1) UNITED STATES DOLLARS. —An eligible country to which a new obligation has been issued under section 604 that has not entered into an agreement under section 607, shall be required to pay interest on such obligation in United States dollars which shall be deposited in Commodity Credit Corporation accounts. "(2) LOCAL CURRENCY. —If an eligible country to which a new obligation has been issued under section 604 has entered into an agreement under section 607, interest under such obligation may be paid in the local currency of the eligible country and deposited into an Environmental Fund as provided for in section 608. Such interest shall be the property of the eligible country until such time as it is disbursed under section 608. Such local currencies shall be used for the purposes specified in the agreement entered into under section 607. "(c) INTEREST PREVIOUSLY PAID.—I f an eligible country to which a new obligation has been issued under section 604 enters into an agreement under section 607 subsequent to the date on which interest first becomes due on such new obligation, any interest paid on such new obligation prior to such agreement being entered into shall not be redeposited into the Fund established for the eligible country under section 608(a) but shall be deposited into Commodity r Credit Corporation. "SEC. 607. ENVIRONMENTAL FRAMEWORK AGREEMENTS. 7 USC 1738f. "(a) AUTHORITY.— The President is authorized to enter into an environmental framework agreement with each country eligible for benefits from the Facility concerning the operation and use of an

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