Page:United States Statutes at Large Volume 104 Part 5.djvu/338

 104 STAT. 3660 PUBLIC LAW 101-624—NOV. 28, 1990 Enterprise for the Americas Environmental Fund (hereafter referred to in this title as the 'Environmental' Fund) established President. under section 608 for that country. The President shall consult with the Board established under section 610 when entering into such agreements. "(b) REQUIREMENTS. — An environmental framework agreement entered into under this section shall— "(1) require the eligible country to establish an Environmental Fund; "(2) require the eligible country to make interest payments under section 608(a) into the Environmental Fund; "(3) require the eligible country to make prompt disbursements from the Environmental Fund to the body described in subsection (c); "(4) where appropriate, seek to maintain the value of the local currency resources deposited into the appropriate Environmental Fund in terms of United States dollars; "(5) specify, in accordance with section 612, the purposes for which the Environmental Fund may be used; and "(6) contain reasonable provisions for the enforcement of the terms of the agreement. "(c) ADMINISTERING BODY. —Funds disbursed from the Environmental Fund in an eligible country shall be administered by a body constituted under the laws of the country. Such body shall— "(1) be composed of— "(A) one or more representatives appointed by the President; "(B) one or more representatives appointed by the eligible country; and "(C) representatives from a broad range of environmental and local community development nongovernmental organizations of the host country; the majority of which shall be local representatives from nongovernmental organizations, and scientific or academic bodies; Grant programs. "(2) receive proposals for grant assistance from local organizations, and make grants to such organizations in accordance with the priorities agreed upon in the framework agreement and consistent with the overall purposes of section 612; "(3) be responsible for the management of the program and oversight of grant activities funded from resources of the Environmental Fund; "(4) be subject to fiscal audits by an independent auditor on an annual basis; "(5) present an annual program for review by the Board established under section 610 each year; "(6) present an annual report on the activities undertaken during the previous year to the Chairman of the Board established under section 610, and the government of the eligible country each year; and "(7) have any grgmt over $100,000 be subject to veto by the United States and the government of the eligible country. 7 USC 1738g. "SEC. 608. ENTERPRISE FOR THE AMERICAS ENVIRONMENTAL FUNDS. " (a) ESTABLISHMENT. —An eligible country shall, under the terms of an environmental framework agreement entered into under section 607, establish an Environmental Fund to receive pa3anents in local currency pursuant to section 607(b)(l). Reports.

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