Page:United States Statutes at Large Volume 118.djvu/3054

 118 STAT. 3024 PUBLIC LAW 108–447—DEC. 8, 2004 (B) a debt buyback by an eligible country of its own qualified debt, only if the eligible country uses an additional amount of the local currency of the eligible country, equal to not less than 40 percent of the price paid for such debt by such eligible country, or the difference between the price paid for such debt and the face value of such debt, to support activities that link conservation and sustainable use of natural resources with local community development, and child survival and other child develop ment, in a manner consistent with sections 707 through 710 of the Foreign Assistance Act of 1961, if the sale, reduction, or cancellation would not contravene any term or condition of any prior agreement relating to such loan. (2) TERMS AND CONDITIONS.—Notwithstanding any other provision of law, the President shall, in accordance with this section, establish the terms and conditions under which loans may be sold, reduced, or canceled pursuant to this section. (3) ADMINISTRATION.—The Facility, as defined in section 702(8) of the Foreign Assistance Act of 1961, shall notify the administrator of the agency primarily responsible for admin istering part I of the Foreign Assistance Act of 1961 of pur chasers that the President has determined to be eligible, and shall direct such agency to carry out the sale, reduction, or cancellation of a loan pursuant to this section. Such agency shall make adjustment in its accounts to reflect the sale, reduc tion, or cancellation. (4) LIMITATION.—The authorities of this subsection shall be available only to the extent that appropriations for the cost of the modification, as defined in section 502 of the Congressional Budget Act of 1974, are made in advance. (b) DEPOSIT OF PROCEEDS.—The proceeds from the sale, reduc tion, or cancellation of any loan sold, reduced, or canceled pursuant to this section shall be deposited in the United States Government account or accounts established for the repayment of such loan. (c) ELIGIBLE PURCHASERS.—A loan may be sold pursuant to subsection (a)(1)(A) only to a purchaser who presents plans satisfac tory to the President for using the loan for the purpose of engaging in debt for equity swaps, debt for development swaps, or debt for nature swaps. (d) DEBTOR CONSULTATIONS.—Before the sale to any eligible purchaser, or any reduction or cancellation pursuant to this section, of any loan made to an eligible country, the President should consult with the country concerning the amount of loans to be sold, reduced, or canceled and their uses for debt for equity swaps, debt for development swaps, or debt for nature swaps. (e) AVAILABILITY OF FUNDS.—The authority provided by sub section (a) may be used only with regard to funds appropriated by this Act under the heading ‘‘Debt Restructuring’’. BASIC EDUCATION SEC. 567. Of the funds appropriated by title II of this Act, not less than $400,000,000 shall be made available for basic edu cation. Notification. President.

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