Page:United States Statutes at Large Volume 62 Part 1.djvu/176

 PUBLIC LAWS-CH. 169-APR. 3, 1948 of the purposes of this title, and the terms of such payment, if required, shall depend upon the character and purpose of the assistance and upon whether there is reasonable assurance of repayment considering the capacity of such country to make such payments without jeopardiz- ing the accomplishment of the purposes of this title. Credit assistance. (2) When it is determined that assistance should be extended under the provisions of this title on credit terms, the Administrator shall allocate funds for the purpose to the Export-Import Bank of Wash- ington, which shall, notwithstanding the provisions of the Export- 12U.s.. §§ 635- Import Bank Act of 1945 (59 Stat. 526), as amended, make and admin- &35d, 6.3f, 635i. ister the credit on terms specified by the Administrator in consultation with the National Advisory Council on International Monetary and Issuanceofnotes. Financial Problems. The Administrator is authorized to issue notes from time to time for purchase by the Secretary of the Treasury in an amount not exceeding in the aggregate $1,000,000,000 (i) for the pur- pose of allocating funds to the Export-Import Bank of Washington under this paragraph during the period of one year following the date of enactment of this Act and (ii) for the purpose of carrying out the provisions of paragraph (3) of subsection (b) of this section until all liabilities arising under guaranties made pursuant to such paragraph Redemption of (3) have expired or have been discharged. Such notes shall be redeem- able at the option of the Administrator before maturity in such manner as may be stipulated in such notes and shall have such maturity as may be determined by the Administrator with the approval of the Interest. Secretary of the Treasury. Each such note shall bear interest at a rate determined by the Secretary of the Treasury, taking into consid- eration the current average rate on outstanding marketable obligations of the United States as of the last day of the month preceding the Pulic-debt trans- issuance of the note. Payment under this paragraph of the purchase price of such notes and repayments thereof by the Administrator shall Allocation offunds be treated as public-debt transactions of the United States. In allo- cating funds to the Export-Import Bank of Washington under this paragraph, the Administrator shall first utilize such funds realized from the sale of notes authorized by this paragraph as he determines to be available for this purpose, and when such funds are exhausted, or after the end of one year from the date of enactment of this Act, whichever is earlier, he shall utilize any funds appropriated under Administrative ex- this title. The Administrator shall make advances to, or reimburse, with credits. the Export-Import Bank of Washington for necessary administrative expenses in connection with such credits. Credits made by the Export- Import Bank of Washington with funds so allocated to it by the Administrator shall not be considered in determining whether the Bank has outstanding at any one time loans and guaranties to the extent of the limitation imposed by section 7 of the Export-Import 12U. s.c. 635e. Bank Act of 1945 (59 Stat. 529), as amended. Amounts received in repayment of principal and interest on any credits made under this paragraph shall be deposited into miscellaneous receipts of the Treas- Retirement ofnotes. ury: Provided, That, to the extent required for such purpose, amounts received in repayment of principal and interest on any credits made out of funds realized from the sale of notes authorized under this paragraph shall be deposited into the Treasury for the purpose of the retirement of such notes. PROTECTION OF DOMESTIC ECONOMY SEC. 112. (a) The Administrator shall provide for the procure- ment in the United States of commodities under this title in such a way as to (1) minimize the drain upon the resources of the United States and the impact of such procurement upon the domestic economy, and (2) avoid impairing the fulfillment of vital needs of the people of the United States. 146 [62 STAT.

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