Page:United States Statutes at Large Volume 80 Part 1.djvu/1567

 80

STAT.]

PUBLIC LAW 89-808-NOV. 11, 1966

1531

Committee on Voluntary Foreign A i d: Provided, That no such funds may be utilized to promote religious activities; " (g) For the purchase of goods or services for other friendly countries; " (h) For financing, at the request of such country, programs emphasizing maternal welfare, child health and nutrition, and activities, where participation is voluntary, related to the problems of population growth, under procedures established by the President through any agency of the United States, or through any local agency which he determines is qualified to administer such activities; "(i) for paying, to the maximum extent practicable, the costs outside the United States of carrying out the program authorized in section 406 of this Act; and ^°^^' P- ^^^e. "(j) For sale for dollars to United States citizeu* and nonprofit organizations for travel or other purposes of currencies determined to be in excess of the needs of departments and agencies of the United States for such currencies. The United States dollars received from the sale of such foreign currencies shall be deposited to the account of Commodity Credit Corporation: Provided, That— "(1) Section 1415 of the Supplemental Appropriation Act, 1953, \\^^^l:^ll' shall apply to currencies used for the purposes specified in subsections (a) and (b), "(2) Section 1415 of the Supplemental Appropriation Act, 1953, shall apply to all foreign currencies used for grants under subsections (f) and (g), to not less than 10 per centum of the foreign currencies which accrue pursuant to agreements entered into on or before December 31, 1964, and to not less than 20 per centum in the aggregate of the foreign currencies which accrue pursuant to agreements entered into thereafter: Provided, however, That the President is authorized to waive such applicability of section 1415 in any case where he determines that it would be inappropriate or inconsistent with the purposes of this title, "(3) No agreement or proposal to grant any foreign currencies Transmittal to (except as provided in subsection (c) of this section), or to use mlneTs^.^^""^ '^°'"" (except pursuant to appropriation Act) any principal or interest from loan repayments under this section shall be entered into or carried, out until the expiration of thirty days following the date on which such agreement or proposal is transmitted by the President to the Senate Committee on Agriculture and Forestry and to the House Committee on Agriculture, if transmitted while Congress is in session, or sixty days following the date of transmittal if transmitted while Congress is not in session, "(4) Any loan made under the authority of this section shall bear interest at such rate as the President may determine but not less than the cost of funds to the United States Treasury, taking into consideration the current average market yields on outstanding marketable obligations of the United States having maturity comparable to the maturity of such loans, unless the President shall in specific instances after consultation with the advisory committee established under section 407 designate a different rate: Provided, further. That paragraphs (2), (3), and (4) of the foregoing proviso shall not apply in the case of any nation where the foreign currencies or credits owned by the United States and available for use by it in such nation are determined by the Secretary of the Treasury to be in excess of the normal requirements of the departments and agencies of the United States for expenditures in such

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