Page:United States Statutes at Large Volume 88 Part 2.djvu/481

 88 STAT. ]

PUBLIC LAW 93-559-DEC. 30, 1974

1797

anties, on s-cli terms and conditions as it shall determine, to private lending institutions, cooperatives, and private nonprofit development organizations in not more than five Latin American countries assuring against loss of not to exceed 50 per centum of the portfolio of such loans made by any lender to organized groups or individuals residing in a community to enable such groups or individuals to carry out agricultural credit and self-help community development projects for which they are unable to obtain financial assistance on reasonable terms. I n no event shall the liability of the United States exceed 75 per centum of any one loan. "(c) The total face amount of guaranties issued under this section limitation. outstanding at any one time shall not exceed $15,000,000. Not more than 10 per centum of such sum shall be provided for any one institution, cooperative, or organization. " (d) The Inter-American Foundation shall be consulted in developing criteria for making loans eligible for guaranty coverage in Latin America under this section. "(e) Not to exceed $3,000,000 of the guaranty reserve established under section 223(b) shall be available to make such payments as may 22 USC 2183. be necessary to discharge liabilities under guaranties issued under this section or any guaranties previously issued under section 240 of this Act. 22 USC 2200. "(f) Funds held by the Overseas Private Investment Corporation pursuant to section 236 may be available for meeting necessary admin- 22 USC 2196. istrative and operating expenses for carrying out the provisions of this section through June 30, 1976. " (g) The Overseas Private Investment Corporation shall, upon. ^""^"^0^3 °^„d enactment of this subsection, transfer to the agency primarily respon- asseTs.'°" sible for administering part I all obligations, assets, and related rights and responsibilities arising out of, or related to the predecessor program provided for in section 240 of this Act. " (h) The authority of this section shall continue until December 31, Termination of IQYY

authority.

" (i) Notwithstanding the limitation in subsection (c) of this section, Excess foreign foreign currencies owned by the United States and determined by the '^""^"'^y' "^^• Secretary of the Treasury to be excess to the needs of the United States may be utilized to carry out the purposes of this section, including the discharge of liabilities under this subsection. The authority conferred by this subsection shall be in addition to authority conferred by any other provision of law to implement guaranty programs utilizing excess local currency. " (j) The President shall, on or before January 15, 1976, make a rfs^J'"'^* *° ^°"" detailed report to the Congress on the results of the program estab- ^"^^^^^ lished under this section, together with such recommendations as he may deem appropriate.": (3) by striking out "section 221 or section 222" in section 223 22 USC 2183. (a) and inserting "section 221, 222, or 222A" in lieu thereof; (4) by striking out "this title" in section 223(b) and inserting "section 221 and section 222" in lieu thereof; and (5) by striking out "section 221 or section 222" in section 223 (d) and inserting "section 221, 222, 222A, or previously under section 240 of this Act" in lieu thereof. (b) Title IV of chapter 2 of part I of the Foreign Assistance Act of 1961 is amended by striking out section 240. 22 USC 2200.

38-194 O - 76 - 31 Pt. 2

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