Page:United States Statutes at Large Volume 88 Part 2.djvu/498

 1814

PUBLIC LAW 93-559-DEC. 30, 1974

[88 STAT.

countries and international organizations on terms requiring the payment to the United States Government in United States dollars of— "(1) the value of such articles or services within a period not to exceed ten years after the delivery of such articles or the rendering of such services; and "(2) interest on the unpaid balance of that obligation for payment of the value of such articles or services, at a rate equivalent to the current average interest rate, as of the last day of the month preceding the financing of such procurement, that the United States Government pays on outstanding marketable obligations of comparable maturity, unless the President certifies to Congress that the national interest requires a lesser rate of interest and states in the certification the lesser rate so required and the justification therefor." 22 USC 2764. (3) In subsections (a) and (b) of section 24, the parenthetical phrase in each is amended to read as follows: "(excluding United States Government agencies other than the Federal Financing Bank)". (4) Section 24(c) is amended by striking out "25" both times it appears and inserting "10" both such times in lieu thereof. Repeal. (5) Section 35(b) is repealed, and section 36 is amended by inserting 22 2776.u s e 2775, ' before subsection (c) the following new subsections: Jicies^o'IeZ^ " (a) The President shall submit to the Speaker of the House of ices, reports to Representatives and to the chairman of the Committee on Foreign H^u^se^and cTn- Relatious of the Senate quarterly renorts containing— gressionai com" (1) a llsting of all lettcrs of offer to sell any defense articles or '"i"^^' services under this Act, if such offer has not been accepted or canceled; "(2) a cumulative listing of all such letters of offer to sell that have been accepted during the fiscal year in which such report is submitted; "(3) the cumulative dollar amounts, by foreign country and 22 USC 2763. international organization, of credit sales under section 23 and guaranty agreements under section 24 made before the submission of such quarterly report and during the fiscal year in which such report is submitted; and "(4) projections of the cumulative dollar amounts, by foreign country and international organization, of credit sales under section 23 and guaranty agreements under section 24 to be made in the quarter of the fiscal year immediately following the quarter for which such report is submitted. For each letter of offer to sell under paragraphs (1) and (2), the report shall specify (A) the foreign country or international organization to which the defense article or service is offered, (B) the dollar amount of the offer to sell under paragraph (1) or of the completed sale under paragraph (2), (C) a brief description of the defense article or service offered, (D) the United States armed force which is making the offer to sell, (E) the date of such offer, and (F) the date of any acceptance under paragraph (2). Presidential " (b) In the case of any letter of offer to sell any defense articles or statement, submittai to Speaker services under this Act for $25,000,000 or more, before issuing such of the House and letter of offcr the President shall submit to the Speaker of the House committee. of Representatives and to the Chairman of the Committee on Foreign Relations of the Senate a statement with respect to such offer to sell containing the information specified in subparagraphs (A) through (E) in subsection (a). The letter of offer shall not be issued if the Congress, within twenty calendar days after receiving any such statement, adopts a concurrent resolution stating in effect that it objects

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