Page:United States Statutes at Large Volume 94 Part 3.djvu/489

 PUBLIC LAW 96-533—DEC. 16, 1980

94 STAT. 3133

principal amount of the loan so guaranteed shall be deemed to be funds made available for use under this Act. Any guaranties issued hereunder shall be backed by the full faith and credit of the United States.". (b) Section 37 of such Act is amended by adding at the end thereof the following: "(c) Notwithstanding the provisions of subsection (b), to the extent that any of the funds constituting the reserve under section 24(c) are paid out for a claim arising out of a loan guaranteed under section 24, amounts received from a foreign government or international organization Etfter the date of such payment, with respect to such claim, shall be credited to such reserve, shall be merged with the funds in such reserve, and shall be available for any purpose for which funds in such reserve are available.". (c) Section 25(a) of such Act is amended— (1) by redesignating paragraphs (3) and (4) as paragraphs (4) and (5); and (2) by inserting after paragraph (2) the following: "(3) the total amount of funds in the reserve under section 24(c) at the end of thefiscalyear immediately preceding the fiscal year in which a report under this section is made, together with an assessment of the adequacy of such total amount of funds as a reserve for the payment of claims under guaranties issued pursuant to section 24 in view of the current debt servicing capacity of borrowing countries, as reported to the Congress pursuant to section 634(a)(5) of the Foreign Assistance Act of 1961;". (d) Section 31(a) of such Act is amended by inserting immediately after the first sentence the following new sentence: "Credits may not be extended under section 23 of this Act in an amount, and loans may not be guaranteed under section 24(a) of this Act in a principal amount, which exceeds any maximum amount which may be established with respect to such credits or such loan guarantees in legislation appropriating funds to carry out this Act.".

22 USC 2777. Ante, p. 3132.

22 USC 2765.

Ante, p. 3132.

22 USC 2394. 22 USC 2771. 22 USC 2763. 22 USC 2764.

MILITARY CONSTRUCTION

SEC. 105. (a) The Arms Export Control Act is amended by inserting immediately after chapter 2 the following new chapter: "CHAPTER 2A—FOREIGN MILITARY CONSTRUCTION SALES

29. FOREIGN MILITARY CONSTRUCTION SALES.—The President 22 USC 2769. may sell design and construction services to any eligible foreign country or international organization if such country or international organization agrees to pay in United States dollars not less than the full cost to the United States Government of furnishing such services. Pa3niient shall be made to the United States Government in advance of the performance of such services by officers or employees of the United States Government. The President may, without contracts. requirement for charge to any appropriation or contract authorization otherwise provided, enter into contracts for the procurement of design and construction services for sale under this section if such country or international organization provides the United States Government with a dependable undertaking (1) to pay the full amount of such contract which will assure the United States Government against any loss on the contract, and (2) to make funds available in such amounts and at such time as may be required to meet the "SEC.

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