Page:United States Statutes at Large Volume 95.djvu/1049

 PUBLIC LAW 97-65—OCT. 16, 1981

95 STAT. 1023

ments to guarantee loans are authorized for any fiscal year only to such extent or in such amounts as are provided in appropriation Acts.". (2) Section 235(a) of such Act is further amended— (A) By redesignating paragraphs (3) and (4) as paragraphs (4) and (5), respectively; and (B) by inserting the following after paragraph (2): "(3) The Corporation shall not make any commitment to issue any guaranty which would result in a reserve less than 25 per centum of the maximum contingent liability then outstanding against guaranties issued or commitments made pursuant to section 234(b) or similar predecessor guaranty authority.". (b)(1) Section 235(a)(5) of such Act, as redesignated by subsection (a)(2)(A) of this section, is amended by striking out "September 30, 1981" and inserting in lieu thereof "September 30, 1985". (2) The authority of the Overseas Private Investment Corporation to enter into contracts under section 234(a) of the Foreign Assistance Act of 1961 shall be effective for any fiscal year beginning after September 30, 1981, only to such extent or in such amounts as are provided in appropriation Acts. (c) Section 235(b) of such Act is amended by adding at the end thereof the following: "The Corporation shall transfer to the Fund in the fiscal year 1982, and in each fiscal year thereafter— "(1) at least 10 per centum of the net income of the Corporation for the preceding fiscal year, and "(2) all amounts received by the Corjwration during the preceding fiscal year as repayment of principal and interest on loans made under section 234(c), to the extent such amounts have not been expended or obligated before the effective date of the Overseas Private Investment Corporation Amendments Act of 1981,

and the Corporation shall use the funds so transferred to make loans under section 234(c) to the extent that there are eligible projects which meet the Corporation's criteria for funding: Provided, however, That loans from the Direct Investment Fund are authorized for any fiscal year only to the extent or in such amounts as provided in advance in appropriation Acts.". GENERAL PROVISIONS RELATING TO INSURANCE AND GUARANTY PROGRAM

SEC. 6. (a) Section 237(f) of the Foreign Assistance Act of 1961 (22 U.S.C. 2197(f)) is amended by amending the first sentence to read as follows: "Compensation for insurance, reinsurance, or guaranties issued under this title shall not exceed the dollar value, as of the date of the investment, of the investment made in the project with the approval of the Corporation plus interest, earnings, or profits actually accrued on such investment to the extent provided by such insurance, reinsurance, or guaranty, except that the Corporation may provide that (1) appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets, and (2) compensation for a claim of loss under insurance of an equity investment may be computed on the basis of the net book value attributable to such equity investment on the date of loss.". (b) Such section is further amended by striking out the leist sentence.

22 USC 2195.

22 USC 2194.

contract 22 USC*2i94 ^

22 USC 2194. Ante, p. 1021.

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