Page:United States Statutes at Large Volume 95.djvu/1300

 95 STAT. 1274

Effective date.

PUBLIC LAW 97-98—DEC. 22, 1981 oiigans and fat of the carcasses for residues at the point of slaughter by the exporting country in accordance with methods approved by the Secretary. The provisions of this subsection shall become effective six months after enactment of the Agriculture and Food Act of 1981.".

TITLE Xn—AGRICULTURAL EXPORTS AND PUBLIC LAW 480 Subtitle A—General Export Provisions AGRICULTURAL EXPORT CREDIT REVOLVING FUND

7 USC 1707a. Establishment.

15 USC 714c.

Appropriation authorization.

SEC. 1201. Section 4 of the Food for Peace Act of 1966 (7 U.S.C. 1707(a) is amended by adding at the end thereof a new subsection as follows: "(d)(1) There is hereby established in the Treasury a revolving fund to be known as the Agricultural Export Credit Revolving Fund, which shall be available without fiscal year limitation for use by the Commodity Credit Corporation (hereafter referred to in this subsection as the '(Corporation') for financing in accordance with this section and section 5(f) of the (Commodity Credit (I!orporation Charter Act the following— "(A) commercial export sales of United States agricultural commodities out of private stocks or stocks owned or controlled by the (Corporation on credit terms of not to exceed three years; "(B) export sales of United States breeding animals (including, but not limited to, cattle, swine, sheep, and poultry), including the cost of freight from the United States to designated points of entry in other nations; and "(C) the establishment of facilities in importing countries to improve the capacity of such countries for handling, marketing, processing, storing, or distributing fungible agricultural commodities produced in and exported from the United States (through the use of local currency generated from the sale d United States agricultural commodities). "(2) The Corporation shall use the revolving fund only to extend credit for purposes of market development and expansion and only where there is substantial potential for developing or enhancing regular commercial markets for United States agricultural commodities. "(3) The Secretary of Agriculture shall ensure that the revolving fund is used in such a manner as to involve equitable use of the funds to finance sales to the greatest feasible number of countries consistent with maximizing market opportunities. In carrying out this objective, the Secretary shall establish procedures under which— "(A) not less than 85 per centum of the estimated amount in the revolving fund for any fiscal year shall be made available for the purposes provided in clause (A) of paragraph (1) of this subsection; and "(B) not to exceed 25 per centum of the estimated amount in the revolving fund for any fiscal year shall be made available for the financing of credit sales to any one country for the purposes described in paragraph (1) of this subsection. "(4) There are authorized to be appropriated to the Agricultural Export Credit Revolving Fund such sums as may be necessary to carry out the provisions of this subsection. All funds received by the Corporation in payment for credit extended by the Corporation using the revolving fund, including interest or other receipts on invest-

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