Page:United States Statutes at Large Volume 99 Part 1.djvu/218

 99 STAT. 196

22 USC 2411.

PUBLIC LAW 99-83—AUG. 8, 1985 (A) by inserting in subsection (c) "(1)" immediately after "the President may"; (B) by inserting in subsection (c) immediately before the period at the end of the subsection "; and (2) in the event the President also determines that such unforeseen emergency requires the immediate provision of assistance under this chapter, direct the drawdown of commodities and services from the inventory and resources of any agency of the United States Government of an aggregate value not to exceed $25,000,000 in any fiscal year"; and (C) by inserting at the end thereof the following new subsection: "(d) There are authorized to be appropriated to the President such sums as may be necessary to reimburse the applicable appropriation, fund, or account for commodities and services provided under subsection (c)(2).". (2) Section 652 of such Act is amended by inserting ", 552(c)(2)," immediately after "under section 506(a)". SEC. 106. GUARANTY RESERVE FUND.

Defense and national security. President of U.S.

22 USC 2151 note, 2751 note. 22 USC 2764.

22 USC 2764. 22 USC 2771.

Ante, p. 190.

(a) REPORT ON REPLENISHMENT.—For the purpose of providing

recommendations for improving the security interests of the United States and the friends and allies of the United States, the President shall prepare and transmit to the Congress within 90 days after the date of enactment of this Act a report which sets forth the history of United States foreign military sales financing under the Foreign Assistance Act of 1961 and the Arms Export Control Act. Such report shall include recommendations on replenishing the Guaranty Reserve Fund under section 24 of the Arms Export Control Act and recommendations on other matters agreed to in consultation with the chairman and ranking minority member of the Committee on Foreign Relations of the Senate and of the Committee on Foreign Affairs of the House of Representatives. (b) ADDITIONAL FUNDS FOR PAYMENT OF CLAIMS.—The second sentence of section 24(c) of the Arms Export Control Act is amended to read as follows: "Funds authorized to be appropriated by section 31(a) to carry out this Act which are allocated for credits at market rates of interest may be used to pay claims under such guarantees to the extent funds in the Guaranty Reserve Fund are inadequate for that purpose.". (c) DESIGNATION AS GUARANTY RESERVE FUND.—Such section is further amended by inserting after the first sentence the following new sentence: "That single reserve may, on and after the date of enactment of the International Security and Development Cooperation Act of 1985, be referred to as the 'Guaranty Reserve Fund'.". SEC. 107. VALUATION OF CERTAIN DEFENSE ARTICLES.

22 USC 2761.

(a) CERTAIN NAVAL VESSELS.—Section 21(a) of the Arms Export Control Act is amended— (1) by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively; (2) by inserting "(1)" immediately after "(a)"; and (3) by adding at the end thereof the following new paragraph: "(2) For purposes of subparagraph (A) of paragraph (1), the actual value of a naval vessel of 3,000 tons or less and 20 years or more of age shall be considered to be not less than the greater of the scrap

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