Page:United States Statutes at Large Volume 99 Part 2.djvu/564

 99 STAT. 1674 Report.

Report.

PUBLIC LAW 99-204—DEC. 23, 1985

principles. These financial statements and the report of the accountant shall be included in a report which contains, to the extent applicable, the information identified in section 9106 of title 31, United States Code, and which the Corporation shall submit to the Congress not later than six and one-half months after the end of the last fiscal year covered by the audit. The General Accounting Office may review the audit conducted by the accountant and the report to the Congress in the manner and at such times as the General Accounting Office considers necessary, "(3) In lieu of the financial and compliance audit required by paragraph (2), the General Accounting Office shall, if the Office considers it necessary or upon the request of the Congress, audit the financial statements of the Corporation in the manner provided in paragraph (2). The Corporation shall reimburse the General Accounting Office for the full cost of any audit conducted under this paragraph. "(4) All books, accounts, financial records, reports, files, workpapers, and property belonging to or in use by the Corporation and the accountant who conducts the audit under paragraph (2), which are necessary for purposes of this subsection, shall be made available to the representatives of the General Accounting Office.". SEC. 12. EXEMPTION FROM TAXATION.

Section 239 (22 U.S.C. 2199) is amended by adding at the end thereof the following: "(j) The Corporation, including its franchise, capital, reserves, surplus, advances, intangible property, and income, shall be exempt from all taxation at any time imposed by the United States, by any territory, dependency, or possession of the United States, or by any State, the District of Columbia, or any county, municipality, or local taxing authority.". SEC. 13. PUBLICATION OF POLICY GUIDELINES.

Section 239, as amended by the preceding section of this Act, is further amended by adding at the end thereof the following: "(k) The Corporation shall publish, and make available to applicants for insurance, reinsurance, guarantees, financing, or other assistance made available by the Corporation under this title, the policy guidelines of the Corporation relating to its programs.". SEC. 14. EFFECTS OF OPIC ACTIVITIES ON EMPLOYMENT IN THE UNITED STATES.

Reports. Loans.

Exports.

(a) OPIC REPORTS.—Section 240A (22 U.S.C. 2200a) is amended— (1) by inserting "(a)" immediately before "After" in the first sentence; and (2) by adding at the end of the section the following new subsections: "OJXD Each annual report required by subsection (a) shall contain projections of the effects on employment in the United States of all projects for which, during the preceding fiscal year, the Corporation initially issued any insurance, reinsurance, or guaranty or made any direct loan. Each such report shall include projections o— f "(A) the amount of United States exports to be generated by those projects, both during the start-up phase and over a period of years; (B) the final destination of the products to be produced as a result of those projects; and

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