Page:United States Statutes at Large Volume 99 Part 2.djvu/689

 PUBLIC LAW 99-239—JAN. 14, 1986

99 STAT. 1799

(c) AUTHORITY OF G A O. — The Comptroller General of the United States shall have the authority to conduct the audits referred to in Post, pp. 1775, sections 102(c)(l) and 103(m)(l) of this title. SEC. 111. COMPENSATORY ADJUSTMENTS.

1778. 48 USC 1681 note.

(a) ADDITIONAL PROGRAMS AND SERVICES.—In addition to the programs and services set forth in Section 221 of the Compact, and Post, p. 1816. pursuant to Section 224 of the Compact, the services and programs Post, p. 1817. of the following U.S. agencies shall be made available to the Federated States of Micronesia and the Marshall Islands: The Federal Deposit Insurance Corporation, Small Business Administration, Economic Development Administration, the Rural Electrification Administration, Job Partnership Training Act, Job Corps, and the 29 USC 1501 programs and services of the Department of Commerce relating to note. tourism and to marine resource development. (b)(1) INVESTMENT DEVELOPMENT FUNDS.—In order to further close economic and commercial relations between the United States and the Federated States of Micronesia and the Marshall Islsuids, and in order to encourage the presence of the United States private sector in such areas, there a r e hereby created two Investment Development Funds, to be established and administered by the Federated States of Micronesia and the Marshall Islands respectively in consultation with the United States as follows: (i) For the Investment Development Fund for the Federated States of Micronesia there is hereby authorized to be appropriated for fiscal 1986, $20 million, backed by the full faith and credit of the United States, of which $12 million shall be made available for obligation for the first full fiscal year after the effective date of the Compact, and of which $8 million shall be made available for obligation for the third full fiscal year after the effective date of the Compact. (ii) For the Investment Development Fund for the Marshall Islands there is hereby authorized to be appropriated $10 million for fiscal 1986, backed by the full faith and credit of the United States, of which $6 million for the first full fiscal year after the effective date of the Compact, and of which $4 million shall be made available for obligation for the third full fiscal year after the effective date of the Compact. (2) The amounts specified in subsection (b) of this section shall be in addition to the sums and amounts specified in Articles I and III of Title Two of the Compact, and shall be deemed to be included in the sums and amounts referred to in section 236 of the Compact. pose, p. 1819. (c) BOARD OF ADVISORS.—To provide policy guidance for the Funds President of U.S.

established by subsection (b) of this section, the President is hereby authorized to establish a Board of Advisors, pursuant to appropriate agreements between the United States and the Federated States of Micronesia and the Marshall Islands. (d) FURTHER AMOUNTS.—The governments of the Federated States Report of Micronesia and the Marshall Islands may submit to Congress reports concerning the overall financial and economic impacts on such areas resulting from the effect of Title IV of this joint resolution upon Title Two of the Compact. There are hereby authorized to be appropriated for fiscal years beginning after September 30, 1990, such amounts as may be necessary, but not to exceed $40 million for the Federated States of Micronesia and $20 million for the Marshall Islands, as provided in appropriation acts, to further compensate the governments of such islands (in addition to the compensation pro-

�