22 USC § 2777 - Fiscal provisions relating to foreign military sales credits | Title 22 - Foreign Relations and Intercourse | U.S. Code

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Current through Pub. L. 112-218. (See Public Laws for the current Congress.)

(a) Permissible uses of cash payments under sections 2761, 2762, 2763, and 2769

Cash payments received under sections 2761, 2762, and 2769 of this title and advances received under section 2763 of this title shall be available solely for payments to suppliers (including the military departments) and refunds to purchasers and shall not be available for financing credits and guaranties.

(b) Transfer of funds to miscellaneous receipts of Treasury

Amounts received from foreign governments and international organizations as repayments for credits extended pursuant to section 2763 of this title, amounts received from the disposition of instruments evidencing indebtedness under section 2764 (b) of this title (excluding such portion of the sales proceeds as may be required at the time of disposition to be obligated as a reserve for payment of claims under guaranties issued pursuant to section 2764 (b) of this title, which sums are made available for such obligations), and other collections (including fees and interest) shall be transferred to the miscellaneous receipts of the Treasury.

(c) Credit of funds to reserve under section 2764(c)

Notwithstanding the provisions of subsection (b) of this section, to the extent that any of the funds constituting the reserve under section 2764 (c) of this title are paid out for a claim arising out of a loan guaranteed under section 2764 of this title, amounts received from a foreign government or international organization after the date of such payment, with respect to such claim, shall be credited to such reserve, shall be merged with the funds in such reserve, and shall be available for any purpose for which funds in such reserve are available.

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(a) Permissible uses of cash payments under sections 2761, 2762, 2763, and 2769

Cash payments received under sections 2761, 2762, and 2769 of this title and advances received under section 2763 of this title shall be available solely for payments to suppliers (including the military departments) and refunds to purchasers and shall not be available for financing credits and guaranties.

(b) Transfer of funds to miscellaneous receipts of Treasury

Amounts received from foreign governments and international organizations as repayments for credits extended pursuant to section 2763 of this title, amounts received from the disposition of instruments evidencing indebtedness under section 2764 (b) of this title (excluding such portion of the sales proceeds as may be required at the time of disposition to be obligated as a reserve for payment of claims under guaranties issued pursuant to section 2764 (b) of this title, which sums are made available for such obligations), and other collections (including fees and interest) shall be transferred to the miscellaneous receipts of the Treasury.

(c) Credit of funds to reserve under section 2764(c)

Notwithstanding the provisions of subsection (b) of this section, to the extent that any of the funds constituting the reserve under section 2764 (c) of this title are paid out for a claim arising out of a loan guaranteed under section 2764 of this title, amounts received from a foreign government or international organization after the date of such payment, with respect to such claim, shall be credited to such reserve, shall be merged with the funds in such reserve, and shall be available for any purpose for which funds in such reserve are available.

Source

(Pub. L. 90–629, ch. 3, § 37,Oct. 22, 1968, 82 Stat. 1326; Pub. L. 93–189, § 25(11),Dec. 17, 1973, 87 Stat. 731; Pub. L. 96–533, title I, §§ 104(b), 105 (e)(1),Dec. 16, 1980, 94 Stat. 3133, 3135.)

Amendments

1980—Subsec. (a). Pub. L. 96–533, § 105(e)(1), inserted reference to section 2769 of this title.

Subsec. (c). Pub. L. 96–533, § 104(b), added subsec. (c).

1973—Subsec. (b). Pub. L. 93–189inserted provisions relating to indebtedness under section 2764 (b) of this title and exclusions of portions of the sales proceeds required at the time of disposition as a reserve for payment of claims under guaranties issued under section 2764 (b) of this title.

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The most recent Classification Table update that we have noticed was Friday, May 3, 2013

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22 USC	Description of Change	Session Year	Public Law	Statutes at Large

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

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31 CFR - Title 31—Money and Finance: Treasury

31 CFR Part 539 - WEAPONS OF MASS DESTRUCTION TRADE CONTROL REGULATIONS

22 USC § 2777 - Fiscal provisions relating to foreign military sales credits

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