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22 U.S.C. § 2777 — Fiscal provisions relating to foreign military sales credits

Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 2777 — Fiscal provisions relating to foreign military sales credits

**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2763&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2763&num=0&edition=prelim), amounts received from the disposition of instruments evidencing indebtedness under [section 2764(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2764/b&num=0&edition=prelim) (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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2764/b&num=0&edition=prelim), 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), to the extent that any of the funds constituting the reserve under [section 2764(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2

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Stable record: federal_law:legal_authorities:record_usc_a076e0fca90b1b1e36568537
Source file: Laws/federal/codes/united-states-code/title-22/section-2777-fiscal-provisions-relating-to-foreign-military-sales-credits--63e01eae63.md
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Source location: Title 22, Chapter 39, § 2777; chapter-039-arms-export-control.md

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 2763 — Credit sales

**(a) Financing procurement of defense articles and services, and design and construction services** The President is authorized to finance the procurement of defense articles, defense services, and design and construction services by friendly foreign countries and international organizations, on such terms and conditions as he may determine consistent with the requirements of this section. Notwithstanding any other provision of law, and subject to the regular notification requirements of the Committees on Appropriations, the authority of this section may be used to provide financing to Israel and Egypt for the procurement by leasing (including leasing with an option to purchase) of defense articles from United States commercial suppliers, not including Major Defense Equipment (other than helicopters and other types of aircraft having possible civilian application), if the President determines that there are compelling foreign policy or national security reasons for those defense articles being provided by commercial lease rather than by government-to-government sale under this chapter. **(b) Repayment period** The President shall require repayment in United States dollars within a period not to exceed twelve years after the loan agreement with the country or international organization is signed on behalf of the United States Government, unless a longer period is specifically authorized by statute for that country or international organization. **(c) Interest rate; definitions** (1) The President shall charge interest under this section at such rate as he may determine, except that such rate may not be less than 5 percent per year. (2) For purposes of financing provided under this section— (A) the term “concessional rate of interest” means any rate of interest wh

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 2764 — Guaranties

**(a) Guaranty against political and credit risks of nonpayment** The President may guarantee any individual, corporation, partnership, or other juridical entity doing business in the United States (excluding United States Government agencies other than the Federal Financing Bank) against political and credit risks of nonpayment arising out of their financing of credit sales of defense articles, defense services, and design and construction services to friendly countries and international organizations. Fees shall be charged for such guaranties. **(b) Sale of promissory notes of friendly countries and international organizations; guaranty of payment** The President may sell to any individual, corporation, partnership, or other juridical entity (excluding United States Government agencies other than the Federal Financing Bank) promissory notes issued by friendly countries and international organizations as evidence of their obligations to make repayments to the United States on account of credit sales financed under [section 2763 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2763&num=0&edition=prelim), and may guarantee payment thereof. **(c) Guaranty Reserve Fund; payment of guaranties; guaranty reserve below prescribed amount** Funds obligated under this section before December 16, 1980, which constitute a single reserve for the payment of claims under guaranties issued under this section shall remain available for expenditure for the purposes of this section on and after that date. That single reserve may, on and after August 8, 1985, be referred to as the “Guaranty Reserve Fund”. Funds provided for necessary expenses to carry out the provisions of [section 2763 of this title](https://uscode.house.gov/view.xhtml?req=granu

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 2769 — Foreign military construction sales

The President may sell design and construction services to any eligible foreign country or international organization if such country or international organization agrees to pay in United States dollars not less than the full cost to the United States Government of furnishing such services. Payment shall be made to the United States Government in advance of the performance of such services by officers or employees of the United States Government. The President may, without requirement for charge to any appropriation or contract authorization otherwise provided, enter into contracts for the procurement of design and construction services for sale under this section if such country or international organization provides the United States Government with a dependable undertaking (1) to pay the full amount of such contract which will assure the United States Government against any loss on the contract, and (2) to make funds available in such amounts and at such time as may be required to meet the payments required by the contract and any damages and costs that may accrue from the cancellation of such contract, in advance of the time such payments, damages, or costs are due.

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 2751 — Need for international defense cooperation and military export controls; Presidential waiver; report to Congress; arms sales policy

As declared by the Congress in the Arms Control and Disarmament Act [[22 U.S.C. 2551](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section2551&num=0&edition=prelim) et seq.], an ultimate goal of the United States continues to be a world which is free from the scourge of war and the dangers and burdens of armaments; in which the use of force has been subordinated to the rule of law; and in which international adjustments to a changing world are achieved peacefully. In furtherance of that goal, it remains the policy of the United States to encourage regional arms control and disarmament agreements and to discourage arms races.

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 2777 — Fiscal provisions relating to foreign mili-

Page 1240 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 2776a Statutory Notes and Related Subsidiaries CHANGE OF NAME Reference to the Director of Central Intelligence or the Director of the Central Intelligence Agency in the Director’s capacity as the head of the intelligence com- munity deemed to be a reference to the Director of Na- tional Intelligence. Reference to the Director of Cen- tral Intelligence or the Director of the Central Intel- ligence Agency in the Director’s capacity as the head of the Central Intelligence Agency deemed to be a ref- erence to the Director of the Central Intelligence Agen- cy. See section 1081(a), (b) of Pub. L. 108–458, set out as a note under section 3001 of Title 50, War and National Defense. EFFECTIVE DATE OF 1998 AMENDMENT Amendment by Pub. L. 105–277 effective Apr. 1, 1999, see section 1201 of Pub. L. 105–277, set out as an Effec- tive Date note under section 6511 of this title. EFFECTIVE DATE OF 1996 AMENDMENTS Pub. L. 104–201, title X, § 1045(b), Sept. 23, 1996, 110 Stat. 2645, provided that: ‘‘Paragraph (12) of section 36(a) of the Arms Export Control Act [now 22 U.S.C. 2776(a)(11)], as added by subsection (a)(3), does not apply with respect to an agreement described in such para- graph entered into before the date of the enactment of this Act [Sept. 23, 1996].’’ Amendment by section 141(c), (d) of Pub. L. 104–164 applicable with respect to certifications required to be submitted on or after July 21, 1996, see section 141(f) of Pub. L. 104–164, set out as a note under section 2753 of this title. EFFECTIVE DATE OF 1985 AMENDMENT Amendment by Pub. L. 99–83 effective Oct. 1, 1985, see section 1301 of Pub. L. 99–83, set out as a note under sec- tion 2151–1 of this title. EFFECTIVE DATE OF 1976 AMENDMENT P

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