22 U.S.C. § 2430f — Enterprise for the Americas Funds

Page 948 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 2430d Editorial Notes REFERENCES IN TEXT Section 321 of the International Development and Food Assistance Act of 1975, referred to in subsec. (a)(3)(B), is section 321 of Pub. L. 94–161, which is set out as a note under section 2220a of this title. PRIOR PROVISIONS A prior section 704 of Pub. L. 87–195, pt. IV, Sept. 4, 1961, 75 Stat. 463, amended section 1704 of Title 7, Agri- culture, prior to repeal by Pub. L. 87–565, pt. IV, § 401, Aug. 1, 1962, 76 Stat. 263, except insofar as section 704 affected section 1704. Statutory Notes and Related Subsidiaries REFERENCES TO SUBCHAPTER I DEEMED TO INCLUDE CERTAIN PARTS OF SUBCHAPTER II References to subchapter I of this chapter are deemed to include parts IV (§ 2346 et seq.), VI (§ 2348 et seq.), and VIII (§ 2349aa et seq.) of subchapter II of this chapter, and references to subchapter II are deemed to exclude such parts. See section 202(b) of Pub. L. 92–226, set out as a note under section 2346 of this title, and sections 2348c and 2349aa–5 of this title. Executive Documents DELEGATION OF FUNCTIONS For delegation of functions of President under this section, see Ex. Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a note under section 2381 of this title. For delegation of functions of President under subsec. (a) of this section, see section 1 of Ex. Ord. No. 13345, July 8, 2004, 69 F.R. 41901, set out as a note under sec- tion 1738 of Title 7, Agriculture. § 2430d. Repayment of principal (a) Currency of payment The principal amount of each new obligation issued pursuant to section 2430c(b) of this title shall be repaid in United States dollars. (b) Deposit of payments Principal repayments of new obligations shall be deposited in the United States Government account established for principal repayments of the obligations for which those obligations were exchanged. (Pub. L. 87–195, pt. IV, § 705, as added Pub. L. 102–549, title VI, § 602(a), Oct. 28, 1992, 106 Stat. 3666.) Editorial Notes PRIOR PROVISIONS A prior section 705 of Pub. L. 87–195, pt. IV, Sept. 4, 1961, 75 Stat. 463, amended section 1964 of this title, prior to repeal by Pub. L. 87–565, pt. IV, § 401, Aug. 1, 1962, 76 Stat. 263, except insofar as section 705 affected section 1964. § 2430e. Interest on new obligations (a) Rate of interest New obligations issued by a beneficiary coun- try pursuant to section 2430c(b) of this title shall bear interest at a concessional rate. (b) Currency of payment; deposits (1) Local currency If the beneficiary country has entered into an Americas Framework Agreement, interest shall be paid in the local currency of the bene- ficiary country and deposited in an Americas Fund. Such interest shall be the property of the beneficiary country, until such time as it is disbursed pursuant to section 2430f(d) of this title. Such local currencies shall be used for the purposes specified in the Americas Frame- work Agreement. (2) United States dollars If the beneficiary country has not entered into an Americas Framework Agreement, in- terest shall be paid in United States dollars and deposited in the United States Govern- ment account established for interest pay- ments of the obligations for which the new ob- ligations were exchanged. (c) Interest already paid If a beneficiary country enters into an Amer- icas Framework Agreement subsequent to the date on which interest first became due on the newly issued obligation, any interest already paid on such new obligation shall not be rede- posited into the Americas Fund established for that country. (Pub. L. 87–195, pt. IV, § 706, as added Pub. L. 102–549, title VI, § 602(a), Oct. 28, 1992, 106 Stat. 3666.) Editorial Notes PRIOR PROVISIONS A prior section 706 of Pub. L. 87–195, pt. IV, Sept. 4, 1961, 75 Stat. 463, enacted section 1945 of this title, prior to repeal by Pub. L. 87–565, pt. IV, § 401, Aug. 1, 1962, 76 Stat. 263, except insofar as section 706 affected section 1945. § 2430f. Enterprise for the Americas Funds (a) Establishment Each beneficiary country that enters into an Americas Framework Agreement shall be re- quired to establish an Enterprise for the Amer- icas Fund to receive payments in local currency pursuant to section 2430e(b)(1) of this title. (b) Deposits Local currencies deposited in an Americas Fund shall not be considered assistance for pur- poses of any provision of law limiting assistance to a country. (c) Investment Deposits made in an Americas Fund shall be invested until disbursed. Any return on such in- vestment may be retained by the Americas Fund, without deposit in the Treasury of the United States and without further appropriation by the Congress. (d) Disbursements Funds in an Americas Fund shall be disbursed only pursuant to an Americas Framework Agreement. (Pub. L. 87–195, pt. IV, § 707, as added Pub. L. 102–549, title VI, § 602(a), Oct. 28, 1992, 106 Stat. 3666.) Editorial Notes PRIOR PROVISIONS A prior section 707 of Pub. L. 87–195, pt. IV, Sept. 4, 1961, 75 Stat. 464, amended section 1783 of this title, Page 949 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 2430g prior to repeal by Pub. L. 87–565, pt. IV, § 401, Aug. 1, 1962, 76 Stat. 263, except insofar as section 707 affected section 1783. § 2430g. Americas Framework Agreements (a) Authority The Secretary of State is authorized, in con- sultation with other appropriate Government of- ficials, to enter into an Americas Framework Agreement with any eligible country concerning the operation and use of the Americas Fund for that country. In the negotiation of such Agree- ments, the Secretary shall consult with the En- terprise for the Americas Board in accordance with section 2430h of this title. (b) Contents of Agreements An Americas Framework Agreement with an eligible country shall— (1) require that country to establish an Americas Fund; (2) require that country to make interest payments under section 2430e(b)(1) of this title into an Americas Fund; (3) require that country to make prompt dis- bursements from the Americas Fund to the ad- ministering body described in subsection (c); (4) when appropriate, seek to maintain the value of the local currency resources of the Americas Fund in terms of United States dol- lars; (5) specify, in accordance with subsection (d), the purposes for which amounts in an Americas Fund may be used; and (6) contain reasonable provisions for the en- forcement of the terms of the agreement. (c) Administering body (1) In general Funds disbursed from the Americas Fund in each beneficiary country shall be administered by a body constituted under the laws of that country. (2) Composition The administering body shall consist of— (A) one or more individuals appointed by the United States Government, (B) one or more individuals appointed by the government of the beneficiary country, and (C) individuals who represent a broad range of— (i) environmental nongovernmental or- ganizations of the beneficiary country, (ii) child survival and child development nongovernmental organizations of the ben- eficiary country, (iii) local community development non- governmental organizations of the bene- ficiary country, and (iv) scientific or academic organizations or institutions of the beneficiary country. A majority of the members of the admin- istering body shall be individuals described in subparagraph (C). (3) Responsibilities The administering body— (A) shall receive proposals for grant assist- ance from eligible grant recipients (as deter- mined under subsection (e)) and make grants to eligible grant recipients in accordance with the priorities agreed upon in the Amer- icas Framework Agreement, consistent with subsection (d); (B) shall be responsible for the manage- ment of the program and oversight of grant activities funded from resources of the Americas Fund; (C) shall be subject, on an annual basis, to an audit of financial statements conducted in accordance with generally accepted audit- ing standards by an independent auditor; (D) shall be required to grant to represent- atives of the United States Government Ac- countability Office such access to books and records associated with operations of the Americas Fund as the Comptroller General of the United States may request; (E) shall present an annual program for re- view each year by the Enterprise for the Americas Board; and (F) shall submit a report each year on the activities that it undertook during the pre- vious year to the Chair of the Enterprise for the Americas Board and to the government of the beneficiary country. (d) Eligible activities Grants from an Americas Fund shall be used for— (1) activities that link the conservation and sustainable use of natural resources with local community development; and (2) child survival and other child develop- ment activities. (e) Grant recipients Grants made from an Americas Fund shall be made to— (1) nongovernmental environmental, con- servation, child survival and child develop- ment, development, and indigenous peoples or- ganizations of the beneficiary country; (2) other appropriate local or regional enti- ties; and (3) in exceptional circumstances, the govern- ment of the beneficiary country. (f) Review of larger grants Any grant of more than $100,000 from an Amer- icas Fund shall be subject to veto by the Gov- ernment of the United States or the government of the beneficiary country. (g) Eligibility criteria In the event that a country ceases to meet the eligibility requirements set forth in section 2430b(a) of this title, as determined by the Presi- dent pursuant to section 2430b(b) of this title, then grants from the Americas Fund for that country may only be made to nongovernmental organizations until such time as the President determines that such country meets the eligi- bility requirements set forth in section 2430b(a) of this title. (Pub. L. 87–195, pt. IV, § 708, as added Pub. L. 102–549, title VI, § 602(a), Oct. 28, 1992, 106 Stat. 3667; amended Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814.)