Sec. 1101. IRAQ LOAN AUTHORITY
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## SEC. 1101 IRAQ LOAN AUTHORITY ###
(a)Authority During fiscal year 2016, direct loans under section 23 of the Arms Export Control Act may be made available for Iraq, gross obligations for the principal amounts of which shall not exceed $2,700,000,000: * Provided,* That funds appropriated under the heading “Foreign Military Financing Program” in title VIII of the Department of State, Foreign Operations and Related Programs Appropriations Act, 2016 that are designated by the Congress for Overseas Contingency Operations/Global War on Terrorism pursuant to section 251(b)(2)(A) of the Balanced Budget and Emergency Deficit Control Act of 1985, may be made available for the costs, as defined in section 502 of the Congressional Budget Act of 1974, of direct loans, except that such funds may not be derived from amounts specifically designated by such Acts for countries other than Iraq: * Provided further,* That such costs, including the cost of modifying such loans, shall be as defined in section 502 of the Congressional Budget Act of 1974, and may include the costs of selling, reducing, or cancelling any amounts owed to the United States or any agency of the United States by Iraq: * Provided ** further,* That the Government of the United States may charge fees for such loans, which shall be collected from borrowers in accordance with section 502(7) of the Congressional Budget Act of 1974: * Provided further,* That no funds made available to Iraq by the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2016 or previous appropriations Acts may be used for payment of any fees associated with such loans: * Provided further,* That applicable provisions of section 3 of the Arms Export Control Act relating to restrictions on transfers, re-transfers and end-use shall apply to defense articles and services purchased with such loans: * Provided further*, That, in consultation with the Government of Iraq, special emphasis shall be placed on assistance to covered groups (as defined in section 1223(e)(2)(D) of Public Law 114-92) with the loans made available pursuant to this paragraph: * Provided further,* That such loans shall be repaid in not more than 12 years, including a grace period of up to 1 year on repayment of principal. ###
(b)Consultation and notification Funds made available pursuant to this section shall be subject to prior consultation with the appropriate congressional committees, and subject to the regular notification procedures of the Committees on Appropriations. ###
(c)Committees For the purposes of this section, the terms “appropriate congressional committees” and “Committees on Appropriations” have the same meaning as used in the Department of State, Foreign Operations and Related Programs Appropriations Act, 2016. ###
(d)Budgetary Effects Section 1001 of title X of this division shall not apply to this section. ### Division P TAX-RELATED PROVISIONS
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Sec. 1101
IRAQ LOAN AUTHORITY
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