§ 2344. Reimbursements

1,234 words·~6 min read·/usc/title-22/section-2344

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(a)Separate fund account; transfers to such account Whenever funds made available for use under subchapter II of this chapter have been or are used to furnish military assistance on cash or credit terms, United States dollar repayments, including dollar proceeds derived from the sale of foreign currency repayments to any agency or program of the United States Government, receipts received from the disposition of evidences of indebtedness and charges (including fees and premiums) or interest collected shall be credited to a separate fund account, and shall be available until expended solely for the purpose of financing sales and guaranties, including the overhead costs thereof, and, notwithstanding any provision of law relating to receipts and credits accruing to the United States Government, repayments in foreign currency may be used to carry out subchapter II of this chapter. Such amounts of the appropriations made available under subchapter II of this chapter (including unliquidated balances of funds heretofore obligated for financing sales and guarantees) as may be determined by the President shall be transferred to, and merged with, the separate fund account.

(b)Termination of account; special account for discharge of Federal liabilities and obligations; general fund for excess moneys

(1)The special fund account established under subsection

(a)of this section shall terminate as of the end of June 30, 1968, or on such earlier date as may be selected by the President.

(2)Upon the termination of such fund account pursuant to paragraph (1), all of the assets of such fund account (including loans and other payments receivable) shall be transferred to a special account in the Treasury, which special account shall be available solely for the purpose of discharging outstanding liabilities and obligations of the United States arising out of credit sales agreements entered into, and guaranties issued, under subchapter II of this chapter prior to June 30, 1968. Any moneys in such special account in excess of the aggregate United States dollar amount of such liabilities and obligations shall be transferred from time to time to the general fund of the Treasury.

(Pub. L. 87–195, pt. II, § 524, formerly § 508, Sept. 4, 1961, 75 Stat. 437; Pub. L. 89–171, pt. II, § 201(e), Sept. 6, 1965, 79 Stat. 657; Pub. L. 89–583, pt. II, § 201(c), Sept. 19, 1966, 80 Stat. 803; renumbered § 524 and amended Pub. L. 90–137, pt. II, § 201(h), Nov. 14, 1967, 81 Stat. 456; Pub. L. 90–629, ch. 4, § 45(a), Oct. 22, 1968, 82 Stat. 1327.)