§ 3402. Supplemental authorization of foreign military sales loan guaranties for Egypt and Israel
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/usc/title-22/section-3402A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Congressional findings; use of Arms Export Control Act procedures The Congress finds that the legitimate defense interests of Israel and Egypt require a one time extraordinary assistance package due to Israel’s phased withdrawal from the Sinai and Egypt’s shift from reliance on Soviet weaponry. The authorizations contained in this section do not, however, constitute Congressional approval of the sale of any particular weapons system to either country. These sales will be reviewed under the normal procedures set forth in section 36(b) of the Arms Export Control Act [22 U.S.C. 2776(b)].
(b)Authorization of appropriation In addition to amounts authorized to be appropriated for the fiscal year 1979 by section 31(a) of the Arms Export Control Act [22 U.S.C. 2771(a)], there is authorized to be appropriated to the President to carry out that Act [22 U.S.C. 2751 et seq.] $370,000,000 for the fiscal year 1979.
(c)Principal amounts of guaranteed loans Funds made available pursuant to subsection
(b)of this section may be used only for guaranties for Egypt and Israel pursuant to section 24(a) of the Arms Export Control Act [22 U.S.C. 2764(a)]. The principal amount of loans guaranteed with such funds may not exceed $3,700,000,000 of which $2,200,000,000 shall be available only for Israel and $1,500,000,000 shall be available only for Egypt. The principal amount of such guaranteed loans shall be in addition to the aggregate ceiling authorized for the fiscal year 1979 by section 31(b) of the Arms Export Control Act [22 U.S.C. 2771(b)].
(d)Repayment schedule Loans guaranteed with funds made available pursuant to subsection
(b)of this section shall be on terms calling for repayment within a period of not less than thirty years, including an initial grace period of ten years on repayment of principal.
(e)Modification of terms of guaranteed loans
(1)The Congress finds that the Governments of Israel and Egypt each have an enormous external debt burden which may be made more difficult by virtue of the financing authorized by this section. The Congress further finds that, as a consequence of the impact of the debt burdens incurred by Israel and Egypt under such financing, it may become necessary in future years to modify the terms of the loans guaranteed with funds made available pursuant to this section.
(2)Repealed. Pub. L. 97–113, title VII, § 734(a)(4), Dec. 29, 1981, 95 Stat. 1560.
(Pub. L. 96–35, § 4, July 20, 1979, 93 Stat. 90; Pub. L. 97–113, title VII, § 734(a)(4), Dec. 29, 1981, 95 Stat. 1560.)
Connections2 cite this · traces to 4
Cited by 2 sections
statutes-at-large
- Public Law 96–35To authorize supplemental international security assistance for the fiscal year 1979 in support of the peace treaty between Egypt and Israel, and for other purposes
- Public Law 97–113To authorize appropriations for the fiscal years 1982 and 1983 for international security and development assistance and for the Peace Corps, to establish the Peace Corps as an autonomous agency, and for other purposes
9 references not yet in our index
- Pub. L. 97–113, title VII, § 734(a)(4)
- 95 Stat. 1560
- Pub. L. 96–35, § 4
- 93 Stat. 90
- Pub. L. 90–629
- 82 Stat. 1320
- Pub. L. 97–113
- section 723 of Pub. L. 97–113
- 95 Stat. 1552
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cites case law
§ 3402
Supplemental authorization of foreign military sales loan guaranties for Egypt and Israel
Stat.×2
Pub. L.Pub. L. 97–113, title VII, § 734(a)(4)
Stat.95 Stat. 1560
Pub. L.Pub. L. 96–35, § 4
Stat.93 Stat. 90
Pub. L.Pub. L. 90–629
Cites 13 · showing 9Cited by 2 across 1 source