§ 1738c. Reduction of certain debt
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/usc/title-7/section-1738cA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Authority to reduce debt
(1)In general Notwithstanding any other provision of law, the President may reduce the amount owed to the United States or any agency of the United States, and outstanding as of January 1, 1990, as a result of any credits extended under subchapter II to a country eligible for benefits from the Facility.
(2)Availability of appropriations The authorities under this section may be exercised only to the extent provided for in advance in appropriation Acts.
(b)Limitation A debt reduction authorized under subsection
(a)shall be accomplished, at the direction of the Facility, through the exchange of a new obligation under this subchapter for obligations of the type referred to in subsection
(a)outstanding as of January 1, 1990.
(c)Exchange of obligations The Facility shall notify the Commodity Credit Corporation of an agreement entered into under subsection
(b)with an eligible country to exchange a new obligation for outstanding obligations. At the direction of the Facility, the old obligations that are the subject of the agreement may be canceled and a new debt obligation may be established for the country relating to the agreement. The Commodity Credit Corporation shall make an adjustment in its accounts to reflect a debt reduction under this section.
(July 10, 1954, ch. 469, title VI, § 604, as added Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3658; amended Pub. L. 102–237, title III, § 303, Dec. 13, 1991, 105 Stat. 1855.)
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U.S. Code
statutes-at-large
- Public Law 102–237To make technical corrections to agricultural laws
- Public Law 101–624To extend and revise agricultural price support and related programs, to provide for agricultural export, resource conservation, farm credit, and agricultural research and related programs, to ensure consumers an abundance of food and fiber at reasonable prices, and for other purposes
- Public Law 105–214To amend the Foreign Assistance Act of 1961 to facilitate protection of tropical forests through debt reduction with developing countries with tropical forests
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U.S. Code
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- July 10, 1954, ch. 469
- Pub. L. 101–624, title XV, § 1512
- 104 Stat. 3658
- Pub. L. 102–237, title III, § 303
- 105 Stat. 1855
- Pub. L. 102–237
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§ 1738c
Reduction of certain debt
U.S.C.×7
Stat.×3
Stat. Comp.×2
ActJuly 10, 1954, ch. 469
Pub. L.Pub. L. 101–624, title XV, § 1512
Stat.104 Stat. 3658
Pub. L.Pub. L. 102–237, title III, § 303
Stat.105 Stat. 1855
Cites 7 · showing 6Cited by 12 across 3 sources