f. Dire Emergency Supplemental Appropriations and Transfers, Urgent Supplementals, and Correcting Enrollment Errors Act of 1989 Partial text of Public Law 101-45 [H.R. 2402], 103 Stat. 97, approved June 30, 1989; to be amended, effective October 1, 1995, by Public Law 103–149 [South African Democratic Transition Support Act of 1993; H.R. 3225], 107 Stat. 1503, approved November 23, 1993 AN ACT Making supplemental appropriations for the Department of Veterans Affairs for the fiscal year ending September 30, 1989, and for other purposes. NOTE. Sec. 4(c)(2)(A) of the South African Democratic Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following sums are hereby appropriated, out of any money in the Treasury not otherwise appropriated, to provide supplemental appropriations for the Department of Veterans Affairs for the fiscal year ending September 30, 1989, and for other purposes, namely: * TITLE I-DIRE EMERGENCY SUPPLEMENTALS AND TRANSFERS CHAPTER IX DEPARTMENT OF TRANSPORTATION OFFICE OF THE SECRETARY STATE AND LOCAL ANTI-APARTHEID POLICIES 1 Notwithstanding any other provision of this or any other law, none of the funds provided by this or any previous or subsequent Act to the Department of Transportation shall be withheld from State or local grantees for any reason related to the adoption by 122 U.S.C. 5117. g. Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1988 Partial text of Public Law 100-202 [Sec. 101(e) of the Continuing Appropriations for 1988, H.J. Res. 395], 101 Stat. 1329-131, approved December 22, 1987, as amended by Public Law 100-461 [Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1989; H.R. 4637], 102 Stat. 2268, approved October 1, 1988; Public Law 100-690 [International Narcotics Control Act of 1988, H.R. 5210], 102 Stat. 4181, approved November 18, 1988; Public Law 101-167 [Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1990; H.R. 3743], 103 Stat. 1195, approved November 21, 1989; Public Law 101-240 [International Development and Finance Act of 1989, H.R. 2494], 103 Stat. 2492, approved December 19, 1989; Public Law 101-513 [Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1991; H.R. 5114], 104 Stat. 1979, approved November 5, 1990; Public Law 101-649 [Immigration Act of 1990; S. 358], 104 Stat. 4978, approved November 29, 1990; H.R. 2621 as passed by the House on June 19, 1991 [sections of which were enacted by reference by Public Law 102-145 [Further Continuing Appropriations, Fiscal Year 1992; H.J. Res. 360]], as amended, 105 Stat. 968, approved October 28, 1991; and Public Law 102-232 [Miscellaneous and Technical Immigration and Naturalization Amendments of 1991; H.R. 3049], 105 Stat. 1733, approved December 12, 1991 JOINT RESOLUTION Making further continuing appropriations for the fiscal year 1988, and for other purposes. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That * AN ACT Making appropriations for foreign operations, export financing, and related programs for the fiscal year ending September 30, 1988, and for other purposes. FOREIGN MILITARY SALES DEBT REFORM (a) REFINANCING.-Notwithstanding any other provision of law, the President is authorized during fiscal years 1988 through 1991 to transfer existing United States guaranties of outstanding Foreign Military Sales (FMS) credit debt, or to issue new guaranties, either of which would be applied to loans, bonds, notes or other obligations made or issued (as the case may be) by private United States financial institutions (the private lender) to finance the prepayment at par of the principal amounts maturing after September 30, 1989 of existing FMS loans bearing interest rates of eight 1 percent or higher, and arrearages thereon. The loans, bonds, notes or other obligations are hereinafter referred to as the "private loan”: Provided, That such guaranties which are transferred or are made pursuant to paragraph (a) shall cover no more and no less than ninety percent of the private loan or any portion or derivative thereof plus unpaid accrued interest and arrearages, if any, outstanding at the time of guaranty transfer or extension: Provided further, That the total amount of the guaranty of the private loan cannot exceed ninety percent of the outstanding principal, unpaid accrued interest and arrearages, if any, at any time: Provided further, That of the total amount of the private loan, the ninety percent guaranteed portion of the private loan cannot be separated from the private loan at any time: Provided further, That no sums in addition to the payment of the outstanding principal amounts maturing after September 30, 1989 of the loan (or advance), plus unpaid accrued interest thereon, and arrearages, if any, shall be charged by the private lender or the Federal Financing Bank as a result of such prepayment against the borrower, the guarantor, or the Guaranty Reserve Fund (GRF), except that the private lender may include, in the interest rate charged, a standard fee to cover costs, such fee which will be set at prevailing market rates, and no guaranty fee shall be charged on guarantees transferred or issued pursuant to this provision: Provided further, That the terms of guaranties transferred or issued under this paragraph shall be exactly the same as the existing loans or guarantees, except as modified by this paragraph and including but not limited to the final maturity and principal and interest payment structure of the existing loans which shall not be altered, except that the repayments of the private loan issued debt may be consolidated into two payments per year: Provided further, That the private loan or guarantees transferred or issued pursuant to this paragraph shall be fully and freely transferable, except that any guaranty transferred or extended shall cease to be effective if the private loan or any derivative thereof is to be used to provide significant support for any nonregistered obligation: Provided further, That for purposes of sections 23 and 24 of the Arms Export Control Act (AECA), the term "defense services" shall be deemed to include the refinancing of FMS debt outstanding at the date of the enactment of this Act: Provided further, That not later than ninety days after the enactment of this Act, the Secretary of the Treasury (Secretary) shall issue regulations to carry out the purposes of this heading and that in issuing such regulations, the Secretary shall (1) facilitate the prepayment of loans and loan advances hereunder, (2) provide for full processing of each application within thirty days of its submission to the Secretary, and (3) except as provided in section 24(a) of the AECA, impose no restriction that increases the cost to borrowers of obtaining private financing for prepayment hereunder or that inhibits the ability of the borrower to enter into prepayment arrangements hereunder: Provided further, That the Secretary of State shall transmit to the Committee on Foreign Affairs of the 1Title III of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1990 (Public Law 101-167; 103 Stat. 1214) amended subsections (a) and (b) by striking all reference to "ten” and inserting in lieu thereof “eight”. House of Representatives, the Committee on Foreign Relations of the Senate, and the Committees on Appropriations of the House of Representatives and Senate, a copy of the text of any agreement entered into pursuant to this section not more than thirty days after its entry into force, together with a description of the transaction. (b) 2 *** [Repealed-1992] (c) ARREARAGES. (1) None of the funds provided pursuant to the Arms Export Control Act (relating to Foreign Military Sales credits) or pursuant to chapter 2 of part II of the Foreign Assistance Act (relating to the Military Assistance program) shall be made available to any country for which one or more loans is refinanced pursuant to paragraph (a) of this heading and which is in default for a period in excess of ninety days in payment of principal or interest on (A) any loan made to such country guaranteed by the United States pursuant to paragraph (a) of this heading, and (B) any other loan issued pursuant to the Arms Export Control Act outstanding on the date of enactment of this provision. (2) In conjunction with any interest rate reduction pursuant to the authority provided in paragraph (b) of this heading, the President shall require the country to commit in writing that within two years of the effective date of the interest rate reduction it will be no more than ninety days in arrears on the repayment of principal and interest on all loans for which the interest rate is thus reduced and will remain no more than ninety days in arrears for the remaining life of all such loans. None of the funds provided pursuant to the Arms Export Control Act or chapter 2 of part II of the Foreign Assistance Act shall be made available to any country during any period in which it fails to comply with such commitment. (d) PURPOSES AND REPORTS.-The authorities of paragraphs (a) and (b) of this heading may be utilized by the President in efforts to negotiate base rights and base access agreements, and for other bilateral foreign policy matters: Provided further, That the Secretaries of Defense, State, and Treasury shall transmit to the Committee on Foreign Affairs of the House of Representatives, the Committee on Foreign Relations of the Senate, and the Committees on Appropriations of the House of Representatives and Senate a joint report detailing the United States financial and foreign policy purposes served by implementation of this authority on a country 2The paragraph under "Foreign Military Sales Debt Reform” in H.R. 2621 as passed by the House on June 19, 1991, and enacted by reference in sec. 118 of the Further Continuing Appropriations (Public Law 102-145, as amended by Public Law 102-266) repealed subsec. (b), which had provided as follows: "(b) INTEREST RATE REDUCTION.-Notwithstanding any other provision of law, there is hereby appropriated such sums as may be necessary, but not more than $270,000,000, to be made available after October 1, 1988 to the Secretary of Defense for the Defense Security Assistance Agency for deposit into a new account, to remain available until expended: Provided, That the funds shall be used solely for the purpose of lowering the interest rate on Foreign Military Sales (FMS) credits which were financed through the Federal Financing Bank (FFB) for countries which do not refinance one or more FFB loans pursuant to paragraph (a) of this heading, and which loans have interest rates exceeding eight percent, down to an interest rate of eight percent for the remaining life of such loans: Provided further, That these funds shall be available only subject to a Presidential budget request: Provided further, That it is the intent of the Congress that these funds shall be available to all countries having FMS credits from the FFB that carry interest rates in excess of eight percent.". |