7 U.S.C. § 1727d | Local currency accounts

(a)

Retention of proceeds

section 1727c(2) of this titleTo the extent determined to be appropriate by the Administrator, revenues generated from the sale, under , of agricultural commodities provided under this subchapter shall be deposited into a separate account (that may be interest bearing) in the recipient country to be disbursed for the benefit of such country in accordance with local currency agreements entered into between the recipient country and the Administrator. The Administrator may determine not to deposit such revenues in a separate account if—

(1)

section 1727e(a) of this title local currencies are to be programmed for specific economic development purposes listed in ; and

(2)

the recipient country programs an equivalent amount of money for such purposes as specified in an agreement entered into by the Administrator and the recipient country.

(b)

Ownership and programming of accounts

section 1727c(2) of this titleThe proceeds of sales pursuant to shall be the property of the recipient country or the United States, as specified in the applicable agreement. Such proceeds shall be utilized for the benefit of the recipient country, shall be jointly programmed by the Administrator and the government of the recipient country, and shall be disbursed for the benefit of such country in accordance with local currency agreements between the Administrator and that government.

(c)

Overall development strategy

The Administrator shall consider the local currency proceeds as an integral part of the overall development strategy of the Agency for International Development and the recipient country.

July 10, 1954, ch. 469 Pub. L. 95–88, title II, § 211(a)(2)Aug. 3, 197791 Stat. 550 Pub. L. 95–424, title II, § 203Oct. 6, 197892 Stat. 955 Pub. L. 96–53, title IIAug. 14, 197993 Stat. 369 Pub. L. 101–624, title XV, § 1512Nov. 28, 1990104 Stat. 3643 (, title III, § 305, as added , , ; amended , , ; , §§ 204(b), 206, , ; , , .)

Editorial Notes

Prior Provisions

act July 10, 1954, ch. 469, title III 68 Stat. 459 section 1694 of this title Pub. L. 89–808, § 2(D)Nov. 11, 196680 Stat. 1535 A prior section 305 of , , enacted , prior to repeal by , , .

Amendments

Pub. L. 101–6241990— amended section generally, substituting present provisions for provisions authorizing deposit of funds generated from sale of commodities into special account, providing that disbursements shall be considered payment by recipient government or as full forgiveness of repayment obligations, consideration of disbursements as payment with respect to credit obligations or annual repayment obligations, and application of dollar sales value of commodities against repayment obligations.

Pub. L. 96–53, § 206 section 1727c(a) of this title1979—Subsec. (a). , inserted provisions relating to disbursements from the special account equal to the dollar value of credit furnished by the Commodity Credit Corporation under .

Pub. L. 96–53, § 204(b)Subsec. (c). , added subsec. (c).

Pub. L. 95–4241978—Subsecs. (a), (b). designated existing provisions as subsec. (a) and added subsec. (b).

Statutory Notes and Related Subsidiaries

Effective Date of 1990 Amendment

Pub. L. 101–624Jan. 1, 1991section 1513 of Pub. L. 101–624 section 1691 of this titleAmendment by effective , see , set out as a note under .

Effective Date of 1979 Amendment

Pub. L. 96–53Oct. 1, 1979section 512(a) of Pub. L. 96–53 section 2151 of Title 22Amendment by effective , see , set out as a note under , Foreign Relations and Intercourse.

Effective Date of 1978 Amendment

Pub. L. 95–424Oct. 1, 1978section 605 of Pub. L. 95–424 section 2151 of Title 22Amendment by effective , see , set out as a note under , Foreign Relations and Intercourse.

Effective Date

Oct. 1, 1977section 215 of Pub. L. 95–88 section 1702 of this titleSection effective , see , set out as an Effective Date of 1977 Amendment note under .