75
STAT.]
443
PUBLIC LAW 87-195-SEPT. 4, 1961
(2) if such agreement or grant requires legislative action within the recipient country, unless such legislative action may reasonably be anticipated to be completed in time to permit the orderly accomplishment of the purposes of such agreement or grant. P l a n s I'or con(b) Plans required under subsection (a) of this section for any struction pTojects. water or related land resource construction project or program shall include a computation of benefits and costs made insofar as practicable in accordance with the procedures set forth in circular A-A7 of the Bureau of the Budget with respect to such computations. (c) To the maximum extent practicable, all contracts for construction outside the United States made in connection with any agreement or grant subject to subsection (a) of this section shall be made on a competitive basis. (d) Subsection (a) of this section shall not apply to any assistance furnished for the sole purpose of preparation of engineering, financial, and other plans. SEC. 612. U S E or FOREIGN CURRENCIES.—Except as otherwise provided in this Act or other Acts, foreign currencies received either (1) as a result of the furnishing of nonmilitary assistance under the Mutual Security Act of 1954, as amended, or any Act repealed thereby, 68 Stat.e832.7 5 1 22 u s 1 and unobligated on the date prior to the effective date of this Act, or note. (2) on or after the effective date of this Act, as a result of the furnishing of nonmilitary assistance under the Mutual Security Act of 1954, as amended, or any Act repealed thereby, or (3) as a result of the furnishing of assistance under part I, which are in excess of amounts Reserved under authority of section 105(d) of the Mutual Educational and Cultural Exchange Act of 1961 or any other Act relating to edu- P o s t, p. 531. cational and cultural exchanges, may be sold by the Secretary of the Treasury to agencies of the United States Government for payment of their obligations outside the United States, and the United States dollars received as reimbursement shall be deposited into miscellaneous receipts of the Treasury. Foreign currencies so received which are in excess of the amounts so reserved and of the requirements of the United States Government in payment of its obligations outside the United States, as such requirements may be determined from time to time by the President, shall be available for the authorized purposes of part I in such amounts as may be specified from time to time in appropriation Acts. SEC.
613. ACCOUNTING,
VALUATION, AND REPORTING
or
FOREIGN
CURRENCIES.— (a) Under the direction of the President, the Secretary of the Treasury shall have responsibility for valuation and central accounting with respect to foreign credits (including currencies) owed to or owned by the United States. I n order to carry out such responsi- Regulations. bility the Secretary shall issue regulations binding upon all agencies of the Government. (b) The Secretary of the Treasury shall have sole authority to Exchange rates. establish for all foreign currencies or credits the exchange rates at which such currencies are to be reported by all agencies of the Government. Repo t (c) Each agency or department shall report to the Secretary of the Treasury rDtesp a r to Treasury an inventory as of June 30, 1961, showing the amount of all ment. foreign currencies acquired without payment of dollars on hand of each of the respective countries, and the Secretary of the Treasury shall consolidate these reports as of the same date and submit to the Congress this consolidated report broken down by agencies, by countries, by units of foreign currencies and their dollar equivalent. Reports to C o nThereafter, semiannually, similar reports are to be submitted by the gress. agencies to the Treasury Department and then presented to the Congress by the Secretary of the Treasury.
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