PUBLIC LAW 92-226-FEB. 7, 1972
514. SPECIAL FOREIGN COUNTRY ACCOUNTS.— (a) Except as otherwise provided in this section, no defense article may be given, and no grant of military assistance may be made, under this Act to a foreign country unless the country agrees— " (1) to deposit in a special account established by the United States Government the following amounts of currency of that country: " (A) in the case of any excess defense article to be given to that country, an amount equal to 10 per centum of the fair value of the article, as determined by the Secretary of State, at the time the agreement to give the article to the country is made; and " (B) in the case of a grant of military assistance to be made to that country, an amount equal to 10 per centum of each such grant; and "(2) to allow the United States Government to use such amounts from that special account as may be determined, from time to time, by the President to be necessary to pay all official costs of the United States Government payable in the currency of that country, including all costs relating to the financing of international educational and cultural exchange activities in which that country participates under the programs authorized by the Mutual Educational and Cultural 75 Stat. 527. Exchangc Act of 1961. note."^*^ ^^^^ " (b) The President may waive any amount of currency of a foreign Presidential couutry reouired to be deposited under subsection (a)(1) of this secwaiver authority, ^-^j^ -j ^^ determines that the United States Government will be able to pay all of its official costs payable in the currency of that country enumerated under subsection (a)(2) of this section without the deposit of such amount and without having to expend United States dollars to purchase currency of that country to pay such costs. Nonappiica"((.) 'WQ provisions of this section shall not apply in any case in bility. which an excess defense article is given, or a grant of military assistance is made— "(1) to a foreign country under an agreement with that country which allows the United States Government to operate a military or other similar base in that country in exchange for that article or grant; and " (2) to South Vietnam, Cambodia, or Laos. " (d) In no event shall any foreign country be required, under this section, to make deposits in a special account aggregating more than $20,000,000 in any one year.". 75 Stat. 434; gj,^. 202. (a) A t the end of such part II, add the following new 81 Stat. 455. v j. 22 USC 2301. chapter: "SEC.
to furnish assistance to friendly countries, organizations, and bodies eligible to receive assistance under this Act on such terms and conditions as he may determine, in order to support or promote economic or political stability. The authority of this chapter shall not be used to furnish assistance to more than twelve countries in any fiscal year. "SEC. 532. AUTHORIZATION.—There is authorized to be appropriated to the President to carry out the purposes of this chapter for the fiscal year 1972 not to exceed $618,000,000, of which not less than $50,000,000 shall be available solely for Israel: Provided, That where commodities are furnished on a grant basis under this chapter under arrangements which will result in the accrual of proceeds to the Government of Vietnam from the sale thereof, arrangements should be made to assure that such proceeds will not be budgeted by the Government of Vietnam for economic assistance projects or programs "SEC.
Israel, funds availability.
"CHAPTER 4—SECURITY SUPPORTING ASSISTANCE 531. GENERAL AUTHORITY.—The President is authorized