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United States Code (Last Updated: May 24, 2014) |
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Title 22. FOREIGN RELATIONS AND INTERCOURSE |
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Chapter 7. INTERNATIONAL BUREAUS, CONGRESSES, ETC. |
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SubChapter XII. INTER-AMERICAN DEVELOPMENT BANK |
§ 283z–1. Increase in authorized capital stock of Bank and increase in resources of Fund for Special Operations
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(a) United States share The United States Governor of the Bank is authorized to vote for two resolutions which were proposed by the Governors at a special meeting in December 1978 and are pending before the Board of Governors of the Bank. These resolutions provide for (1) an increase in the authorized capital stock of the Bank and additional subscriptions thereto, and (2) an increase in the resources of the Fund for Special Operations and contributions thereto. Upon adoption of these resolutions, the United States Governor is authorized on behalf of the United States (A) to subscribe to two hundred twenty-seven thousand eight hundred and ninety-six shares of the increase in the authorized capital stock of the Bank, of which two hundred ten thousand eight hundred and four shall be callable and seventeen thousand and ninety-two shall be paid-in, and (B) to contribute to the Fund for Special Operations $630,000,000; except that any commitment to make such subscriptions to paid-in and callable capital stock and to make such contributions to the Fund for Special Operations shall be effective only to such extent or in such amounts as are provided in advance in appropriation Acts.
(b) Authorization of appropriations In order to pay for the increase in the United States subscription and contribution provided for in this section, there are authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury (1) $2,474,287,189 for the United States subscription to the capital stock of the Bank, and (2) $630,000,000 for the United States share of the increase in the resources of the Fund for Special Operations: Provided, however, That for contributions to the Fund for Special Operations, not more than $175,000,000 may be made available for the fiscal year 1982, and not more than $105,000,000 may be made available for the fiscal year 1983.
(c) Funding requirements For the purpose of keeping to a minimum the cost to the United States, the Secretary of the Treasury— (1) shall pay the United States contribution to the Fund for Special Operations authorized by this section by letter of credit in four annual installments; and (2) shall take the steps necessary to obtain a certification from the Bank that any undisbursed balances resulting from drawdowns on such letter of credit will not exceed at any time the United States share of expected disbursement requirements for the following three-month period. (d) Limitation of funds to members of Bank None of the funds authorized to be appropriated by this section may be used for any form of assistance to any country which is not a member of the Bank.
Amendments
1981—Subsec. (b). Pub. L. 97–35 inserted provision limiting amount of appropriations available for Fund for Special Operations for fiscal years 1982 and 1983.
Effective Date Of Amendment
Amendment by Pub. L. 97–35 effective