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the exchange of a new obligation under this title for obligations of the type referred to in subsection (a) outstanding as of January 1, 1990.

(c) EXCHANGE OF OBLIGATIONS.-The Facility shall notify the Commodity Credit Corporation of an agreement entered into under subsection (b) with an eligible country to exchange a new obligation for outstanding obligations. At the direction of the Facility, the old obligations that are the subject of the agreement may be canceled and a new debt obligation may be established for the country relating to the agreement. The Commodity Credit Corporation shall make an adjustment in its accounts to reflect a debt reduction under this section.

SEC. 605.64 REPAYMENT OF PRINCIPAL.

(a) CURRENCY OF PAYMENT.-The principal amount owed under each new obligation issued under section 604 shall be repaid in United States dollars.

(b) DEPOSIT OF PAYMENTS.-Principal repayments on new obligations issued under section 604 shall be deposited in Commodity Credit Corporation accounts.

SEC. 606.65 INTEREST OF NEW OBLIGATIONS.

(a) RATE OF INTEREST.-New obligations issued to an eligible country under section 604 shall bear interest at a concessional rate. (b) CURRENCY OF PAYMENT, DEPOSITS.

(1) UNITED STATES DOLLARS.-An eligible country to which a new obligation has been issued under section 604 that has not entered into an agreement under section 607, shall be required to pay interest on such obligation in United States dollars which shall be deposited in Commodity Credit Corporation ac

counts.

(2) LOCAL CURRENCY.—If an eligible country to which a new obligation has been issued under section 604 has entered into an agreement under section 607, interest under such obligation may be paid in the local currency of the eligible country and deposited into an Environmental Fund as provided for in section 608. Such interest shall be the property of the eligible country until such time as it is disbursed under section 608. Such local currencies shall be used for the purposes specified in the agreement entered into under section 607.

(c) INTEREST PREVIOUSLY PAID.-If an eligible country to which a new obligation has been issued under section 604 enters into an agreement under section 607 subsequent to the date on which interest first becomes due on such new obligation, any interest paid on such new obligation prior to such agreement being entered into shall not be redeposited into the Fund established for the eligible country under section 608(a) but shall be deposited into Commodity Credit Corporation accounts.66

64 7 U.S.C. 1738d.

65 7 U.S.C. 1738e.

66 Sec. 304 of Public Law 102-237 (105 Stat. 1855) inserted "accounts" after "Corporation”.

SEC. 607.67 ENVIRONMENTAL FRAMEWORK AGREEMENTS.

(a) AUTHORITY.-The President is authorized to enter into an environmental framework agreement with each country eligible for benefits from the Facility concerning the operation and use of an Enterprise for the Americas Environmental Fund (hereafter referred to in this title as the "Environmental Fund") 68 established under section 608 for that country. The President shall consult with the Board established under section 610 when entering into such agreements.

(b) REQUIREMENTS.-An environmental framework agreement entered into under this section shall

(1) require the eligible country to establish an Environmental Fund;

(2) require the eligible country to make interest payments under section 608(a) into the Environmental Fund;

(3) require the eligible country to make prompt disbursements from the Environmental Fund to the body described in subsection (c);

(4) where appropriate, seek to maintain the value of the local currency resources deposited into the appropriate Environmental Fund in terms of United States dollars;

(5) specify, in accordance with section 612, the purposes for which the Environmental Fund may be used; and

(6) contain reasonable provisions for the enforcement of the terms of the agreement.

(c) ADMINISTERING BODY.-Funds disbursed from the Environmental Fund in an eligible country shall be administered by a body constituted under the laws of the country. Such body shall

(1) be composed of

(A) one or more representatives appointed by the President;

(B) one or more representatives appointed by the eligible country; and

(C) representatives from a broad range of environmental and local community development nongovernmental organizations of the host country;

the majority of which shall be local representatives from nongovernmental organizations, and scientific or academic bodies;

(2) receive proposals for grant assistance from local organizations, and make grants to such organizations in accordance with the priorities agreed upon in the framework agreement and consistent with the overall purposes of section 612;

(3) be responsible for the management of the program_and oversight of grant activities funded from resources of the Environmental Fund;

(4) be subject to fiscal audits by an independent auditor on an annual basis;

(5) present an annual program for review by the Board established under section 610 each year;

67 7 U.S.C. 1738f.

68 In a technical correction, sec. 305 of Public Law 102-237 (105 Stat. 1855) moved the close quotation mark.

(6) present an annual report on the activities undertaken during the previous year to the Chairman of the Board established under section 610, and the government of the eligible country each year; and

(7) have any grant over $100,000 be subject to veto by the United States and the government of the eligible country.

SEC. 608.6 ENTERPRISE FOR THE AMERICAS ENVIRONMENTAL FUNDS. (a) ESTABLISHMENT.-An eligible country shall, under the terms of an environmental framework agreement entered into under section 607, establish an Environmental Fund to receive payments in local currency pursuant to section 607(b)(1).

(b) INVESTMENT.-Amounts deposited into an Environmental Fund shall be invested until disbursed. Notwithstanding any other provision of law, any return on such investment may be retained by the Environmental Fund and need not be deposited to the account of the Commodity Credit Corporation and may be retained without further appropriation by Congress.

SEC. 609.70 DISBURSEMENT OF ENVIRONMENTAL FUNDS.

Funds in an Environmental Fund shall be disbursed only pursuant to a framework agreement entered into pursuant to section 607.

SEC. 610.71 ENTERPRISE 72 FOR THE AMERICAS BOARD.

(a) ESTABLISHMENT.-There is established a board to be known as the "Enterprise 72 for the Americas Board" (hereafter referred to in this title as the "Board").

(b) MEMBERSHIP AND CHAIRPERSON.—

(1) MEMBERSHIP.-The Board shall be composed of

(A) six 73 representatives from the United States Government, at least one of whom shall be a representative of the Department of Agriculture; 73 and

(B) five 74 representatives from private nongovernmental environmental, child survival and child development,75 community development, scientific, and academic organizations with experience and expertise in Latin America and the Caribbean, at least one of whom shall be a representative from a child survival and child development organization; 76

to be appointed by the President.

69 7 U.S.C. 1738g. 70 7 U.S.C. 1738h.

717 U.S.C. 17381.

72 Sec. 603 of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3669) struck out "ENVIRONMENT" and inserted in lieu thereof "ENTERPRISE” in the catchline; and struck out "Environment" in lieu of "Enterprise" in subsec. (a).

73 Sec. 339(1) of Public Law 102-237 (105 Stat. 1861) struck out "five" and inserted in lieu thereof "six", and added after "Government" the text ", at least one of whom shall be a representative of the Department of Agriculture".

74 Sec. 339(2) of Public Law 102-237 (105 Stat. 1861) struck out "four" and inserted in lieu thereof "five".

75 Sec. 603(3)A) of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3669) inserted "child survival and child development," after "environmental,".

76 Sec. 603(3)B) of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3669) inserted", at least one of whom shall be a representative from a child survival and child development organization" after "Caribbean".

(2) CHAIRPERSON.-The Board shall be headed by a chairperson who shall be appointed by the President from among the representatives appointed under paragraph (1)(A).

(c) RESPONSIBILITIES.-The Board shall

(1) advise the President on the negotiations for the environmental framework agreements described in subsections (a) and (b) of section 607;

(2) ensure, in consultation with the government of the appropriate eligible country, with nongovernmental organizations of such eligible country, and if appropriate, of the region, and with environmental, scientific, and academic leaders of such eligible country and, as appropriate, of the region, that a suitable body referred to in section 607(c) is identified; and

(3) review the programs, operations, and fiscal audits of the bodies referred to in section 607(c).

SEC. 611.77 OVERSIGHT.

The President may designate appropriate United States agencies to review the implementation of programs under this title and the fiscal audits relating to such programs. Such oversight shall not constitute active management of an Environmental Fund.

SEC. 612.78 ELIGIBLE ACTIVITIES AND GRANTEES.

(a) ELIGIBLE ENTITIES.-Activities eligible to receive assistance through the framework agreements entered into under section 607, shall include

(1) activities of the type described in the Global Environmental Protection Assistance Act of 1989 (22 U.S.C. 2281 et seq.); 79 (2) agriculture-related activities, including those that provide for the biological prevention and control of animal and plant pests and diseases, to benefit the environment; and

(3) local community initiatives that promote conservation and sustainable use of the environment.

(b) REGULATION.-All activities of the type referred to in subsection (a) shall, where appropriate, include initiatives that link conservation of natural resources with local community development.

(c) SETTING OF PRIORITIES.-Appropriate activities and priorities relating to the use of an Environmental Fund shall be set by local nongovernmental organizations within the appropriate eligible country.

(d) GRANTS.-Grants may be made by the body referred to in section 607(c) from the Environmental Fund for environmental purposes to

(1) host country nongovernmental environmental, conservation, development, educational, and indigenous peoples organizations:

(2) other appropriate local or regional entities; or

(3) in exceptional circumstances, the government of the eligible country.

777 U.S.C. 1738j.

78 7 U.S.C. 1738k.

79 Sec. 306 of Public Law 102-237 (105 Stat. 1856) corrected a typographical error here by striking "462), and-", and inserted in lieu thereof "2281 et seq.);".

(e) PRIORITY.-In providing assistance from an Environmental Fund, the body established under section 607(c) within the eligible country shall give priority to projects that are run by nongovernmental organizations and other private entities, and that involve local communities in their planning and execution.

SEC. 613.80 ENCOURAGING MULTILATERAL DEBT DONATIONS.

(a) ENCOURAGING DONATIONS FROM OFFICIAL CREDITORS.-The President should actively encourage other official creditors of an eligible country to provide debt reduction to such eligible country.

(b) ENCOURAGING DONATIONS FROM OTHER SOURCES.-The President shall make every effort to insure that programs established through Environmental Funds are able to receive donations from private and public entities, and private creditors of the eligible country.

SEC. 614.81 ANNUAL REPORT TO CONGRESS.

(a) IN GENERAL.-Not later 82 than December 31 of each fiscal year, the President shall prepare and submit to the Speaker of the House of Representatives and the President Pro Tempore of the Senate an annual report concerning the operation of the Facility for the prior fiscal year. This report shall include-83

(1) a description of the activities undertaken by the Facility during the previous fiscal year;

(2) a description of any Enviromental 84 Framework Agreement entered into under this title;

(3) a report on what Environmental Funds have been established under this title and on the operations of such Funds; and

(4) a description of any grants that have been extended by administering bodies pursuant to an Enviromental 84 Framework Agreement under this title.

(b) SUPPLEMENTAL VIEWS IN ANNUAL REPORT.-No later than December 15 of each fiscal year, each member of the Board shall be entitled to receive a copy of the report required under subsection (a). Each member of the Board may prepare and submit supplemental views to the President on the implementation of this title by December 31 for inclusion in the annual report when it is transmitted to Congress pursuant to this section.

SEC. 615.85 CONSULTATIONS WITH CONGRESS.

The President shall consult with the appropriate congressional committees on a periodic basis to review the operation of the Facility under this title and the eligibility of countries for benefits from the Facility under this title.

SEC. 616.86 SALE OF QUALIFIED DEBT TO ELIGIBLE COUNTRIES. (a) IN GENERAL.—

80 7 U.S.C. 17381.

817 U.S.C. 1738m.

82 Sec. 330 of Public Law 102-237 (105 Stat. 1858) struck out "Not later" and inserted in lieu thereof "(a) IN GENERAL.-Not later", and added subsec. (b).

83 Sec. 3 of the Enterprise for the Americas Initiative Act of 1992 (Public Law 102-532; 106 Stat. 3512) added from "This report shall include-" through par. (4) of subsec. (a).

84 As enrolled. Should read "Environmental".

85 7 U.S.C. 1738n. Added by sec. 331 of Public Law 102-237 (105 Stat. 1858).

867 U.S.C. 17380. Added by sec. 2 of the Enterprise for the Americas Initiative Act of 1992 (Public Law 102-532; 106 Stat. 3509).

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