7 U.S.C. § 1738c : US Code - Section 1738C: Reduction of certain debt

Search 7 U.S.C. § 1738c : US Code - Section 1738C: Reduction of certain debt

(a) Authority to reduce debt
(1) In general
Notwithstanding any other provision of law, the President may
reduce the amount owed to the United States or any agency of the
United States, and outstanding as of January 1, 1990, as a result
of any credits extended under subchapter II of this chapter to a
country eligible for benefits from the Facility.
(2) Availability of appropriations
The authorities under this section may be exercised only to the
extent provided for in advance in appropriation Acts.
(b) Limitation
A debt reduction authorized under subsection (a) of this section
shall be accomplished, at the direction of the Facility, through
the exchange of a new obligation under this subchapter for
obligations of the type referred to in subsection (a) of this
section 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) of this section 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.