7 U.S.C. § 1738f : US Code - Section 1738F: Environmental framework agreements

Search 7 U.S.C. § 1738f : US Code - Section 1738F: 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
subchapter as the "Environmental Fund") established under section
1738g of this title for that country. The President shall consult
with the Board established under section 1738i of this title 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 1738g(a) of this title into the Environmental Fund;
(3) require the eligible country to make prompt disbursements
from the Environmental Fund to the body described in subsection
(c) of this section;
(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 1738k of this title,
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
1738k of this title;
(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 1738i of this title each year;
(6) present an annual report on the activities undertaken
during the previous year to the Chairman of the Board established
under section 1738i of this title, 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.