(b) In order to pay for the United States contribution to the African Development Fund provided for in this section there are authorized to be appropriated without fiscal year limitation $50,000,000 for payment by the Secretary of the Treasury. 14 Sec. 212.15 (a) The United States Governor of the Fund is authorized to contribute on behalf of the United States $125,000,000 to the Fund as the United States contribution to the second replenishment of the resources of the Fund, except that any commitment to make such contribution shall be made subject to obtaining the necessary appropriations. (b) In order to pay for the United States contribution provided for in this section, there is authorized to be appropriated, without fiscal year limitation, $125,000,000 for payment by the Secretary of the Treasury.16 (c) For the purpose of keeping to a minimum the cost of the United States, the Secretary of the Treasury— (1) shall pay the United States contribution to the African Development Fund authorized by this section by letter of credit in three annual installments; and (2) shall take the steps necessary to obtain a certification from the Fund 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. Sec. 213.17 (a)(1) The United States Governor of the Fund is authorized to contribute on behalf of the United States $150,000,000 to the Fund as the United States contribution to the third replenishment of the resources of the Fund. (2) Any commitment to make the contribution authorized in paragraph (1) shall be made subject to obtaining the necessary appropriations. (b) In order to pay for the United States contribution provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $150,000,000 for payment by the Secretary of the Treasury. 18 UNITED STATES CONTRIBUTION Sec. 214.19 (a)(1) The United States Governor of the Fund is authorized to contribute $225,000,000 to the fourth replenishment of the resources of the Fund. 14 Appropriations for U.S. payment authorized in sec. 211 were provided in the following amounts and acts: Fiscal year 1979-$25 million (Public Law 95-481). 15 22 U.S.C. 290g-11. Sec. 212 was added by sec. 301(2) of Public Law 96-259 (94 Stat. 430). 16 Appropriations for U.S. payments authorized in sec. 212 were provided in the following amounts and acts: Fiscal year 1980-$25 million (Public Law 96-123); fiscal year 1981-$41.7 million (Public Law 96-536); fiscal year 1982-$58.3 million (Public Law 97-121). 17 22 U.S.C. 290g-12. Sec. 213 was added by sec. 1003 of Public Law 98-181 (97 Stat. 1286). 18 Appropriations for U.S. payments authorized in sec. 213 were provided in the following amounts and acts: Fiscal year 1983-$50 million (Public Law 97-377); fiscal year 1984-$50 million (Public Law 98-151); fiscal year 1985-$50 million (Public Law 98-473); fiscal year 1986$62.2 million [fourth replenishment] (Public Law 99-190). 19 22 U.S.C. 290g-13. Sec. 214 was added by sec. 201 of H.R. 2253 [the Multilateral Development Bank Act of 1985], enacted into law by sec. 101(j) of the Further Continuing Appropriations, 1986 (Public Law 99-190; 99 Stat. 1294). (2) Any commitment to make the contribution authorized in paragraph (1) shall be made subject to obtaining the necessary appropriations. (b) In order to pay for the United States contribution provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $225,000,000 for payment by the Secretary of the Treasury.20 20 Appropriations for U.S. payments authorized in sec. 214 were provided in the following amounts and acts: Fiscal year 1986-$62.2 million (Public Law 99-190). 18. African Development Bank Act Partial text of Public Law 97–35 [H.R. 3982], 95 Stat. 357 at 741, approved August 13, 1981 AN ACT To provide for reconciliation pursuant to section 301 of the first concurrent resolution on the budget for the fiscal year 1982. TITLE XIII-INTERNATIONAL AFFAIRS SUBTITLE B-INTERNATIONAL DEVELOPMENT BANKS PART 3-AFRICAN DEVELOPMENT BANK SHORT TITLE Sec. 1331. This part may be cited as the "African Development Bank Act". ACCEPTANCE OF MEMBERSHIP Sec. 1332. The President is hereby authorized to accept membership for the United States in the African Development Bank (hereinafter in this part referred to as the "Bank") provided for by the agreement establishing the Bank (hereinafter in this part referred to as the "agreement") deposited in the archives of the United Nations. GOVERNOR AND ALTERNATE GOVERNOR Sec. 1333.2 (a) The President, by and with the advice and consent of the Senate, shall appoint a Governor and an Alternate Governor of the Bank. The term of office for the Governor and the Alternate Governor shall be five years, subject at any time to termination of appointment or to reappointment. The Governor and Alternate Governor shall remain in office until a successor has been appointed. (b) No person shall be entitled to receive any salary or other compensation from the United States for services as a Governor or Alternate Governor, except for reasonable expenses to attend meetings of the Board of Governors. (c) The Governor, or in the Governor's absence the Alternate Governor, on the instructions of the President, shall cast the votes 122 U.S.C. 290i. 222 U.S.C. 290i-1. 3 Sec. 3 of Executive Order 12403 (Feb. 8, 1983; 48 F.R. 6087) delegated this authority vested in the President to the Secretary of the Treasury. of the United States for the Director to represent the United States in the Bank. DIRECTOR OR ALTERNATE DIRECTOR; ALLOWANCES Sec. 1334.4 The Director or Alternate Director representing the United States, if citizens of the United States, may, in the discretion of the President, 3 receive such compensation, allowances, and other benefits as, together with those received from the Bank and from the African Development fund, may not exceed those authorized for a chief of mission under the Foreign Service Act of 1980. APPLICABILITY OF BRETTON WOODS AGREEMENTS ACT Sec. 1335.5 The provisions of section 4 of the Bretton Woods Agreements Act (22 U.S.C. 286b) shall apply with respect to the Bank to the same extent as with respect to the International Bank for Reconstruction and Development and the International Monetary Fund. Reports with respect to the Bank under paragraphs (5) and (6) of section 4 of that Act shall be included in the first and subsequent reports made thereunder after the United States accepts membership in the Bank. RESTRICTIONS Sec. 1336.7 (a) Unless authorized by law, neither the President, nor any person or agency, shall, on behalf of the United States(1) subscribe to additional shares of stock of the Bank; (2) vote for or agree to any amendment of the agreement which increases the obligations of the United States, or which changes the purpose or functions of the Bank; or (3) make a loan or provide other financing to the Bank, except that funds for technical assistance may be provided to the Bank by a United States agency created pursuant to an Act of Congress which is authorized by law to provide funds to international organizations. FEDERAL RESERVE BANKS AS DEPOSITORIES Sec. 1337.8 Any Federal Reserve bank which is requested to do so by the Bank shall act as its depository or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks. SUBSCRIPTION OF STOCK Sec. 1338. (a) The President 3 is authorized to agree to subscribe on behalf of the United States to twenty-nine thousand eight hundred and twenty shares of the capital stock of the Bank: Provided, however, That the subscription shall be effective only to such 4 22 U.S.C. 2901-2. 5 22 U.S.C. 2901-3. 7 22 U.S.C. 2901-4. 8 22 U.S.C. 2901-5. 922 U.S.C. 2901-6. extent or in such amounts as are provided in advance in appropriations Acts. (b) There is authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury of the initial United States subscription to twenty-nine thousand eight hundred and twenty shares of the capital stock of the Bank, $359,733,570: Provided, however, That not more than $17,986,679 of such sum may be available for paid in subscriptions to the Bank for each of the fiscal years 1982, 1983, and 1984.10 (c) Any payment or distributions of moneys from the Bank to the United States shall be covered into the Treasury as a miscellaneous receipt. JURISDICTION OF UNITED STATES COURTS Sec. 1339.11 For the purposes of any civil action which may be brought within the United States, its territories or possessions, or the Commonwealth of Puerto Rico, by or against the Bank in accordance with the agreement, the Bank shall be deemed to be an inhabitant of the Federal judicial district in which its principal office within the United States or its agent appointed for the purpose of accepting service or notice of service is located, and any such action to which the Bank shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States, including the courts enumerated in section 460 of title 28, United States Code, shall have original jurisdiction of any such action. When the Bank is defendant in any action in a State court, it may at any time before the trial thereof remove the action into the appropriate district court of the United States by following the procedure for removal provided in section 1446 of title 28, United States Code. EFFECTIVENESS OF AGREEMENT Sec. 1340.12 Paragraph 5 of article 49, articles 50 through 59, and the other provisions of the agreement shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in the Bank. The President, at the time of deposit of the instrument of acceptance of membership by the United States in the Bank, shall also deposit a declaration as provided in article 64, paragraph 3, of the agreement that the United States retains for itself and its political subdivisions the right to tax salaries and emoluments paid by the Bank to United States citizens or nationals. 10 Appropriations for U.S. payments authorized in sec. 1338 have been provided in the following amounts and acts: fiscal year 1981-$72 million ($18 million paid-in capital; $54 million callable capital) (Public Law 97-12); fiscal year 1982-$0; fiscal year 1983-$0; fiscal year 1984-$72 million ($18 million paid-in capital; $54 million callable capital) (Public Law 98-151); fiscal year 1985-$72 million ($18 million paid-in capital; $54 million callable capital) (Public Law 98-473); fiscal year 1986-$64.8 million ($16.2 million paid-in capital; $48.6 million callable capital) (Public Law 99-190). 11 22 U.S.C. 2901-7. 12 22 U.S.C. 2901-8. |