[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1264 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                S. 1264

 To amend the Foreign Assistance Act of 1961 to authorize the Overseas 
Private Investment Corporation to issue loan guarantees for development 
                          projects in Ireland.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                July 20 (legislative day, June 30), 1993

  Mr. D'Amato introduced the following bill; which was read twice and 
             referred to the Committee on Foreign Relations

_______________________________________________________________________

                                 A BILL


 
 To amend the Foreign Assistance Act of 1961 to authorize the Overseas 
Private Investment Corporation to issue loan guarantees for development 
                          projects in Ireland.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. GUARANTEED LENDING PROGRAM FOR IRISH DEVELOPMENT.

    The Foreign Assistance Act of 1961 is amended by inserting after 
section 231A (22 U.S.C. 2191a) the following new section:

``SEC. 231B. GUARANTEED LENDING PROGRAM FOR IRISH DEVELOPMENT.

    ``(a) Purposes.--The purposes of this section are--
            ``(1) to create more employment opportunities in the United 
        States and Ireland; and
            ``(2) to increase United States exports to, and the United 
        States trade surplus with, the European Community.
    ``(b) Authority.--During the period beginning on the date of 
enactment of this Act, and ending on September 30, 1995, the Overseas 
Private Investment Corporation (hereafter in this section referred to 
as the `Corporation') shall, consistent with the purposes of subsection 
(a), issue guarantees against losses incurred in connection with loans 
to United States firms for the establishment or maintenance of low-
cost, financially viable distribution facilities in Ireland that 
utilize United States manufactured products and components.
    ``(c) Terms and Conditions of Loan Guarantees.--
            ``(1) The total principal amount of guarantees which may be 
        issued by the Corporation under this section shall not exceed 
        $200,000,000. The total amount of guarantees authorized under 
        this section shall be made available during the period from the 
        date of enactment of this Act through September 30, 1995, 
        except that, in the event that less than $200,000,000 of 
        guarantees is issued in such period, the authority to issue the 
        balance of such guarantees shall be available in the fiscal 
        year ending on September 30, 1995. Each guarantee issued by the 
        Corporation under this section shall guarantee 100 percent of 
        the principal and interest payable on such loans.
            ``(2) Guarantees, once issued by the Corporation hereunder, 
        shall be unconditional and fully and freely transferable.
            ``(3) The standard terms of any loan or increment 
        guaranteed by the Corporation under this section shall be 30 
        years, with semiannual payments of interest only over the first 
        10 years, and with semiannual payments of principal and 
        interest, on a level-payment basis, over the last 20 years 
        thereof, except that the guaranteed loan or any increments 
        issued in a single transaction may include obligations having 
        different maturities, interest rates, and payment terms if the 
        aggregate scheduled debt service for all obligations issued in 
        a single transaction equals the debt service for a single loan 
        or increment of like amount having the standard terms described 
        in this sentence. For purposes of determining the maximum 
        principal amount of any loan to be guaranteed under this 
        section, the principal amount of each such loan shall be--
                    ``(A) in the case of any loan issued on a discount 
                basis, the original issue price (excluding any 
                transaction costs) thereof; or
                    ``(B) in the case of any loan issued on an 
                interest-bearing basis, the stated principal amount 
                thereof.
    ``(d) Fees.--(1) Reasonable origination or scoring charges for the 
loan guarantee program under this section are to be paid pro rata as 
each guarantee or increment of guarantee is issued. Such charges may be 
financed as part of the loans or increments guaranteed under this 
section. Except for the charges provided in this section, no other fees 
or charges shall be payable to the Corporation in connection with the 
loan guarantee program.
    ``(2) Paragraph (1) does not in any way preclude the voluntary 
participation of eligible investors in any other OPIC program which may 
or may not require the payment of charges.
    ``(e) Nonapplicability of Other Laws.--The loan guarantees 
authorized to be issued under this section may be made available under 
the terms and conditions specified in this section notwithstanding any 
other provision of law, rule, regulation, or practice, except for the 
Federal Credit Reform Act of 1990.
    ``(f) Subject to Appropriations.--The authority to issue loan 
guarantees under this section may be exercised only to such extent or 
in such amounts as are provided in advance in appropriation Acts. 
Appropriations made pursuant to such authority are authorized to remain 
available during the period beginning on the date of enactment of this 
Act, and ending September 30, 1995.
    ``(g) Savings Provision.--The termination of the authorities of 
this section on September 30, 1995, shall not affect any guarantee 
issued before such date.''.

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