118 STAT. 1218 PUBLIC LAW 108–323—OCT. 6, 2004

Public Law 108–323

108th Congress

An Act

To reauthorize the Tropical Forest Conservation Act of 1998 through fiscal year

2007, and for other purposes.

Be it enacted by the Senate and House of Representatives of

the United States of America in Congress assembled,

SECTION 1. REDUCTION OF DEBT UNDER THE FOREIGN ASSISTANCE

ACT OF 1961 AND TITLE I OF THE AGRICULTURAL TRADE

DEVELOPMENT AND ASSISTANCE ACT OF 1954.

Section 806(d) of the Tropical Forest Conservation Act of 1998

(22 U.S.C. 2431d(d)) is amended by adding at the end the following

new paragraphs:

‘‘(4) $20,000,000 for fiscal year 2005.

‘‘(5) $25,000,000 for fiscal year 2006.

‘‘(6) $30,000,000 for fiscal year 2007.’’.

SEC. 2. USE OF FUNDS TO CONDUCT PROGRAM AUDITS AND EVALUATIONS.

Section 806 of the Tropical Forest Conservation Act of 1998

(22 U.S.C. 2431d) is amended by adding at the end the following

new subsection:

‘‘(e) USE OF FUNDS TO CONDUCT PROGRAM AUDITS AND EVALUATIONS.—Of the amounts made available to carry out this part for

a fiscal year, $200,000 is authorized to be made available to carry

out audits and evaluations of programs under this part, including

personnel costs associated with such audits and evaluations.’’.

SEC. 3. AUTHORITY TO ALLOW FOR PAYMENTS OF INTEREST AND

PRINCIPAL IN LOCAL CURRENCIES.

(a) AUTHORITY UNDER THE FOREIGN ASSISTANCE ACT OF 1961.—

Section 806(c) of the Tropical Forest Conservation Act of 1998

(22 U.S.C. 2431d(c)) is amended—

(1) in the matter preceding paragraph (1), by striking ‘‘The

following’’ and inserting ‘‘(1) The following’’;

(2) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively; and

(3) by adding at the end the following:

‘‘(2) In addition to the application of the provisions relating

to repayment of principal under section 705 of this Act to the

reduction of debt under subsection (a)(1) (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new

obligation established under subsection (b) may be made in the

Oct. 6, 2004

[H.R. 4654]

PUBLIC LAW 108–323—OCT. 6, 2004 118 STAT. 1219

LEGISLATIVE HISTORY—H.R. 4654:

HOUSE REPORTS: No. 108–603 (Comm. on International Relations).

CONGRESSIONAL RECORD, Vol. 150 (2004):

Sept. 7, considered and passed House.

Sept. 28, considered and passed Senate.

Æ

local currency of the beneficiary country and deposited in the Tropical Forest Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under

section 706 of this Act.’’.

(b) AUTHORITY UNDER TITLE I OF THE AGRICULTURAL TRADE

DEVELOPMENT AND ASSISTANCE ACT OF 1954.—Section 807(c) of

the Tropical Forest Conservation Act of 1998 (22 U.S.C. 2431e(c))

is amended—

(1) in the matter preceding paragraph (1), by striking ‘‘The

following’’ and inserting ‘‘(1) The following’’;

(2) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively; and

(3) by adding at the end the following:

‘‘(2) In addition to the application of the provisions relating

to repayment of principal under section 605 of the Agricultural

Trade Development and Assistance Act of 1954 to the reduction

of debt under subsection (a)(1) (in accordance with paragraph (1)(A)

of this subsection), repayment of principal on a new obligation

established under subsection (b) may be made in the local currency

of the beneficiary country and deposited in the Tropical Forest

Fund of the country in the same manner as the provisions relating

to payment of interest on new obligations under section 606 of

such Act.’’.

(c) CONFORMING AMENDMENT.—Section 810(a) of the Tropical

Forest Conservation Act of 1998 (22 U.S.C. 2431h(a)) is amended

by inserting ‘‘and principal’’ after ‘‘interest’’.

Approved October 6, 2004.