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103D CONGRESS
1ST SESSION
H. R. 2969
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 HOUSE OF REPRESENTATIVES
AUGUST 6, 1993
Mr. MANTON introduced the following bill; which was referred to the
Committee on Foreign Affairs
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 Representa-
tives 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 follow-
ing 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 section, and ending on Sep-
tember 30, 1995, the Overseas Private Investment Cor-
poration (hereafter in this section referred to as the ‘Cor-
poration’) 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 manufac-
tured products and components.
‘‘(c) TERMS AND CONDITIONS OF LOAN GUARAN-
TEES.—(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 guar-
antees authorized under this section shall be made avail-
able during the period from the date of enactment of this
section 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 Cor-
poration 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 prin-
cipal 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 obli-
gations 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 prin-
cipal amount of each such loan shall be—
‘‘(A) in the case of any loan issued on a dis-
count basis, the original issue price (excluding any
transaction costs) thereof; or
‘‘(B) in the case of any loan issued on an inter-
est-bearing basis, the stated principal amount there-
of.
‘‘(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 sec-
tion. 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 provi-
sion 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 exer-
cised only to such extent or in such amounts as are pro-
vided in advance in appropriation Acts. Appropriations
made pursuant to such authority are authorized to remain
available during the period beginning on the date of enact-
ment 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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