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Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Soledad Canyon Mine Act''.

SEC. 2. FINDING AND PURPOSES.

(a) Findings.--The Congress finds the following:
(1) Transit Mix Concrete Corporation holds two valid
Federal contracts, numbered CA-20139 and CA-22901, issued under
the Materials Act of 1947, for the extraction of approximately
56,000,000 tons of sand and gravel from the Federal mineral
estate in lands located in Soledad Canyon adjacent to the city
of Santa Clarita, California.
(2) It is in the best interest of the citizens of
California and the Federal Government to cancel the Contracts
and prohibit future mining in the Soledad Canyon area of
California.
(3) TMC should receive as just compensation for such
cancellation the fair market value of the Contracts and all
costs, fees, and covered liabilities incurred by TMC in good
faith in its efforts to develop the Contracts.
(4) A site-specific solution that is fair to TMC and that
seeks to protect the environment and minimize impacts on local
transportation systems is in the best interest of the Nation.
(5) Considerable sums of money have been expended by TMC
and the city of Santa Clarita on legal and other services in
trying to ensure their interests are protected with respect to
Contracts CA-20139 and CA-22901.
(b) Purposes.--The purposes of this Act are the following:
(1) To provide to the Bureau of Land Management the
authority to cancel contracts CA-20139 and CA-22901 and
prohibit future mining in the Soledad Canyon.
(2) To provide a means for TMC to recover as just
compensation for the cancellation of the Contracts the fair
market value of, and TMC's expenditures and covered liabilities
pursuing the development of, the Contracts.
(3) To provide the Bureau of Land Management tools to
verify expenses incurred by TMC and provide relief.
(4) To provide timelines for the verification of costs
incurred by TMC and the determination of just compensation, and
to provide a dispute resolution process.

SEC. 3. DEFINITIONS.

In this Act:
(1) Contracts.--The term ''Contracts'' means Bureau of Land
Management mineral contracts numbered CA-20139 and CA-22901.
(2) Covered liabilities.--The term ''covered liabilities''
includes any court-ordered or court-approved payment,
settlement, or other liability on the part of TMC for damages,
costs, compensation, or reimbursement to any third party for
agreements entered into by TMC in good faith prior to January
1, 2008, in order to exercise rights under the Contracts.
(3) Materials act of 1947.--The term ''Materials Act of
1947'' means the Act of July 31, 1947, (chapter 406; 61 Stat.
681; 30 U.S.C. 601-604).
(4) Secretary.--The term ''Secretary'' means the Secretary
of the Interior.
(5) TMC.--The term ''TMC'' means the Transit Mixed Concrete
Corporation and its successors in interest, including CEMEX
USA.

SEC. 4. CANCELLATION OF THE CONTRACTS.

(a) Contract Cancellations.--The Secretary shall cancel Bureau of
Land Management mineral contracts CA-20139 and CA-22901 and withdraw
those areas that were subject to the Contracts from further mineral
entry under all mineral leasing and sales authorities available to the
Secretary, effective on the date of the enactment of this Act.
(b) Compensation.--
(1) In general.--As compensation for the cancellation of
the Contracts, TMC shall receive fair market value of the
Contracts and TMC's expenditures and covered liabilities in
trying to bring the Contracts into commercial production. As
such compensation, the Secretary shall provide to TMC surface
and mineral interests and additional value in accordance with
subsection (d) having a total value equal to the amount
described in paragraph (3). All such expenditures must have
been incurred by TMC in good faith in connection with its
efforts to bring the Contracts into commercial production:
Provided, however, that compensation for covered liabilities
may be paid to TMC under this section for up to 15 years
following the effective date of this Act.
(2) Increase in adjusted basis of contract upon
cancellation.--For purposes of the Internal Revenue Code of
1986, the adjusted basis of any contract to which section 4(a)
applies shall be increased (immediately before the cancellation
of such contract under such section) by the excess (if any)
of--
(A) the fair market value of such contract
(determined immediately before such cancellation), over
(B) the adjusted basis of such contract (as
determined immediately before the application of this
section).
(3) Value described.--The compensation provided for in
paragraph (1) is equal to the sum of the following:
(A) All amounts paid to the United States by TMC
with respect to the Contracts as bonus bids or other
prepayments.
(B) Interest on amounts referred to in subparagraph
(A), from the date of payment of such amounts to the
United States, at a rate determined by the Secretary.
(C) Amounts expended by TMC in securing the
contracts and trying to bring them into production,
including--
(i) all actual costs, including fees,
associated with the engineering and
environmental studies, and permitting
proceedings, that were incurred in good faith
in TMC's efforts to exercise the rights granted
under the Contract terms; and
(ii) all actual legal costs, including fees
and covered liabilities, incurred in good faith
in TMC's efforts to exercise the rights granted
in the Contracts, including all fees and costs
associated with securing permits and
entitlements, litigation to compel, secure, or
defend permits or entitlements, and litigation
in connection with disputes relating to mineral
and surface estate rights to the property that
is the subject of the Contracts.
(D) The fair market value of the Contracts.
(4) Determination of fair market value.--The Secretary
shall, within six months after the date of enactment of this
Act, determine by mineral appraisal the fair market value of
the contracts at the time of such determination for purposes of
paragraph (3)(D), determine by mineral appraisal or other
generally accepted applicable appraisal techniques the fair
market value of the surface and mineral estate identified in
the map referred to in subsection (d), and notify TMC of those
determinations. In determining the fair market value of the
Contracts, the Secretary shall assume that--
(A) TMC has obtained all permits and entitlements
necessary to mine, produce, process, and sell sand and
gravel from the Contracts;
(B) mining operations under the Contracts have
commenced at the time of the determination, with
maximum annual production volumes that--
(i) are based on the projected supply and
demand outlook at the time of determination;
and
(ii) reflect depletion of the reserves of
the Contracts within the effective periods of
the Contract;
(C) the fair market value of the Contracts includes
the present value of expected future net cash flows to
be derived from the mining, producing, processing, and
sale of the sand and gravel contained in the Contracts
over the minimum time necessary to mine, produce,
process, and sell such sand and gravel, taking into
consideration--
(i) the material deposit contained in the
contract sites and its quality, volume,
minability, and reclamation requirements;
(ii) the proximity of the contract sites to
markets;
(iii) the type of market that could be
served from the contract sites, including
future supply, demand, and probable price
increases based upon construction material data
developed by the State of California;
(iv) the cost of mining, producing,
processing, and selling the material reserved
in the contract sites;
(v) the types and costs of transportation
for such production from the contract sites to
markets;
(vi) royalties, taxes, and fees to mine and
sell the production from the contract sites;
(vii) similar market sales of materials the
area or region of the contract sites; and
(viii) the net present values of expected
future cash flows from proposed mining
operations of the Contract sites taking into
consideration, at a minimum, the matters
referred to in clauses (i) through (viii).
(c) Submission of Expenses Incurred.--
(1) In general.--To assist in the verification of the
amounts expended referred to in subsection (b)(3)(C), TMC shall
submit to the Secretary within 60 days after the date of
enactment of this Act an itemized list of such amounts, with
enough detail and supporting documentation so the Secretary can
determine that the expenses are associated with the Contracts.
(2) Arbitration.--The Secretary shall issue the
determination of the amounts expended referred to in subsection
(b)(3)(C) within 60 days after receipt of the itemized list
required under paragraph (1). If the Secretary disapproves such
list, the Secretary shall, upon request of TMC, determine the
economic value invested for purposes of subsection (b)(3)
through arbitration in accordance with subchapter IV of chapter
5 of title 5, United States Code.
(d) Return of Value Opportunities for TMC.--
(1) In general.--Within six months after the completion of
the requirements of subsections (b) and (c), the Secretary
shall provide to TMC the following:
(A) Surface and mineral estate interests and
additional value under subsection (b)(1) using the
surface and mineral estate as described and delineated
as Area A on the map entitled ''Cemex USA and City of
Victorville, California Land Disposal and Acquisition
Agreement'' and on file with the Secretary, consisting
of approximately 5,000 acres.
(B) If the fair market value of the surface and
mineral estate used under subparagraph (A) is less than
the sum described in subsection (b)(3), additional
mineral or surface estate under subsection (b)(1) using
the surface and mineral estate as described and
delineated as Area B on the map entitled ''Cemex USA
and City of Victorville, California Land Disposal and
Acquisition Agreement'' and on file with the Secretary,
consisting of approximately 3,000 acres as is necessary
so that the sum of the values provided under
subparagraph (A) and this subparagraph does not exceed
the sum described in subsection (b)(3).
(C) If the sum of the fair market values of the
surface and mineral estates and additional value
provided under subparagraphs (A) and (B) is less that
the sum described in subsection (b)(3), additional
value as is necessary so that the sum of the values
provided under subparagraphs (A) and (B) and this
subparagraph does not exceed the sum described in
subsection (b)(3), in the form of one or more of the
following that are mutually agreed to by the Secretary
and TMC:
(i) Credits that may be applied against
future royalties, bonus bids, or rental fees
for Federal lands administered by the Secretary
and located within the State of California,
including leases for all submerged lands of the
outer Continental Shelf.
(ii) Interest in the mineral estate in
Federal lands in the State of California that
are available for sale under the Mineral
Leasing Act (30 U.S.C. 181 et seq.) or other
law administered by the Secretary.
(iii) Interests in the surface estate in
Federal lands in the State of California that
are under the administrative jurisdiction of
the Secretary and that are available for
disposal.
(e) Treatment of Credits.--
(1) Term.--Credits provided under subsection (d) shall
expire at the end of the 10-year period beginning on the date
the credits are issued by the Secretary.
(2) Assignment.--TMC may assign credits provided to TMC
under subsection (d) to any person who satisfies the same
requirements to hold the Contracts as those that applied to TMC
under the Materials Act of 1947.
(f) Referral to Court of Claims.--
(1) Referral.--If within 12 months after the date of
enactment of this Act, the Secretary and TMC do not reach
agreement under subsections (b), (c), and (d) regarding the
financial and mineral production opportunities to be provided
by the Secretary to TMC under subsection (b)(1), or, if within
3 months after TMC receives notice in accordance with
subsection (b)(4) of the fair market value determined by the
Secretary of the surface and mineral estate identified in the
maps referred to in subsection (d) TMC or the city of
Victorville, California, notifies the Secretary that it
disagrees with the Secretary's determination, the Secretary
shall refer the issues upon which TMC, or the city of
Victorville, California, and the Secretary are not in agreement
with respect to such an agreement or fair market value to the
United States Court of Federal Claims for resolution
(2) Resolution by court.--In any referral under this
subsection, the court shall--
(A) determine de novo the values described in
subsection (b) and (d), including the fair market
values of the surface and mineral estates as described
and delineated on the maps referred to in subsection
(d)(1); and
(B) determine and order the Secretary to provide
financial and mineral production opportunities
consistent with subparagraph (A), for purposes of
subsections (b)(1) and (d).

SEC. 5. LIMITATIONS ON FUTURE LEASING FOR LAND OR MINERAL ESTATE IN THE
VICTOR VALLEY AREA OF CALIFORNIA.

Notwithstanding anything in this Act to the contrary, prior to any
lease, transfer, or other disposition of land or any mineral or surface
estate for any area that is located in the city of Victorville,
California, the city of Victorville's sphere of influence, or the city
of Victorville's proposed sphere of influence, all as delineated on the
map entitled ''Cemex USA and City of Victorville, California Land
Disposal and Acquisition Agreement'' and on file with the Secretary,
the Secretary shall--
(1) consult with the city of Victorville, California, and
surface owners in that area; and
(2) prohibit mining in that area.

Answer: Soledad Canyon Mine Act - Instructs the Secretary of the Interior to cancel Bureau of Land Management mineral contracts CA-20139 and CA-22901 and withdraw from further mineral entry the areas subject to them, which are located in Soledad Canyon adjacent to Santa Clarita, California.

Requires Transit Mixed Concrete Corporation to receive, as compensation for cancellation of the contracts, their fair market value and its expenditures and covered liabilities in trying to bring the contracts into commercial production.

Increases the adjusted basis of the contracts upon cancellation for federal tax purposes.

Directs the Secretary, before any disposition of land, mineral or surface estate for any area located in the city of Victorville, California, to: (1) consult with the city and surface owners; and (2) prohibit mining in such area.

Question: SECTION 1. REQUIREMENT FOR FEDERAL CONTRACTORS TO POSSESS SATISFACTORY
RECORD OF INTEGRITY AND BUSINESS ETHICS.

(a) Defense Contractors.--(1) Chapter 137 of title 10, United
States Code, is amended by inserting after section 2305a the following
new section:
''Sec. 2305b. Contractor requirement for satisfactory record of
integrity and business ethics
''(a) In General.--No prospective contractor may be awarded a
contract with an agency under this title unless the contracting officer
for the contract determines that such prospective contractor has a
satisfactory record of integrity and business ethics, including a
record of satisfactory compliance with the law (including tax, labor
and employment, environmental, antitrust, and consumer protection
laws).
''(b) Information To Be Considered.--In making a determination as
to whether a prospective contractor has a satisfactory record of
integrity and business ethics, a contracting officer--
''(1) shall consider all relevant credible information, but
shall give the greatest weight to any violations of law that
have been adjudicated during the 3-year period preceding the
offer by the prospective contractor;
''(2) shall consider any administrative agreements entered
into with the prospective contractor if the prospective
contractor has taken corrective action after disclosing a
violation of law, and may consider such a contractor to be a
responsible contractor if the contractor has corrected the
conditions that led to the misconduct;
''(3) shall consider failure to comply with the terms of an
administrative agreement to be a lack of integrity and business
ethics under this section;
''(4) may consider other relevant information, such as
civil or administrative complaints or similar actions filed by
or on behalf of a Federal agency, board, or commission, if such
action reflects an adjudicated determination by the agency; and
''(5) shall consider the following in descending order of
importance:
''(A) Convictions of and civil judgments rendered
against the prospective contractor for--
''(i) commission of fraud or a criminal
offense in connection with obtaining,
attempting to obtain, or performing a Federal,
State, or local contract or subcontract;
''(ii) violation of Federal or State
antitrust law relating to the submission of
offers; or
''(iii) commission of embezzlement, theft,
forgery, bribery, falsification, or destruction
of records, making false statement, tax
evasion, or receiving stolen property.
''(B) Indictments for the offenses described in
subparagraph (A).
''(C) With respect to tax, labor, employment,
environmental, antitrust, or consumer protection laws--
''(i) Federal or State felony convictions;
''(ii) adverse Federal court judgments in
civil cases brought by the United States;
''(iii) adverse decisions by a Federal
administrative law judge, board, or commission
indicating violations of law; and
''(iv) Federal or State felony
indictments.''.
(2) The table of sections at the beginning of such chapter is
amended by inserting after the item relating to section 2305a the
following new item:

''2305b. Contractor requirement for satisfactory record of integrity
and business ethics.''.
(b) Other Contractors.--(1) Title III of the Federal Property and
Administrative Services Act of 1949 (41 U.S.C. 251 et seq.) is amended
by inserting after section 303L the following new section:

''SEC. 303M. CONTRACTOR REQUIREMENT FOR SATISFACTORY RECORD OF
INTEGRITY AND BUSINESS ETHICS.

''(a) In General.--No prospective contractor may be awarded a
contract with an agency unless the contracting officer for the contract
determines that such prospective contractor has a satisfactory record
of integrity and business ethics, including a record of satisfactory
compliance with the law (including tax, labor and employment,
environmental, antitrust, and consumer protection laws).
''(b) Information To Be Considered.--In making a determination as
to whether a prospective contractor has a satisfactory record of
integrity and business ethics, a contracting officer--
''(1) shall consider all relevant credible information, but
shall give the greatest weight to any violations of law that
have been adjudicated during the 3-year period preceding the
offer by the prospective contractor;
''(2) shall consider any administrative agreements entered
into with the prospective contractor if the prospective
contractor has taken corrective action after disclosing a
violation of law, and may consider such a contractor to be a
responsible contractor if the contractor has corrected the
conditions that led to the misconduct;
''(3) shall consider failure to comply with the terms of an
administrative agreement to be a lack of integrity and business
ethics under this section;
''(4) may consider other relevant information, such as
civil or administrative complaints or similar actions filed by
or on behalf of a Federal agency, board, or commission, if such
action reflects an adjudicated determination by the agency; and
''(5) shall consider the following in descending order of
importance:
''(A) Convictions of and civil judgments rendered
against the prospective contractor for--
''(i) commission of fraud or a criminal
offense in connection with obtaining,
attempting to obtain, or performing a Federal,
State, or local contract or subcontract;
''(ii) violation of Federal or State
antitrust law relating to the submission of
offers; or
''(iii) commission of embezzlement, theft,
forgery, bribery, falsification, or destruction
of records, making false statement, tax
evasion, or receiving stolen property.
''(B) Indictments for the offenses described in
subparagraph (A).
''(C) With respect to tax, labor, employment,
environmental, antitrust, or consumer protection laws--
''(i) Federal or State felony convictions;
''(ii) adverse Federal court judgments in
civil cases brought by the United States;
''(iii) adverse decisions by a Federal
administrative law judge, board, or commission
indicating violations of law; and
''(iv) Federal or State felony
indictments.''.
(2) The table of sections at the beginning of such Act is amended
by inserting after the item relating to section 303L the following new
item:

''303M. Contractor requirement for satisfactory record of integrity and
business ethics.''.
(c) Effective Date.--The amendments made by this section shall
apply with respect to contracts for which solicitations are issued
after the date of the enactment of this Act.

Answer: Amends Federal defense contract law and the Federal Property and Administrative Services Act of 1949 to prohibit a contractor from being awarded a defense or Federal contract unless the Federal contracting officer determines that such contractor has a satisfactory record of integrity and business ethics, including compliance with all applicable laws. Outlines information to be considered by a contracting officer in making such determination, with an emphasis on any violations that have been adjudicated during the prior three-year period, as well as certain convictions of and civil judgments rendered against such contractor.

Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Debt Emancipation to Enable
Democracies (DEED) Act of 1999''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) The International Bank for Reconstruction and
Development and the International Monetary Fund (IMF) have
classified 40 countries as heavily indebted poor countries
(HIPC).
(2) According to the Department of the Treasury, as of
August 1998, these countries owe the United States a total of
$6,752,100,000 in concessional, nonconcessional, and guarantee
debt.
(3) 83 percent of these countries are classified by the
United Nations as being in its lowest category of human
development based on life expectancy, literacy, and per capita
national income.
(4) Since the early 1980's, these poor countries have had
increasing difficulty servicing their debt, resulting in the
total amount of money being owed by these countries to external
creditors to increasing from an average of $122,000,000,000 for
the 1983-1985 period to $221,000,000,000 for the 1993-1995
period.
(5) The debt overhang faced by these countries blocks
needed spending for development and discourages productive
investment.
(6) Efforts to promote good governance, accountability,
transparency, and active participation of civil society in
public decision making and discourage corruption are undermined
by diversion of resources to debt service and by the
micromanagement of economic policy by external actors which is
currently part of debt negotiations.
(7) The Jubilee 2000 campaign, an international movement in
over 40 countries supported by many prominent religious leaders
such as Pope John Paul II, is calling for the cancellation of
the external debts of the poorest countries.

SEC. 3. ELIGIBLE COUNTRIES.

In this Act, the term ''eligible country'' means a heavily indebted
poor country, as determined by the International Bank for
Reconstruction and Development and the International Monetary Fund for
purposes of the Heavily Indebted Poor Country (HIPC) Initiative, and
Haiti.

SEC. 4. CANCELLATION OF BILATERAL DEBT OWED TO THE UNITED STATES
GOVERNMENT BY HEAVILY INDEBTED POOR COUNTRIES.

(a) Cancellation of Debt.--
(1) In general.--The President shall cancel all amounts
owed to the United States (or any agency of the United States)
by any eligible country as a result of concessional and
nonconcessional loans made, guarantees issued, or credits
extended under any provision of law.
(2) Requirement to promote democracy.--Paragraph (1) shall
apply only to a country the government of which--
(A) was chosen by and permits free and fair
elections;
(B) promotes civilian control of the military and
security forces and has civilian institutions
controlling the policy, operation, and spending of all
law enforcement and security institutions, as well as
the armed forces;
(C) promotes the rule of law, equality before the
law, and respect for individual and minority rights,
including freedom to speak, publish, associate, and
organize; and
(D) promotes the strengthening of political,
legislative, and civil institutions of democracy, as
well as autonomous institutions to monitor the conduct
of public officials and to combat corruption.
(b) Additional Requirements.--
(1) Cancellation of debt not considered to be assistance.--
A debt cancellation under this section shall not be considered
to be assistance for purposes of any provision of law limiting
assistance to a country.
(2) Inapplicability of certain prohibitions relating to
cancellation of debt.--Debt may be cancelled under this
section, notwithstanding section 620(r) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2370(r)).

SEC. 5. CONDITIONAL BAN ON PROVIDING APPROPRIATED FUNDS TO THE IMF
UNTIL DEBT OWED TO THE IMF BY HEAVILY INDEBTED POOR
COUNTRIES HAS BEEN CANCELED.

None of the funds appropriated in any Act may be obligated or made
available to the International Monetary Fund until the International
Monetary Fund--
(1) has canceled all debts owed to the International
Monetary Fund by any eligible country;
(2) has terminated the Enhanced Structural Adjustment
Facility; and
(3) the Secretary of the Treasury has certified to the
Committee on Banking and Financial Services of the House of
Representatives and the Committee on Foreign Relations of the
Senate that--
(A) the debts referred to in paragraph (1) have
been canceled; and
(B) the International Monetary Fund has ceased
linking loans to any eligible country to the
implementation of structural adjustment policies.

SEC. 6. ACTIVITIES OF OVERSEAS PRIVATE INVESTMENT CORPORATION IN
HEAVILY INDEBTED POOR COUNTRIES CONTINGENT ON USE OF DEBT
RELIEF FOR POVERTY REDUCTION.

(a) In General.--Title IV of chapter 2 of part I of the Foreign
Assistance Act of 1961 (22 U.S.C. 2191 et seq.) is amended by inserting
after section 234A the following:

''SEC. 234B. ACTIVITIES OF CORPORATION IN CERTAIN HEAVILY INDEBTED POOR
COUNTRIES CONTINGENT ON USE OF DEBT RELIEF FOR POVERTY
REDUCTION.

''The Corporation may issue insurance, guaranties, or reinsurance,
make loans, acquire any securities, or carry out any other activity
under section 234, or enter into risk sharing arrangements authorized
by section 234A, for a heavily indebted poor country with respect to
which the United States has provided debt cancellation under section 4
of the Debt Emancipation for Emerging Democracies (DEED) Act of 1999,
or the International Monetary Fund has provided debt cancellation in
accordance with section 5 of such Act, only if the President certifies
to the Congress that the government of such country is using funds
available to the government because of such debt cancellation for
poverty reduction in the country.''.
(b) Effective Date.--Section 234B of the Foreign Assistance Act of
1961, as added by subsection (a), applies with respect to a contract or
other agreement for insurance, guaranties, or reinsurance, loans, the
acquisition of securities, or any other activity authorized under
section 234 of that Act, or for risk sharing arrangements authorized by
section 234A of that Act, entered into on or after the date of the
enactment of this Act.

SEC. 7. NOTIFICATION.

Not less than 30 days after the date of the enactment of this Act,
the Secretary of the Treasury shall provide written notice to each
eligible country that it is the policy of the United States--
(1) to cancel debts owed by the country to the United
States;
(2) to advocate at the International Monetary Fund for the
cancellation of the country's debts;
(3) that the proceeds of such debt cancellation should be
used for poverty reduction; and
(4) to deny funding to such country from the Overseas
Private Investment Corporation if the country does not use the
proceeds of such debt cancellation for poverty reduction.

SEC. 8. ENFORCEMENT.

(a) Private Enforcement.--A citizen of the United States may bring
an action in any United States district court seeking compliance by the
United States, or any department, agency, or officer of the United
States, with any provision of this Act.
(b) Appropriations Limitation.--None of the funds appropriated in
any Act may be obligated or made available to the International
Monetary Fund while any action brought under subsection (a) is pending.
(c) Effects of Finding of Arbitrary Certification by the Secretary
of the Treasury.--If, in an action brought under subsection (a), the
court finally finds that the Secretary of the Treasury acted
arbitrarily in making a certification required by this Act--
(1) the court shall award the plaintiff $100, plus
reasonable attorneys' fees and court costs; and
(2) no funds appropriated in any Act may be obligated or
made available to the International Monetary Fund until the
court subsequently finds that the Secretary has replaced the
arbitrarily made certification with a certification that is not
made arbitrarily.

Answer:
(Sec. 4) Provides that cancellation of debt shall not be considered assistance for purposes of any law limiting assistance to a country.
(Sec. 5) Prohibits funds appropriated in this Act from being made available to the International Monetary Fund (IMF) until it: (1) has canceled all debts owed to the IMF by an eligible HIPC and Haiti; (2) has terminated the Enhanced Structural Adjustment Facility; and (3) the Secretary of the Treasury has certified to specified congressional committees that such debts have been canceled, and the IMF has ceased linking loans to an eligible HIPC and Haiti to implementation of structural adjustment policies.
(Sec. 6) Amends the Foreign Assistance Act of 1961 to authorize the Overseas Private Investment Corporation (OPIC) to issue insurance, guaranties, or reinsurance, make loans, acquire securities, or enter into risk sharing arrangements for an eligible HIPC and Haiti with respect to which the United States and the IMF have provided debt cancellation under this Act, only if the President certifies to Congress that the government of such country is using funds available because of such debt cancellation for poverty reduction in the country.
(Sec. 7) Sets forth certain notification requirements with respect to each eligible HIPC and Haiti.
(Sec. 8) Authorizes a U.S. citizen to bring an action in any U.S. district court seeking compliance by the United States with the requirements of this Act.