22 USC 283z-5 - Capital increase; increase in resources of Fund for Special Operations

U.S Code last checked for updates: Nov 22, 2024

§ 283z–5.

Capital increase; increase in resources of Fund for Special Operations

(a)

Authority to vote for, and to subscribe and contribute to, increase in authorized capital stock of Bank and increase in resources of Fund for Special Operations

(1)

Vote authorized

The United States Governor of the Bank is authorized to vote for resolutions which—

(A)

were transmitted by the Board of Executive Directors to the Governors of the Bank by resolution of April 19, 1989;

(B)

are pending before the Board of Governors of the Bank; and

(C)

provide for—

(i)

an increase in the authorized capital stock of the Bank and subscriptions to the Bank; and

(ii)

an increase in the resources of the Fund for Special Operations and contributions to the Fund.

(2)

Subscription and contribution authority

To the extent and in the amounts provided in advance in appropriations Acts, on adoption of the resolutions described in paragraph (1), the United States Governor of the Bank may, on behalf of the United States—

(A)

subscribe to 760,112 shares of the increase in the authorized capital stock of the Bank; and

(B)

contribute $82,304,000 to the Fund for Special Operations.

(b)

Limitation on authorization of appropriations

To pay for the subscription and contribution authorized under subsection (a), there are authorized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury—

(1)

$9,169,559,712, for the United States subscription to the capital stock of the Bank; and

(2)

$82,304,000, for the United States contribution to the Fund for Special Operations.

(c)

Organizational changes required to be made before payment for subscription to capital stock and contribution to Fund for Special Operations

The Secretary of the Treasury may not make any payment for the subscription and contribution authorized under subsection (a) unless the Bank—

(1)

has established an environmental unit with responsibility for the development, evaluation, and integration of Bank policies, projects, and programs designed to promote environmentally sustainable development in borrower countries;

(2)

has increased the number of the staff of the Bank with environmentally oriented responsibilities and training;

(3)

provides for an increase in the number of environmentally beneficial projects and programs financed by the Bank; and

(4)

has designed a process for ensuring the access of indigenous non-governmental organizations to the process for designing projects and programs.

(d)

Certification of access to Bank records required before payment for subscription to capital stock and contribution to Fund for Special Operations

The Secretary of the Treasury shall not make any payment for the subscription and contribution authorized under subsection (a) until the Secretary, after consultation with the United States Executive Director of the Bank, certifies to the Congress that—

(1)

the Bank has given the Comptroller General of the United States access to the audit memorandum issued by the Auditor General of the Bank with respect to the November 1987 disbursement of funds to the Government of Nicaragua;

(2)

the Bank has implemented and is continuing to implement revised procedures issued in 1988 for collecting loan services payments in arrears;

(3)

the revised procedures referred to in paragraph (2) satisfy the recommendations of the Auditor General of the Bank; and

(4)

the Comptroller General of the United States has access to all documents of the Bank on the same terms and under the same conditions as such documents are made available to the United States Executive Director of the Bank.

(Pub. L. 86–147, § 33, as added Pub. L. 101–240, title II, § 201, Dec. 19, 1989, 103 Stat. 2496.)

cite as: 22 USC 283z-5