military sales authorization

military sales authorization Sec. 210. (a) Section 31(a) of the Foreign Military Sales Act is amended by striking out “not to exceed $405,000,000 for the fiscal year 1975” and inserting in lien thereof “not to exceed $1,039,000,000 for the fiscal year 1976 and not to exceed $740,000,000 for the fiscal year 1977”. (b) Section 31(b) of such Act is amended to read as follows: “(b) The aggregate total of credits, or participations in credits, extended pursuant to this Act and of the, principal amount of loans guaranteed pursuant to section 24(a) shall not exceed $2,374,700,000 for the fiscal year 1976, of which not less than $1,500,000,000 shall be available only for Israel, and shall not exceed $2,022,100,000 for the fiscal year 1977, of which not less than $1,000,000,000 shall be available only for Israel.”. (c) (1) Section 31 of such Act is further amended by adding at the end thereof the following new subsections: “(c) Funds made, available for the fiscal years 1976 and 1977 under subsection (a) of this section shall be obligated to finance the procurement of defense articles and defense services by Israel on a long-term repayment basis either by the extension of credits, without regard to the limitations contained in section 23, or by the issuance of guaranties under section 24. Repayment shall be hi not less than twenty years, following a grace period of ten years on repayment of principal. Israel shall be released from one-half of its contractual liability to repay the United States Government with respect to defense articles and defense services so financed for each such year. “(d) The aggregate acquisition cost, to the United States of excess defense articles ordered by the President in any fiscal year after fiscal year 1976 for delivery to foreign countries or international organizations under the authority of chapter 2 of part II of the Foreign Assistance Act of 1961 or pursuant to sales under this Act may not exceed $100,000,000 (exclusive of ships and their on-board stores and supplies transferred in accordance with law).”. (2) Subsections (a), (b), (c), and (e) of section 8 of the Act entitled “An Act to amend the Foreign Military Sales Act and for other purposes”, approved January 12, 1971 (Public Law 91–672; 84 Stat. 2053), are repealed effective July 1, 1976. All funds in the suspense account referred to in subsection (a) of such section on July 1, 1976, shall be transferred to the general fund of the Treasury.