The Foreign Assistance Act of 1961, referred to in subsec. (g)(1), is Pub. L. 87–195, Sept. 4, 1961, 75 Stat. 424, as amended, which is classified principally to chapter 32 (§ 2151 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2151 of this title and Tables.

1996—Subsecs. (f) to (g). Pub. L. 104–164 added subsecs. (f) to (g).

1990—Subsec. (e). Pub. L. 101–513 added subsec. (e).

1987—Subsec. (a). Pub. L. 100–202 inserted sentence at end authorizing financing to Israel and Egypt for commercial leasing of defense articles, not including Major Defense Equipment, with exception for certain aircraft, upon a Presidential determination that there are compelling foreign policy or national defense reasons for such leasing.

1985—Pub. L. 99–83 amended section generally. Prior to amendment, section read as follows: “The President is authorized to finance procurements of defense articles, defense services, and design and construction services by friendly foreign countries and international organizations on terms requiring the payment to the United States Government in United States dollars of—

“(1) the value of such articles or services within a period not to exceed twelve years after the delivery of such articles or the rendering of such services; and

“(2) interest on the unpaid balance of that obligation for payment of the value of such articles or services, at a rate equivalent to the current average interest rate, as of the last day of the month preceding the financing of such procurement, that the United States Government pays on outstanding marketable obligations of comparable maturity, unless the President certifies to Congress that the national interest requires a lesser rate of interest and states in the certification the lesser rate so required and the justification therefor.”

1980—Pub. L. 96–533 substituted “defense articles, defense services, and design and construction services” for “defense articles and defense services”.

1976—Par. (1). Pub. L. 94–329 substituted “twelve years” for “ten years”.

1974—Pub. L. 93–559 incorporated existing provisions in cl. (1) and added cl. (2).

Amendment by Pub. L. 99–83 effective Oct. 1, 1985, see section 1301 of Pub. L. 99–83, set out as a note under section 2151–1 of this title.

Section 208(b) of Pub. L. 94–329 provided that: “The amendment made by subsection (a) [amending this section] shall apply with respect to financing under agreements entered into on or after the date of enactment of this Act [June 30, 1976] for the procurement of defense articles to be delivered, or defense services to be rendered, after such date.”

Functions of President under this section and section 580 of Pub. L. 100–461, see Similar Provisions note below, except those functions relating to determinations of a rate of interest which is less than the market rate, delegated to Secretary of Defense, to be exercised in consultation with Secretary of State and Secretary of the Treasury, by section 1(e) of Ex. Ord. No. 11958, Jan. 18, 1977, 42 F.R. 4311, as amended, set out as a note under section 2751 of this title.

Provisions similar to those in last sentence of subsec. (a) of this section which were applicable to NATO and major non-NATO allies in addition to Israel and Egypt were contained in the following appropriation acts and were not repeated in subsequent appropriation acts:

Pub. L. 106–113, div. B, § 1000(a)(2) [title V, § 528], Nov. 29, 1999, 113 Stat. 1535, 1501A–90.

Pub. L. 105–277, div. A, § 101(d) [title V, § 529], Oct. 21, 1998, 112 Stat. 2681–150, 2681–178.

Pub. L. 105–118, title V, § 528, Nov. 26, 1997, 111 Stat. 2413.

Pub. L. 104–208, div. A, title I, § 101(c) [title V, § 528], Sept. 30, 1996, 110 Stat. 3009–121, 3009–149.

Pub. L. 104–107, title V, § 528, Feb. 12, 1996, 110 Stat. 730.

Pub. L. 103–306, title V, § 530, Aug. 23, 1994, 108 Stat. 1635.

Pub. L. 103–87, title V, § 530, Sept. 30, 1993, 107 Stat. 954.

Pub. L. 102–391, title V, § 558, Oct. 6, 1992, 106 Stat. 1676.

Pub. L. 101–513, title V, § 561, Nov. 5, 1990, 104 Stat. 2026.

Pub. L. 101–167, title V, § 571, Nov. 21, 1989, 103 Stat. 1245.

Pub. L. 100–461, title V, § 580, Oct. 1, 1988, 102 Stat. 2268–48.