
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 48USC1960]

 
              TITLE 48--TERRITORIES AND INSULAR POSSESSIONS
 
           CHAPTER 18--MICRONESIA, MARSHALL ISLANDS, AND PALAU
 
                          SUBCHAPTER II--PALAU
 
                    Part B--Implementation of Compact
 
Sec. 1960. Modification of energy assistance funding


(a) Fulfillment of United States obligations

    The President is authorized to negotiate and conclude an agreement, 
including the obligation of United States funds, with the Government of 
Palau which shall provide the following:
        (1) The sum of $28,000,000, adjusted by section 215 of the 
    Compact at the time of its availability to Palau, shall be provided 
    to Palau pursuant to section 211(b) of the Compact and upon entry 
    into force of the Compact.
        (2) Palau shall pay to the United States, on or before the 15th 
    anniversary of the effective date of the Compact, an amount equal to 
    the net economic cost to the United States of making available the 
    section 211(b) funds in the manner specified in this subsection 
    rather than as provided in section 211(b).
        (3) Such economic cost shall reflect the time value of money and 
    be determined using the rate determined for an equivalent loan by 
    the Federal Financing Bank as of the date these funds are advanced, 
    and using an inflation rate consistent with the determinations made 
    under the provisions of section 215 of the Compact.
        (4) If the Government of Palau has not paid such net economic 
    costs to the United States by the 15th anniversary of the effective 
    date of the Compact, then the United States shall be automatically 
    paid such sums from the fund established under section 211(f) of the 
    Compact.
        (5) The provision of section 211(b) funds, as appropriated by 
    Public Law 99-349 and pursuant to this subsection, shall be in 
    fulfillment of all United States obligations under such section 
    211(b) of the Compact and shall be subject to section 236 of the 
    Compact.

(b) Adjustment and payment

    Subject to the provisions of subsection (a) of this section and upon 
the request of the Government of Palau, the sum of $28 million 
appropriated by Public Law 99-349 to fulfill the obligations of the 
United States under section 211(b) of the Compact (approved in Public 
Law 99-658), adjusted by section 215 of such Compact, shall be provided 
to Palau upon entry into force of the Compact.

(c) Availability of appropriation account

    Funding provided in Public Law 101-121 under the ``Trust Territory 
of the Pacific Islands'' appropriation account shall remain available 
until expended.

(Pub. L. 101-219, title I, Sec. 111, Dec. 12, 1989, 103 Stat. 1873.)

                       References in Text

    The Compact, referred to in subsecs. (a) and (b), is the Compact of 
Free Association between the United States and the Government of Palau, 
which is contained in section 201 of Pub. L. 99-658, set out as a note 
under section 1931 of this title.
    For Oct. 1, 1994, as the date the Compact of Free Association with 
Palau entered into full force and effect, referred to in subsecs. 
(a)(1), (2), (4) and (b), see Proc. No. 6726, Sept. 27, 1994, 59 F.R. 
49777, set out as a note under section 1931 of this title.
    Public Law 99-349, referred to in subsecs. (a)(5) and (b), is Pub. 
L. 99-349, July 2, 1986, 100 Stat. 710, as amended. For complete 
classification of this Act to the Code, see Tables.
    Public Law 99-658, referred to in subsec. (b), is Pub. L. 99-658, 
Nov. 14, 1986, 100 Stat. 3672, as amended, which is classified generally 
to part A of this subchapter. For complete classification of this Act to 
the Code, see Tables.
    Public Law 101-121, referred to in subsec. (c), is Pub. L. 101-121, 
Oct. 23, 1989, 103 Stat. 701, as amended. Provisions relating to the 
Trust Territory of the Pacific Islands appear at 103 Stat. 717. For 
complete classification of this Act to the Code, see Tables.

                          Codification

    Section was formerly set out as a note under section 1681 of this 
title.
