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PUBLIC LAW 94-564-OCT. 19, 1976Public Law 94-56494th Congress An Act

Oct. 19 , 1976 To provide for amendment of the Bretton Woods Agreements Act, and for other[H.R. 13955] purposes.

Bretton WoodsAgreements Act,amendments.22 USC 286e-5.60 Stat. 1401.

22 USC 286e-le.

22 USC 286e-6.

Be it enacted by the Senate and House of Representatives of theUnited States of America in Congress assembled, That the BrettonWoods Agreements Act (22 U.S.C. 286-286k-2) is amended by addingat the end thereof the following new sections:"SEc. 24. The United States Governor of the Fund is authorized toaccept the amendments to the Articles of Agreement of the Fundapproved in resolution numbered 31-4 of the Board of Governors ofthe Fund."SEc. 25. The United States Governor of the Fund is authorized toconsent to an increase in the quota of the United States in the Fundequivalent to 1,705 million Special Drawing Rights."SEc. 26. The United States Governor of the Fund is directed tovote against the establishment of a Council authorized under Article

XII, Section 1 of the Fund Articles of Agreement as amended, ifunder any circumstances the United States' vote in the Council wouldbe less than its weighted vote in the Fund.".SEC. 2. Section 3 of the Bretton Woods Agreements Act (22 U.S.C.286a) shall be amended as follows:(1) section 3(c) shall be amended to read as follows:

"(c) Should the provisions of Schedule D of the Articles of Agree-ment of the Fund apply, the Governor of the Fund shall also serveas councillor, shall designate an alternate for the councillor, and maydesignate associates.";

(2) a new section 3(d) shall be added to read as follows:(d) No person shall be entitled to receive any salary or other coin-pensat ion fromh the United States for services as a Governor, executivedirector, councillor, alternate, or associate.".

SEC. 3. The first sentence of section 5 of the Bretton Woods Agree-inents Act (22 U.S.C. 286c) is amended to read as follows: "UnlessCongress by law authorizes such action, neither the President norany person or agency shall on behalf of the United States (a) requestor consent to any change in the quota of the United States underarticle III, section 2(a), of the Articles of Agreement of the Fund;(b ) propose a par value for the United States dollar under paragraph2, paragraph 4, or paragraph 10 of schedule C of the Articles of Agree-Ment of the Fund; (c) propose any change in the par value of theUnited States dollar under paragraph 6 of schedule C of the Articlesof Agreement of the Fund, or approve any general change in parvalues under paragraph 11 of schedule C; (d) subscribe to additionalshares of stock under article II, section 3, of the Articles of Agree-ment of the Bank; (e) accept any amendment under article XXVIIIof the Articles of Agreement of the Fund or article VIII of theArticles of Agreement of the Bank; (f) make any loan to the Fund orthe Bank; (g) approve the establishment of any additional trust fund,for the special benefit of a single member, or of a particular segmentof the membership, of the Fund.".

90 STAT. 2660

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PUBLIC LAW 94-564-OCT. 19, 1976SEc. 4. The first sentence of section 17(a) of the Bretton WoodsAgreements Act ('22 U.S.C. 286e-2(a)) is amended to read as fol-lows: "In order to carry out the purposes of the decision of January 5,1962, of the Executive Directors of the International Monetary Fund,the Secretary of the Treasury is authorized to make loans, not toexceed $2,000,000,000 outstanding at any one time, to the Fund underarticle VII, section 1 (i), of the Articles of Agreement of the Fund.". 60 Stat. 1401.SEC. 5. The Special Drawing Rights Act (22 U.S.C. 286n-r) is 22 USC 286o.amended by:(1) deleting "article XXIV" in section 3(a) and inserting inlieu thereof "article XVIII";(2) deleting "article XXVI, article XXX, and article XXXI"in section 3 (b), wherever it appears, and inserting in lieu thereof"article XX, article XXIV, and article XXV";(3) deleting "article XXIV" in section 6 and inserting in lieu 22 USC 286q.thereof "article XVIII";(4) deleting "article XXVII (b)" in section 7 and inserting ill22 USC 286r.lieu thereof "article XXI (b) ".SEaC. 6. Section 2 of the Par Value Modification Act (31 U.S.C. 449) Repeal.is hereby repealed. 31 USC 449.SEC. 7. Section 10(a) of the Gold Reserve Act of 1934 (31 U.S.C.822a(a) ) is amended to read as follows:"Sac. 10. (a) The Secretary of the Treasury, with the approval ofthe President, directly or through such agencies as he may designate,is authorized, for the account of the fund established in this section,to deal in gold and foreign exchange and such other instruments ofcredit and securities as he may deem necessary to and consistent withthe United States obligations in the International Monetary Fund.The Secretary of the Treasury shall annually make a report on theoperations of the fund to the President and to the Congress.".SEC. 8. Section 14(c) of the Gold Reserve Act of 1934 (31 U.S.C.405b) is amended to read as follows: "The Secretary of the Treasuryis authorized to issue gold certificates in such form and in such denom-inations as he may determine, against any gold held by the UnitedStates Treasury. The amount of gold certificates issued and outstand-ing shall at no time exceed the value, at the legal standard providedin section 2 of the Par Value Modification Act (31 U.S.C. 449) on thedate of enactment of this amendment, of the gold so held against goldcertificates.".SEC. 9. The amendments made by sections 2, 3, 4, 5, 6, and 7 of this 22 USC 286aAct shall become effective upon entry into force of the amendments note.to the Articles of Agreement of the International Monetary Fundapproved in Resolution Numbered 31-4 of the Board of Governorsof the Fund.Approved October 19, 1976.

LEGISLATIVE HISTORY:HOUSE REPORT No. 94-1284 (Comm. on Banking, Currency, and Housing).SENATE REPORTS: No. 94-1148 (Comm. on Foreign Relations) and No. 94-1295(Comm. on Banking, Housing and Urban Affairs).CONGRESSIONAL RECORD, Vol. 122 (1976):June 22, July 27, considered and passed House.Oct. 1, considered and passed Senate.WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 12, No. 43:Oct. 21, Presidential statement.

90 STAT. 2661

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PUBLIC LAW 94-565-OCr. 20, 1976Public Law 94-56594th Congress

Oct. 20, 1976 To provide for certain payments to be made to local governments by the Secre-[H.R. 9719] tary of the Interior based upon the amount of certain public lands within the

boundaries of such locality.Local governmentunits.Public lands,payments.31 USC 1601.

Amounts,determination.31USC 1602.

Be it enacted by the Senate and House of Representatives of theUnited States of America in Congress assembled, That effective forfiscal years beginning on and after October 1, 1976, the Secretary isauthorized and directed to make payments on a fiscal year basis to eachunit of local government in which entitlement lands (as defined insection 6) are located. Such payments may be used by such unit for anygovernmental purpose. The amount of such payments shall be com-puted as provided in section 2.SEC. 2. (a) The amount of any payment made for any fiscal year toa unit of local government under section 1 shall be equal to the greaterof the following amounts-(1) 75 cents for each acre of entitlement land located withinthe boundaries of such unit of local government (but not in excessof the population limitation determined under subsection (b)),reduced (but not below 0) by the aggregate amount of payments,if any, received by such unit of local government during the pre-ceding fiscal year under all of the provisions specified in section4, or(2) 10 cents for each acre of entitlement land located within theboundaries of such unit of local government (but not in excess ofthe population limitation determined under subsection (b)).In the case of any payment under a provision specified in section 4which is received by a State, the Governor (or his delegate) shall sub-mit to the Secretary a statement respecting the amount of such pay-ment which is transferred to each unit of local government within theState.

(b) (1) In the case of any unit of local government having a popu-lation of less than five thousand, the population limitation applicableto such unit of local government shall not exceed an amount equal to$50 multiplied by the population within the jurisdiction of such unitof local government.(2) In the case of any unit of local government having a populationof five thousand or more, the population limitation applicable to suchunit of local government shall not exceed the amount computed underthe following table (using a population figure rounded off to the near-est thousand):Payment shall not exceed theIf population amount computed by multiply-equals- ing such population by-5,000 ----------------------------------------------------- $50. 006,000 ------------------------------------------------------ 47.007,000 ------------------------------------------------------ 44.008,000 ------------------------------------------------------ 41. 009,000 . . . . ..----------------------------------------------------38.0010,000 ----------------------------------------------------- 35.0011,000 -------------------------------------------------------- 34.0012,000 ------------------------------------------------------- 33 . 0013,000 ----------------------------------------------------- 32. 00

An Act

90 $TAT. 2662

HeinOnline -- 90 Stat. 2662 1976