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B-183290 1 (1975-08-21)

handle is hein.gao/gaobadcnr0001 and id is 1 raw text is: DE=CISION r Ar~ FILE: MATTER [DIGEST: y-. B-183290 0 F: THE COMPTRCI..LEP GENERAL OF THE UNITED STATES WAASHINGTON, [D.C. 20548 901 [DATE: AUG 2 11975 Retroactive Application of Statutory R.eduction of ipar*&xMnt of Defense 'Ies~rve for Israeli Notea under ForeignL 1,1litary Sales Act. In absence of clear Congressiotm2. intent to contrary, an4 in vieur of strict rules~ of statutory construction concerning retroactive application of: laws, require- ment of section 45 of the Forai±= Assistance ,ct of 1974, that resarve for paym~ent of claims tmder guararnt'cz of 1lr~te1i Notes be reducedZ from. 250' of Prin 'A.--al MaQunt to 10A', applies only to funds o014iated to reserve after Junie 30, 1974. reserve fuzdsq in excess of 10% obligated before July 1, 1974, wb-.icl; varc rcuntiy dbit by D 'D are roquired to b12 ratraiLrred to 2DOD's vkuaraty reccrve. is± decliG11 13t~.cctcr fTefemso is :-ade in rsos to Lli.c request cf 06c 2.a% firz Of L 6cvoise, P2.izqpton, Lyons, & Gates for 0our opiriian concernirig the propur iuitce;rctatio of section 24(c) a!. tiza ! orc4 i-iiiiza Salt! Act 0 221 L.S.C. ~ 7~ (),:: ~ 'dby sactic:_ 45 o;` Liu -roreiin Assistmzce ;Aci: of 197K4. T11a fir an s;ecial Coun-ici 1: 6w), purci>laerq cf h Gov-am ut cf lr al' -ite LL JU Ve 30, IJ74, ~ciia~ ro3quc~sts a ruli-: _11roa thia utficc ntitle aern~t 01id I'ot req~uire deoltliz,:io-n of fud oitAto t i: aarve prior to teJuly 1, 1974, fifeCti~e d-l~ 0~ Lh iedmt-nt n dfL t-t thle funds for the vri~od iweiore July 1, 137.4, which vere racentiy deobli,-ated by t~ke Jepart=cnt of ieienie (IXJ )) saU be retra&,.- ferred to the recsarve. 'JThe Isrc-li 'Jotes were Suaranteeci i~n an aggregrte principal amount not ercw~dinG Y'300 raillio-a on itite 3, 1974, by the United6 ltatas, actiar throu-h the Dtfanse Sccuriiy Assistance d~igecy of the Il-partment of Defease, purstuant to sctioa 24(a) of the Toreign MZitary Sales Act of 1968, Pub. L. . 90-$ 29, 62 Stat. 1320, 1324, 2-2 U.S.C. Pi 2764(a), as aretded. Section 24(c) of that Act, 22 U.S.C. S 2764(c), effective on July 1., 19G8, provided for obligation of funds equal to 25 percent of the contractual Liabi.ity related to any guarantee issued under aection 24 to a sn1ereserve for the payment. of claims under such guaranties. In accordance with the 25 percent requirez.eat, $75 =illiti was placed in the tuaranty reserve.

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