International Security Assistance Act

International Security Assistance Act - Amends the Foreign Assistance Act of 1961 to authorize the appropriation of $34,000,000 for fiscal year 1977 for international narcotics control. Authorizes the appropriation of $209,000,000 for military assistance under such Act for fiscal year 1977. Limits such military assistance to the Republic of Korea to $8,300,000; to Thailand to $20,000,000; to Jordan to $70,000,000; to the Philippines to $19,600,000; to Indonesia to $19,400,000; to Ethiopia to $11,700,000; to Greece to $33,000,000; and to Turkey to $50,000,000. Limits the amount of such assistance which may be obligated to international organizations to $3,700,000. Reduces to 12 the number of countries which may receive military assistance. Prohibits transfer between accounts or use of certain special Presidential authority to increase the amount of such assistance.

Amends the Foreign Assistance Act of 1961 to prohibit the reservation of any defense article for use by a foreign country unless such transfer has been specifically authorized by legislation. Directs that the value of such reserved articles stockpiled in foreign countries may not exceed an amount greater than is specified in security assistance authorizing legislation for that year. Limits the value of such stockpiles for fiscal year 1977 to $125,000,000, and limits the location of such foreign stockpiles to United States military bases and NATO countries.

Amends the Foreign Assistance Act of 1961 to authorize the appropriation for fiscal year 1977 of $1,801,500,000 for security supporting assistance.

Amends the Foreign Assistance Act of 1961 to authorize the appropriation for fiscal year 1977 of $30,200,000 for international military education and training.

Amends the Foreign Assistance Act of 1961 to authorize the appropriation for fiscal year 1977 of $35,000,000 for the Presidential Special Requirements Fund for assistance to the Middle East. Authorizes the President to issue guarantees for housing projects in Lebanon.

Amends the Foreign Military Sales Act to authorize the appropriation for fiscal year 1977 of $840,000,000 for foreign military sales credits. Limits the agrregate total of such credits for fiscal year 1977 to $2,059,600,000. Exempts Israel from limitations regarding extension of such credits. Authorizes the President to release Israel from one-half of its liability to repay the United States for defense articles and services financed with such credits. Limits to $100,000,000 the aggregate acquisition cost of specified excess defense articles (exclusive of ships) ordered by the President for delivery to foreign countries or international organizations. Authorizes the appropriation for fiscal year 1978 of such sums as may be necessary to carry out the purposes of this Act.

Amends the Foreign Assistance Act of 1961 to authorize the appropriation for fiscal year 1977 of $10,000,000 for emergency disaster relief. Extends exemptions from limitations upon foreign military assistance grants to countries capable of sustaining their own defense burdens. Repeals limitations with respect to military forces in Cyprus, upon the extension of such assistance to Turkey.