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22 U.S.C. § 286mAmount of loan; public-debt transaction; disposition of interest payments

submitted 80 years ago by ch. 577 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 126 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Treasury Secretary can use up to $3.75 billion from securities issued after July 15, 1946, as a public-debt transaction to fund the 1945 British loan. Payments to and from the United Kingdom under this loan count as public-debt transactions. Interest the U.S. receives goes into the Treasury as miscellaneous receipts.

To carry out the December 6, 1945 loan agreement between the United States and the United Kingdom, the Secretary of the Treasury is authorized to use up to $3,750,000,000 as a public-debt transaction. This money comes from the proceeds of securities issued after July 15, 1946 under chapter 31 of title 31, and the purposes for which those securities can be issued are extended to cover this loan. Payments made to the United Kingdom under this section and section 286l — and repayments of those payments — count as public-debt transactions of the United States. Interest payments the United States receives under the agreement go into the Treasury as miscellaneous receipts.
the actual law source: uscode.house.gov ↗public domain

For the purpose of carrying out the agreement dated December 6, 1945, between the United States and the United Kingdom, the Secretary of the Treasury is authorized to use as a public-debt transaction not to exceed $3,750,000,000 of the proceeds of any securities issued after July 15, 1946, under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include such purpose. Payments to the United Kingdom under this section and section 286l of this title and pursuant to the agreement and repayments thereof shall be treated as public-debt transactions of the United States. Payments of interest to the United States under the agreement shall be covered into the Treasury as miscellaneous receipts.

Source credit: (July 15, 1946, ch. 577, § 2, 60 Stat. 535.)

history & why it existsrecord from the source credit
  • 1946Enacted · Act of July 15, 1946, ch. 577 · 60 Stat. 535

A history note hasn’t been published yet. The record shows enactment by ch. 577 on 1946-07-15.

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