7 U.S.C. § 1738e — Interest of new obligations
submitted 72 years ago by Pub. L. 101-624 to r/title-7-AGRICULTURE · 283 words · no verdicts yet
New obligations to eligible countries carry a concessional interest rate. Depending on whether an environmental agreement exists, interest is paid in United States dollars or may be paid in local currency into an Environmental Fund.
(a) Interest rate.—A new obligation issued to an eligible country under section 1738c must carry a concessional interest rate.
(b) Currency and deposits.—(1) If the country has not entered into an agreement under section 1738f, it must pay interest in United States dollars, deposited in Commodity Credit Corporation accounts. (2) If it has entered into such an agreement, it may pay interest in its local currency into an Environmental Fund as section 1738g provides. The interest remains the country’s property until disbursed under section 1738g. The local currency must be used for the purposes stated in the section 1738f agreement.
(c) Earlier interest.—If the country enters the agreement after interest first becomes due, interest paid before the agreement must not be redeposited into that country’s Fund; it must go into Commodity Credit Corporation accounts.
New obligations issued to an eligible country under section 1738c of this title shall bear interest at a concessional rate.
An eligible country to which a new obligation has been issued under section 1738c of this title that has not entered into an agreement under section 1738f of this title, shall be required to pay interest on such obligation in United States dollars which shall be deposited in Commodity Credit Corporation accounts.
If an eligible country to which a new obligation has been issued under section 1738c of this title has entered into an agreement under section 1738f of this title, interest under such obligation may be paid in the local currency of the eligible country and deposited into an Environmental Fund as provided for in section 1738g of this title. Such interest shall be the property of the eligible country until such time as it is disbursed under section 1738g of this title. Such local currencies shall be used for the purposes specified in the agreement entered into under section 1738f of this title.
If an eligible country to which a new obligation has been issued under section 1738c of this title enters into an agreement under section 1738f of this title subsequent to the date on which interest first becomes due on such new obligation, any interest paid on such new obligation prior to such agreement being entered into shall not be redeposited into the Fund established for the eligible country under section 1738g(a) of this title but shall be deposited into Commodity Credit Corporation accounts.
Source credit: (July 10, 1954, ch. 469, title VI, § 606, as added Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3659; amended Pub. L. 102–237, title III, § 304, Dec. 13, 1991, 105 Stat. 1855.)
- 1954Enacted · Pub. L. 101-624 · 104 Stat. 3659
- 1991Amended · Pub. L. 102-237 · 105 Stat. 1855
A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-624 on 1954-07-10.
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