Chapter 15. To authorize the settlement of the indebtedness of the Republic of Poland to the United States of America, and for other purposes
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CHAP. 15.— An Act To authorize the settlement of the indebtedness of the Republic of Poland to the United States of America, and for other purposes. December 22, 1924.[[H. R. 10651](/us/bill/68/hr/10651).][[Public, No. 299](/us/68/pl/299).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Poland.Settlement of Its World War indebtedness approved.Vol. 42, p. 363. That the settlement of the indebtedness of the Republic of Poland to the United States of America made by the World War Foreign Debt Commission and approved by the President upon the terms and conditions as set forth in Senate Document Numbered 169, Sixty-eighth Congress, second session, is hereby approved in general terms as follows:
Amount of indebtedness.The amount of the indebtedness to be funded, after allowing for cash payment made by Poland, is $178,560,000, which has been Funding of principal and interest into bonds.computed as follows: Principal amount of obligations to be funded, $159,666,972.39; interest accrued and unpaid thereon to December 15, 1922, at the rate of 4¼ per centum per annum,$18,898,053.60; total principal and interest accrued and unpaid as of December 15, 1922, $178,565,025.99; paid in cash by Poland November 14, 1924, $5,025.99; total indebtedness to be funded into bonds, $178,560,000.
Principal payable in installments.The principal of the bonds shall be paid in annual installments on December 15 of each year up to and including December 15, 1984,721on a fixed schedule, subject to the right of the Government of the Republic of Poland to make such payments in three-year periods. The amount of the first year’s installment shall be $560,000, the annual installments to increase until the sixty-second year the amount of the final installment will be $9,000,000, the aggregate installments being equal to the total principal of the indebtedness to be funded into bonds.
The Government of the Republic of Poland shall have the rightPrior payments allowed. to pay off additional amounts of the principal of the bonds on any interest date upon ninety days’ advance notice. Interest on the bonds shall be payable semiannually on DecemberInterest rates. 15 and June 15 of each year at the rate of 3 per centum per annum from December 15, 1922, to December 15, 1932, and thereafter at the rate of 3½ per centum per annum until final payment. The Government of the Republic of Poland shall have the optionOptional payments to December 15, 1929. with reference to payments on account of principal and interest falling due on or before December 15, 1929, under the terms of the agreement, to make the following payments on the dates specified.
June 15, 1925, $500,000: December 15, 1925, $500,000; June 15,Amounts. 1926, $750,000; December 15, 1926, $750,000; June 15, 1927, $1,000,000; December 15, 1927, $1,000,000; June 15, 1928, $1,250,000; December 15, 1928, $1,250,000; June 15, 1929, $1,500,000; December 15, 1929, $1,500,000; total. $10,000,000, and to pay the balance, includingAcceptance of bonds for balance. interest on all overdue payments at the rate of 3 per centum per annum, in bonds of Poland, dated December 15, 1929, bearing interest at the rate of 3 per centum per annum from December 15, 1929, to December 15, 1932, and thereafter at the rate of 3½ per centum per annum, such bonds to mature serially on December 15 of each year up to and including December 15, 1984, substantially in the same manner and to be substantially the same in other respects as the bonds of Poland received at the time of the funding of the indebtedness.
Any payment of interest or of principal may be made, atPayments may be made in United States bonds. the option of the Government of the Republic of Poland, in any United States Government obligations issued after April 6, 1917, such obligations to be taken at par and accrued interest. Approved, December 22, 1924.