Chapter 52. To authorize the settlement of the indebtedness of the Republic of Finland to the United States of America
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CHAP. 52.— An Act To authorize the settlement of the indebtedness of the Republic of Finland to the United States of America. March 12, 1924.[[H. R. 5557](/us/bill/68/hr/5557).][[Public, No. 41](/us/pl/68/41).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Finland.Settlement of its World War indebtedness approved.Vol. 42, p. 363. That the settlement of the indebtedness of the Republic of Finland to the United States of America, made by the World War Foreign Debt Commission and approved by the President, upon the following terms is hereby approved and authorized:
Funding of principal and interest into bonds.Principal amount of obligations to be funded, $8,281,926.17; interest accrued thereon to December 15, 1922, at the rate of 4¼ per centum per annum, $1,027,389.10, less payment in cash made by Finland March 8, 1923, on account of interest, $300,000, leaving a balance of $727,389.10; total principal and interest accrued and unpaid as of December 15, 1922. $9,009,315.27; less payment in cash made by Finland on May 1, 1923, $9,315.27. Total indebtedness to be funded into bonds, $9,000,000.
Principal payable in installments.The principal of the bonds shall be paid in annual installments on the 15th day of each December, up to and including December 15, 1984, on a fixed schedule, subject to the right of the Government of Finland to make these payments in three-year periods; the amount of the first year’s installment shall be $45,000, the annual installments to increase with due regularity until, in the sixty-second year, the amount of the installment will be $345,000, the aggregate installments being equal to the total principal of the debt.
Prior payments allowed.The Government of Finland shall have the right to pay off additional amounts of the principal of the bonds on any interest date upon ninety days’ notice. Interest rates.Interest shall be payable upon the unpaid balances at the following rates on December 15 and June 15 of each year: At the rate of 3 per centum per annum, payable semiannually, from December 15, 1922, to December 15, 1932, and thereafter at the rate of 3½ per centum per annum, payable semiannually, until final payment.
Acceptance of additional bonds for accrued interest.The Government of Finland shall have the right to pay up to one-half of any interest accruing between December 15, 1922, and December 15, 1927, on the $9,000,000, principal amount of bonds first to be issued, in bonds of Finland dated as of the respective dates when the interest to be paid thereby becomes due, payable as to principal on the 15th day of December in each succeeding year, up to and including December 15, 1984, on a fixed schedule, in annual installments, increasing with due regularity in proportion to, and in the manner provided for, the payments to be made on account of principal of the original issue of bonds, and bearing the same rates of interest and being similar in other respects to such original issue of bonds.
Payment in United States bonds accepted.Any payment of interest or of principal may be made, at the option of the Government of Finland, in any United States Gov21ernment obligations issued after April 6, 1917, such bonds to be taken at par and accrued interest. Approved, March 12, 1924.