Chapter 200. To authorize the settlement of the indebtedness of the Republic of Esthonia to the United States of America
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CHAP. 200.— An Act To authorize the settlement of the indebtedness of the Republic of Esthonia to the United States of America.April 30, 1926.[[H. R. 6775](/us/bill/69/hr/6775).][[Public, No. 160](/us/69/pl/160).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Esthonia.Settlement of its World War indebtedness approved.Vol. 42, p. 363. That the settlement of the indebtedness of the Republic of Esthonia to the United States of America, made by the World War Foreign Debt Com-mission and approved by the President upon the terms and conditions as set forth in Senate Document Numbered 7, Sixty-ninth Congress, first session, is hereby approved in general terms as follows:
The amount of the indebtedness to be funded, after allowing forAmount to be funded. the cash payment made by Esthonia, and the credit set out below, is $13,830,000, which has been computed as follows: 378 Principal amount of obligations to be funded $13, 999,145. 60 Credit allowed for total loss of cargo on sinking of steamship John Russ, sunk by a mine in Baltic Sea 1, 932, 923. 45 12, 066.222.15 Interest accrued and unpaid thereon to December 15, 1922, at the rate of 4¼ per centum a year class="firstIndent1 fontsize8">Funding of principal and interest into bonds. 1,765,219. 73 Total principal and Interest accrued and unpaid as of December 15, 1922 13, 881, 441. 88 To be paid in cash by Esthonia upon execution of agreement 1, 441. 88 Total indebtedness to be funded into bonds 13, 830, 000. 00 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, on a fixed schedule, subject to the right of the Republic of Esthonia to make such payments in three-year periods.
The amount of the first year’s installment shall be $69,000, the annual installments to increase until the sixty-second year. The amount of the final installment will be $530,000, the aggregate installments being equal to the total principal of the indebtedness to be funded into bonds. Prior payments allowed.The Republic of Esthonia shall have the right to pay off additional amounts of the principal of the bonds on any interest date, upon ninety days’ advance notice. Interest rates.Interest on the bonds shall be payable semiannually on June 15 and December 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.
Optional payments to December 15, 1930.The Republic of Esthonia shall have the option with reference to payments on account of principal and/or interest falling due on or before December 15, 1930, under the terms of tiie agreement, to Amounts.make the following payments on the dates specified: June 15, 1926, $50,000; December 15, 1926, $50,000; June 15, 1927, $75,000; December 15, 1927, $75,000; June 15, 1928, $100,000; December 15, 1928, $100,000; June 15, 1929, $125,000; December 15, 1929. $125,000;
June 15, 1930, $150,000; December 15, 1930, $150,000; total, Acceptance of bonds for balance.$1,000,000; and to pay the balance, including interest on all overdue payments, at the rate of 3 per centum per annum, in bonds of Esthonia, dated December 15, 1930, bearing interest at the rate of 3 per centum per annum from December 15, 1930, to December 15, 1932, and thereafter at the rate of 3% 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 Esthonia received at the time of the funding of the indebtedness.
Payments may be made in United States bonds.Any payment of interest or of principal may be made, at the option of the Republic of Esthonia, in any United Slates Government obligations issued after April 6, 1917, such obligations to be taken at par and accrued interest. Approved, April 30, 1926.