Chapter 201. To authorize the settlement of the indebtedness of the Government of the Republic of Latvia to the Government of the United States of America
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CHAP. 201.— An Act To authorize the settlement of the indebtedness of the Government of the Republic of Latvia to the Government of the United States of America.April 30, 1926.[[H. R. 6776](/us/bill/69/hr/6776).][[Public, No. 161](/us/69/pl/161).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Latvia.Settlement of its World War indebtedness approved.Vol. 42, p. 363. That the settlement of the indebtedness of the Government of the Republic of Latvia to the Government of 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 8, Sixty-ninth Congress, first session, is hereby approved in general terms as follows: 379 The amount of the indebtedness to be funded, after allowing forAmount to be funded. the cash payments made by Latvia, is $5,775,000, which has been computed as follows: Principal amount of obligations to be funded $5,132,287,14Funding of principal and interest in bonds.
Interest accrued and unpaid thereon to December 15, 1922, at the rate of 4¼ per centum per annum 647, 275. 62 Total principal and Interest accrued and unpaid as of December 15, 1922 5, 779. 562. 76 To be paid in cash by Latvia upon execution of agreement 4, 562. 76 Total indebtedness to be funded into bonds 5,775,060.00 The principal of the bonds shall be paid in annual installmentsPrincipal payable in installments. on December 15 of each year up to and including December 15, 1984, on a fixed schedule, subject to right of the Government of the Republic of Latvia to make such payments in three-year periods.
The amount of the first year’s installment shall be $28,000, the annual installments to increase until the sixty-second year, the amount of the final installment will be $228,000, the aggregate installments being equal to the total principal of the indebtedness to be funded into bonds. The Government of the Republic of Latvia 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 June 15Interest rates. and December 15 of each year at the rate of 3 per centum per annum from December 15, 1922, to December 15, 1932, thereafter at the rate of 3^ per centum per annum until final payment. The Government of the Republic of Latvia shall have the option,Optional payments to December 15, 1930. with reference to payments on account of principal and/or interest falling due on or before December 15, 1930, under the terms of the agreement, to make the following payments on the dates specified:
June 15, 1926, $30,000; December 15, 1926, $30,000; June Amounts.15, 1927, $35,000; December 15, 1927, $35,000; June 15, 1928, $40,000; December 15, 1928, $40,000; June 15, 1929, $45,000; December 15, 1929, $45,000; June 15, 1930, $50,000; December 15, 1930, $50,000; total $400,000, and to pay the balance, including interest on allAcceptance of Interest-bearing bonds tor balance. overdue payments at the rate of 3 per centum per annum in bonds of Latvia, 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 Latvia received at the time of the funding of the indebtedness.
Any payment of interest or of principal may be made at thePayments may be mads in United States bonds. option of the Republic of Latvia, in any United States Government obligations issued after April 6, 1917, such obligations to be taken at par and accrued interest. Approved, April 30, 1926.