Chapter 148.
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Chap. 148: To authorize the Secretary of the Treasury to cooperate with the other relief creditor Governments in making it possible for Austria to float a loan in order to obtain funds for the furtherance of its reconstruction program, and to conclude an agreement for the settlement of the indebtedness of Austria to the United States. 1929-02-04 148 Chapter 45 Stat. 1149 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
Digitization Vendor 2025-01-24 70 2 public Chapter 148.— Joint Resolution To authorize the Secretary of the Treasury to cooperate with the other relief creditor Governments in making it possible for Austria to float a loan in order to obtain funds for the furtherance of its reconstruction program, and to conclude an agreement for the settlement of the indebtedness of Austria to the United States. February 4, 1929.[[H. J. Res. 340](href=/us/bill/70/hjres/340).][[Pub. Res., No. 81](/us/bill/70/pubres/81).] *Resolved by the Senate and House of Representatives of the United States of America in Congress assembled,* That in order that theAustria.Cooperation with other creditor Governments authorized to enable Austria by a loan to obtain funds for its reconstruction program.
United States may cooperate with the Governments of Denmark, France, Great Britain, Italy, the Netherlands, Norway, Sweden, and Switzerland in making it possible for Austria to obtain by means of a loan the additional funds necessary in the furtherance of its reconstruction program, the Secretary of the Treasury is hereby authorized, if he determines that substantially similar action has been taken by each of such Governments in respect of the Austrian relief bonds held by it and that the Reparation Commission has given an appropriate release in respect of such loan, to subordinate the lienSubstitution for lien upon assets pledged for Austrian relief bonds, a lien upon assets pledged for loans floated. of the United States upon the assets and revenues of Austria pledged for the payment of the Austrian relief bond held by the United States (but without prejudicing the priority over costs of reparation stipulated in the relief bond) to a lien upon such assets and revenues as may be pledged for the payment of one or more loans floated by Austria in an aggregate net amount of not more than 725,000,000 Austrian schillings and for a period of not more than thirty years from July 1, 1929; and the Secretary of the Treasury,Agreement for settlement of its indebtedness to United States. with the approval of the President, is hereby authorized to conclude an agreement, as set forth below in general terms, for the settlement of the indebtedness of Austria to the United States: *Provided, however*,*Proviso*.Terms to be not less favorable than those granted other Governments.
That the terms and conditions of such settlement shall not be less favorable than the terms and conditions granted by Austria to any of the other relief creditor Governments, and should more favorable terms or conditions be granted by Austria to any of the other relief creditor Governments, the Secretary of the Treasury, with the approval of the President, is authorized to amend the proposed agreement so that the United States may enjoy a corresponding benefit. The amount of the indebtedness to be funded is $34,630,968.68, which hasAmount of indebtedness. been computed as follows:
Principal amount of obligation to be funded $24, 055, 708. 92 Interest accrued and unpaid thereon to January 1, 1928, at the rate of 6 per centum per annum 10, 575, 259. 76 Total principal and interest accrued and unpaid as of January 1, 1928 34, 630, 968. 68 In full and final settlement of this indebtedness, Austria shall paySettlement in 25 annuities beginning January 1, 1943. twenty-five equal annuities of $1,337,140 beginning on January 1, 1943. Austria, however, shall have the option of paying instead of theOptional in 40 annuities beginning January 1, 1929.Payments. aforesaid annuities forty annuities as follows:
Five annual payments of $287,556 beginning on January 1, 1929; ten annual pay-1150ments of $460,093 beginning on January 1, 1934; and twenty-five annual payments of $743,047 beginning on January 1, 1944. Obligation to pay annuities, 1929 to 1943, will not arise if reconstruction loan trustees object to a payment on a due date.If Austria shall exercise this option to pay in forty annuities beginning January 1, 1929, the obligation of Austria to pay annuities during the years 1929 to 1943 will in the case of each annuity not arise if the trustees of the reconstruction loan of 1923 prior to the preceding December 1 have raised objection to the payment Amount not paid, to be repaid in 25 annuities on January 1, 1944 to 1968.of the annuity in question on the due date.
To the extent, if any, that any such annuity is not paid by reason of such objection on the part of the trustees, the amount thereof together with interest at 5 per centum per annum compounded annually to December 31, 1943, shall be repaid together with further interest at 5 per centum per annum by twenty-five equal annuities on January 1 of each of the years 1944 to 1968, inclusive. Bonds issued under this agreement to have same security as of obligation now held.The bonds to be issued under the agreement to be concluded under authority of this resolution shall enjoy the same security as the relief obligation of Austria now held by the United States (relief series B of 1920) except to the extent that the lien enjoyed by this Lien released.obligation has been released by the Secretary of the Treasury under Vol. 42, p. 492.authority of the joint resolution of Congress approved April 6, 1922, and also to the extent that it may be further released by the Secretary of the Treasury under the authority of this resolution.
No payment by Austria to other creditor nations unless proportionate payment simultaneously made to United States.Austria shall make no payment upon or in respect of any of its obligations issued to the relief creditor nations, to wit, Denmark, France, Great Britain, the Netherlands, Italy, Norway, Sweden, and Switzerland before, at, or after maturity, whether for principal or for interest, unless a similar and proportionate payment shall simultaneously be made upon the relief indebtedness of Austria to the United States.
Payments may be made in United States bonds.Any payment to be made under the agreement may be made at the option of Austria in any United States Government obligations issued after April 6, 1917, such obligations to be taken at par and accrued interest. Approved, February 4, 1929.
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