§ 1703. Terms and conditions of sales
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/usc/title-7/section-1703A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Payment
(1)Dollars Except as provided in paragraph (2), agreements under this subchapter shall require that payment for agricultural commodities be made in dollars.
(2)Local currencies
(A)In general The Secretary may permit payment under an agreement under this subchapter in the local currency of the appropriate country in order to use the proceeds from such payments to carry out activities under section 1704 of this title.
(B)Rates of exchange Payments in local currency shall be at rates of exchange that are no less favorable than the highest exchange rate legally obtainable in the country and that are no less favorable than the highest exchange rate obtainable by any other country.
(b)Interest Such agreements shall provide that interest accrue on the payment deferred under such agreement at a concessional rate as determined appropriate by the Secretary.
(c)Duration Payments required under such agreements may be made in reasonable annual amounts over the period (not more than 30 years from the date of the last delivery of commodities in each year under such agreement) specified in the agreement.
(d)Deferral of payments The Secretary may defer the date on which the developing country or private entity is required to begin making payment, under such agreements, for a period of not in excess of 5 years after the date of the last delivery of commodities in each year under the agreement, and interest shall be computed from the date of such last delivery.
(e)Delivery of commodities Delivery of the commodities shall be made in accordance with the terms of the agreement.
(July 10, 1954, ch. 469, title I, § 103, 68 Stat. 456; Aug. 12, 1955, ch. 873, § 1, 69 Stat. 721; May 28, 1956, ch. 327, title II, § 208(a), 70 Stat. 201; Aug. 3, 1956, ch. 933, § 1, 70 Stat. 988; Pub. L. 85–128, § 1(2), Aug. 13, 1957, 71 Stat. 345; Pub. L. 85–931, § 2, Sept. 6, 1958, 72 Stat. 1790; Pub. L. 86–341, title I, § 2, Sept. 21, 1959, 73 Stat. 606; Pub. L. 87–28, May 4, 1961, 75 Stat. 64; Pub. L. 87–128, title II, § 201(2), Aug. 8, 1961, 75 Stat. 306; Pub. L. 88–638, § 1(4), (5), Oct. 8, 1964, 78 Stat. 1035;
Pub. L. 89–808, § 2(B), Nov. 11, 1966, 80 Stat. 1526; Pub. L. 90–436, §§ 4, 5, July 29, 1968, 82 Stat. 450; Pub. L. 91–524, title VII, § 703, Nov. 30, 1970, as added Pub. L. 93–86, § 1(26), Aug. 10, 1973, 87 Stat. 237; Pub. L. 93–125, § 1(e), Oct. 18, 1973, 87 Stat. 450; Pub. L. 94–161, title II, § 203, Dec. 20, 1975, 89 Stat. 851; Pub. L. 95–88, title II, §§ 201(b), 211(b)(1), Aug. 3, 1977, 91 Stat. 545, 551; Pub. L. 95–424, title I, § 102(b)(2)(B), Oct. 6, 1978, 92 Stat. 941;
Pub. L. 96–53, title II, § 201, Aug. 14, 1979, 93 Stat. 368; Pub. L. 97–113, title IV, § 401(2)–(4), Dec. 29, 1981, 95 Stat. 1537; Pub. L. 99–198, title XI, § 1111(d), Dec. 23, 1985, 99 Stat. 1475; Pub. L. 100–202, § 9, Dec. 22, 1987, 101 Stat. 1329–448; Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3634; Pub. L. 104–127, title II, § 204, Apr. 4, 1996, 110 Stat. 953.)
Connections30 cite this · traces to 9
Cited by 30 sections · top 27
statutes-at-large
- Public Law 85–931
- Public Law 540
- Public Law 85–128
- Public Law 90–432
- Public Law 961
- Public Law 87–126
- Public Law 86–26
- Public Law 86–78to establish an Alaska International Rail and Highway Commission”, approved August 1, 1956 (70 Stat. 888), as amended, is amended— (1) by striking out paragraphs (1) through (4) of subsectionMembership. (a) of the first section and inserting in lieu thereof the following: " “(1) six of the members o
- Public Law 87–28
- Public Law 87–109
- Public Law 85–118
- Public Law 86–328to regulate the business of life insurance in the District of Columbia”, as amended
- Public Law 93–84
- Public Law 86–532
- Public Law 96–53To authorize appropriations for fiscal year 1980 for international development and economic assistance programs and for the Peace Corps, and for other purposes
- Public Law 95–88To amend the Foreign Assistance Act of 1961 to authorize development assistance programs for fiscal year 1978, to amend the Agricultural Trade Development and Assistance Act of 1954 to make certain changes in the authorities of that Act. and for other purposes
- Public Law 95–424To amend the Foreign Assistance Act of 196i to authorize development and economic assistance programs for fiscal year 1979, to make certain changes in the authorities of that Act and the Agricultural Trade Development and Assistance Act of 1954, to improve the coordination and administration of Unit
- Public Law 100–201To authorize the acceptance of a donation of land for addition to Big Bend National Park, in the State of Texas
- Public Law 99–197To designate certain national forest system lands in the State of Kentucky for inclusion in the National Wilderness Preservation System, to release other forest lands for multiple use management, and for other purposes
- Public Law 97–113To authorize appropriations for the fiscal years 1982 and 1983 for international security and development assistance and for the Peace Corps, to establish the Peace Corps as an autonomous agency, and for other purposes
- Public Law 101–624To extend and revise agricultural price support and related programs, to provide for agricultural export, resource conservation, farm credit, and agricultural research and related programs, to ensure consumers an abundance of food and fiber at reasonable prices, and for other purposes
- Public Law 386
- Public Law 94–161To authorize assistance for disaster relief and rehabilitation, to provide for overseas distribution and production of agricultural commodities, to amend the Foreign Assistance Act of 1961, and for other purposes
- Public Law 104–127To modify the operation of certain agricultural programs
statute-compilations
Traces to 9 documents
U.S. Code
- Use of local currency payment§ 1704
- Development assistance authority§ 2151t
- General provisions§ 1733
- Economic assistance and food security§ 1701
- Omitted§ 1707
- Agreements§ 1734
- United States policy§ 1691
- Congressional findings and declaration of policy§ 2151
- Agreements regarding eligible countries and private entities§ 1702
90 references not yet in our index
- July 10, 1954, ch. 469
- 68 Stat. 456
- Aug. 12, 1955, ch. 873, § 1
- 69 Stat. 721
- May 28, 1956, ch. 327
- 70 Stat. 201
- Aug. 3, 1956, ch. 933, § 1
- 70 Stat. 988
- Pub. L. 85–128, § 1(2)
- 71 Stat. 345
- Pub. L. 85–931, § 2
- 72 Stat. 1790
- Pub. L. 86–341, title I, § 2
- 73 Stat. 606
- Pub. L. 87–28
- 75 Stat. 64
- Pub. L. 87–128, title II, § 201(2)
- 75 Stat. 306
- Pub. L. 88–638, § 1(4)
- 78 Stat. 1035
- Pub. L. 89–808, § 2(B)
- 80 Stat. 1526
- Pub. L. 90–436
- 82 Stat. 450
- Pub. L. 91–524, title VII, § 703
- Pub. L. 93–86, § 1(26)
- 87 Stat. 237
- Pub. L. 93–125, § 1(e)
- 87 Stat. 450
- Pub. L. 94–161, title II, § 203
- 89 Stat. 851
- Pub. L. 95–88, title II
- 91 Stat. 545
- Pub. L. 95–424, title I, § 102(b)(2)(B)
- 92 Stat. 941
- Pub. L. 96–53, title II, § 201
- 93 Stat. 368
- Pub. L. 97–113, title IV, § 401(2)
- 95 Stat. 1537
- Pub. L. 99–198, title XI, § 1111(d)
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§ 1703
Terms and conditions of sales
Stat.×27
U.S.C.×2
Stat. Comp.×1
ActJuly 10, 1954, ch. 469
Stat.68 Stat. 456
ActAug. 12, 1955, ch. 873, § 1
Cites 99 · showing 12Cited by 30 across 3 sources