§ 1738e. Interest of new obligations
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/usc/title-7/section-1738eA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Rate of interest New obligations issued to an eligible country under section 1738c of this title shall bear interest at a concessional rate.
(b)Currency of payment, deposits
(1)United States dollars An eligible country to which a new obligation has been issued under section 1738c of this title that has not entered into an agreement under section 1738f of this title, shall be required to pay interest on such obligation in United States dollars which shall be deposited in Commodity Credit Corporation accounts.
(2)Local currency If an eligible country to which a new obligation has been issued under section 1738c of this title has entered into an agreement under section 1738f of this title, interest under such obligation may be paid in the local currency of the eligible country and deposited into an Environmental Fund as provided for in section 1738g of this title. Such interest shall be the property of the eligible country until such time as it is disbursed under section 1738g of this title. Such local currencies shall be used for the purposes specified in the agreement entered into under section 1738f of this title.
(c)Interest previously paid If an eligible country to which a new obligation has been issued under section 1738c of this title enters into an agreement under section 1738f of this title subsequent to the date on which interest first becomes due on such new obligation, any interest paid on such new obligation prior to such agreement being entered into shall not be redeposited into the Fund established for the eligible country under section 1738g(a) of this title but shall be deposited into Commodity Credit Corporation accounts.
(July 10, 1954, ch. 469, title VI, § 606, as added Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3659; amended Pub. L. 102–237, title III, § 304, Dec. 13, 1991, 105 Stat. 1855.)
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Cited by 5 sections · top 4
statutes-at-large
- Public Law 102–237To make technical corrections to agricultural laws
- 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
statute-compilations
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- July 10, 1954, ch. 469
- Pub. L. 101–624, title XV, § 1512
- 104 Stat. 3659
- Pub. L. 102–237, title III, § 304
- 105 Stat. 1855
- Pub. L. 102–237
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§ 1738e
Interest of new obligations
Stat.×2
U.S.C.×2
Stat. Comp.×1
ActJuly 10, 1954, ch. 469
Pub. L.Pub. L. 101–624, title XV, § 1512
Stat.104 Stat. 3659
Pub. L.Pub. L. 102–237, title III, § 304
Stat.105 Stat. 1855
Cites 9 · showing 8Cited by 5 across 3 sources