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7 U.S.C. · Agriculture
7 U.S.C. § 1738e

Interest of new obligations

Ch. 41 — FOOD FOR PEACE
Title 7 U.S.C. ● ACTIVE Primary Source Ch. 41
Statutory Text

7 U.S.C. § 1738e — Interest of new obligations

U.S.C. Title 7 - AGRICULTURE 7 U.S.C. United States Code, 2023 Edition Title 7 - AGRICULTURE CHAPTER 41 - FOOD FOR PEACE SUBCHAPTER VI - ENTERPRISE FOR THE AMERICAS INITIATIVE Sec. 1738e - Interest of new obligations From the U.S. Government Publishing Office, www.gpo.gov

§1738e. Interest of new obligations

(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.)

Editorial Notes

Amendments 1991—Subsec. (c). Pub. L. 102–237 inserted "accounts" after "Corporation".

Source: uscode.house.gov — public domain Official Source ↗
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The statutory text of 7 U.S.C. § 1738e is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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Ch. 41 — FOOD FOR PEACE
7 U.S.C. § 16917 U.S.C. § 1691a7 U.S.C. § 16927 U.S.C. § 16937 U.S.C. § 17017 U.S.C. § 17027 U.S.C. § 17037 U.S.C. § 17047 U.S.C. § 1704a7 U.S.C. § 1704b7 U.S.C. § 1704c7 U.S.C. § 17057 U.S.C. § 17077 U.S.C. § 1707a7 U.S.C. § 1707b7 U.S.C. § 17087 U.S.C. § 17217 U.S.C. § 17227 U.S.C. § 17237 U.S.C. § 17247 U.S.C. § 17257 U.S.C. § 17267 U.S.C. § 1726a7 U.S.C. § 1726b7 U.S.C. § 1726c7 U.S.C. § 17277 U.S.C. § 1727a7 U.S.C. § 1727b7 U.S.C. § 1727c7 U.S.C. § 1727d
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