2017 US Code
Title 7 - Agriculture
Chapter 41 - Food for Peace
Subchapter VI - Enterprise for the Americas Initiative
Sec. 1738e - Interest of new obligations
| 7 U.S.C. § 1738e (2017) |
| §1738e. Interest of new obligations |
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(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 dollarsAn 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. 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. 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. |
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(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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AMENDMENTS
1991—Subsec. (c). Pub. L. 102–237 inserted "accounts" after "Corporation". |
| United States Code, 2012 Edition, Supplement 5, Title 7 - AGRICULTURE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 7 - AGRICULTURE CHAPTER 41 - FOOD FOR PEACE SUBCHAPTER VI - ENTERPRISE FOR THE AMERICAS INITIATIVE Sec. 1738e - Interest of new obligations |
| section 1738e |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 104 Stat. 3659 105 Stat. 1855 |
| Public Law 101-624, Public Law 102-237 |
