
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 7USC1738e]

 
                          TITLE 7--AGRICULTURE
 
        CHAPTER 41--AGRICULTURAL TRADE DEVELOPMENT AND ASSISTANCE
 
          SUBCHAPTER VI--ENTERPRISE FOR THE AMERICAS INITIATIVE
 
Sec. 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, Sec. 606, as added Pub. L. 101-624, 
title XV, Sec. 1512, Nov. 28, 1990, 104 Stat. 3659; amended Pub. L. 102-
237, title III, Sec. 304, Dec. 13, 1991, 105 Stat. 1855.)


                               Amendments

    1991--Subsec. (c). Pub. L. 102-237 inserted ``accounts'' after 
``Corporation''.

                  Section Referred to in Other Sections

    This section is referred to in title 22 section 2431e.
