§ 2430e. — Interest on new obligations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC2430e]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 32--FOREIGN ASSISTANCE
SUBCHAPTER III-A--ENTERPRISE FOR THE AMERICAS INITIATIVE
Sec. 2430e. Interest on new obligations
(a) Rate of interest
New obligations issued by a beneficiary country pursuant to section
2430c(b) of this title shall bear interest at a concessional rate.
(b) Currency of payment; deposits
(1) Local currency
If the beneficiary country has entered into an Americas
Framework Agreement, interest shall be paid in the local currency of
the beneficiary country and deposited in an Americas Fund. Such
interest shall be the property of the beneficiary country, until
such time as it is disbursed pursuant to section 2430f(d) of this
title. Such local currencies shall be used for the purposes
specified in the Americas Framework Agreement.
(2) United States dollars
If the beneficiary country has not entered into an Americas
Framework Agreement, interest shall be paid in United States dollars
and deposited in the United States Government account established
for interest payments of the obligations for which the new
obligations were exchanged.
(c) Interest already paid
If a beneficiary country enters into an Americas Framework Agreement
subsequent to the date on which interest first became due on the newly
issued obligation, any interest already paid on such new obligation
shall not be redeposited into the Americas Fund established for that
country.
(Pub. L. 87-195, pt. IV, Sec. 706, as added Pub. L. 102-549, title VI,
Sec. 602(a), Oct. 28, 1992, 106 Stat. 3666.)
Prior Provisions
A prior section 706 of Pub. L. 87-195, pt. IV, Sept. 4, 1961, 75
Stat. 463, enacted section 1945 of this title, prior to repeal by Pub.
L. 87-565, pt. IV, Sec. 401, Aug. 1, 1962, 76 Stat. 263, except insofar
as section 706 affected section 1945.
Section Referred to in Other Sections
This section is referred to in sections 2430f, 2430g, 2431d of this
title.
