22 U.S.C. § 2430d — Repayment of principal

Page 948 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 2430d Editorial Notes REFERENCES IN TEXT Section 321 of the International Development and Food Assistance Act of 1975, referred to in subsec. (a)(3)(B), is section 321 of Pub. L. 94–161, which is set out as a note under section 2220a of this title. PRIOR PROVISIONS A prior section 704 of Pub. L. 87–195, pt. IV, Sept. 4, 1961, 75 Stat. 463, amended section 1704 of Title 7, Agri- culture, prior to repeal by Pub. L. 87–565, pt. IV, § 401, Aug. 1, 1962, 76 Stat. 263, except insofar as section 704 affected section 1704. Statutory Notes and Related Subsidiaries REFERENCES TO SUBCHAPTER I DEEMED TO INCLUDE CERTAIN PARTS OF SUBCHAPTER II References to subchapter I of this chapter are deemed to include parts IV (§ 2346 et seq.), VI (§ 2348 et seq.), and VIII (§ 2349aa et seq.) of subchapter II of this chapter, and references to subchapter II are deemed to exclude such parts. See section 202(b) of Pub. L. 92–226, set out as a note under section 2346 of this title, and sections 2348c and 2349aa–5 of this title. Executive Documents DELEGATION OF FUNCTIONS For delegation of functions of President under this section, see Ex. Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a note under section 2381 of this title. For delegation of functions of President under subsec. (a) of this section, see section 1 of Ex. Ord. No. 13345, July 8, 2004, 69 F.R. 41901, set out as a note under sec- tion 1738 of Title 7, Agriculture. § 2430d. Repayment of principal (a) Currency of payment The principal amount of each new obligation issued pursuant to section 2430c(b) of this title shall be repaid in United States dollars. (b) Deposit of payments Principal repayments of new obligations shall be deposited in the United States Government account established for principal repayments of the obligations for which those obligations were exchanged. (Pub. L. 87–195, pt. IV, § 705, as added Pub. L. 102–549, title VI, § 602(a), Oct. 28, 1992, 106 Stat. 3666.) Editorial Notes PRIOR PROVISIONS A prior section 705 of Pub. L. 87–195, pt. IV, Sept. 4, 1961, 75 Stat. 463, amended section 1964 of this title, prior to repeal by Pub. L. 87–565, pt. IV, § 401, Aug. 1, 1962, 76 Stat. 263, except insofar as section 705 affected section 1964. § 2430e. Interest on new obligations (a) Rate of interest New obligations issued by a beneficiary coun- try 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 bene- ficiary 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 Frame- work Agreement. (2) United States dollars If the beneficiary country has not entered into an Americas Framework Agreement, in- terest shall be paid in United States dollars and deposited in the United States Govern- ment account established for interest pay- ments of the obligations for which the new ob- ligations were exchanged. (c) Interest already paid If a beneficiary country enters into an Amer- icas 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 rede- posited into the Americas Fund established for that country. (Pub. L. 87–195, pt. IV, § 706, as added Pub. L. 102–549, title VI, § 602(a), Oct. 28, 1992, 106 Stat. 3666.) Editorial Notes 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, § 401, Aug. 1, 1962, 76 Stat. 263, except insofar as section 706 affected section 1945. § 2430f. Enterprise for the Americas Funds (a) Establishment Each beneficiary country that enters into an Americas Framework Agreement shall be re- quired to establish an Enterprise for the Amer- icas Fund to receive payments in local currency pursuant to section 2430e(b)(1) of this title. (b) Deposits Local currencies deposited in an Americas Fund shall not be considered assistance for pur- poses of any provision of law limiting assistance to a country. (c) Investment Deposits made in an Americas Fund shall be invested until disbursed. Any return on such in- vestment may be retained by the Americas Fund, without deposit in the Treasury of the United States and without further appropriation by the Congress. (d) Disbursements Funds in an Americas Fund shall be disbursed only pursuant to an Americas Framework Agreement. (Pub. L. 87–195, pt. IV, § 707, as added Pub. L. 102–549, title VI, § 602(a), Oct. 28, 1992, 106 Stat. 3666.) Editorial Notes PRIOR PROVISIONS A prior section 707 of Pub. L. 87–195, pt. IV, Sept. 4, 1961, 75 Stat. 464, amended section 1783 of this title,