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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 09:52:37 -04:00

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LegalText 7 U.S.C. § 1738e Interest of new obligations us united_states_code code_section 7 AGRICULTURE 41 FOOD FOR PEACE 1738e 7 U.S.C. § 1738e current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip /us/usc/t7/s1738e data/legal/raw/us/code/title-07/usc07.xml 921f1313fb862375d7a06a90f8e0a0746c19c24a4b0aadf36a8f2d85f67cda67 50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984 24dc3f65bc73291f27080bf84987d1627f77e001f37926fcfd00e243cdb3ec0d 2026-07-04 official
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7 U.S.C. § 1738e - Interest of new obligations

Text

(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. 101624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3659; amended Pub. L. 102237, title III, § 304, Dec. 13, 1991, 105 Stat. 1855.)

Notes

Editorial Notes

Amendments1991—Subsec. (c). Pub. L. 102237 inserted “accounts” after “Corporation”.