Page:United States Statutes at Large Volume 44 Part 2.djvu/369

 SIXTY-NINTH CONGRESS. Sass. I. Cu. 194. 1926. 329 OHL?. 194.-An Act To authorise the settlement of the indebtedness of the im Kingdom of Italy to the United States of America. Be it enacted by the Senate and House of Representatives of the United States of America in 0 rece assembled, That the settle- {,°§{{·,,m,,,,,,,,,,, ment of the in ebtedness of thehgingdom of Italy to the United WM: W·g°,{¤d·¤•¢· States of America made by the Wor d War Foreign Debt Com- W mm mission and approved b the President nipon the terms and con- ditions as set orth in Sgnate Document umbered 3, Sixty—nintli gpgress, first session, is hereby approved in general terms as 0 owe: The amount of the indebtedness to be fimded, after allowin *m°°°“°*’°‘°”°°°· for certain cash payments made by Italy, is $2,042,000,000, whicg has been computed as follows: Com utstion cl 2e.‘”£§‘°2€d“§§';.$%‘t£€é“.:$'%“i°2§”{..£”:.'.§t‘3s “· “*’· °“· °°°· °° ·¤¤·~¤=?’ per annum to December 15, 19 ........... 251,846,654. 79 Accrued interest st 8 per centum per annum from December 15, 1922, $1, 899, 880, 705. 69 to June 15, 1925 ........................................... 142,491,052.98 Deduct ggyments made on account cf principal 2,042,871lnB-62 since ecember 15, 1922 .................. $184,852.94 Interest on principal pa ments at 3 per centum per annum to June 15, 1925 ............... 7, 439.34 172 292 28 Total net indebtedness as et June 15, 1925 ................ 2,042, 199,468.84 To be paid in cash upon execution of agreement .................. 199,468.84 Total indebtedness to be funded into bonds ........... ,._.,r- 2,042, 000, 000. 00 The principal of the bonds shall be paid inannual installments ,¤§f*_,¤,§,*,g',lP•””*°*¤ on June 15 of each year up to and including June 15, 1987 on .a fixed schedule, subject to the right of the Kingdom of Iytaly to postpone such payments falling due after June 15, 1930, for two years, such postponed payment to bear interest at the rate of 4% per centum per annum. The amount of the annual prin- ci al installment during the first five years shall be $5,000,000. Tile amount of the rincipal installment due the sixth year shall ¤¤°¤¤°¤ em Mm be $12,100,000, the subsequent annual fprinci al installments increas· mn ing until 1n the sixt -second year o the d)ebt-funding period the final principal installlineni sha l be $79,400,000, the aggregate Till- cipal mstal ents being equal to the total principal o t e ingebt· edness to be fimded into .bonds. The Kin dom of Italy shall have the right to pay of additional bwPr¤¤r payments al- amoimts of principal of the bonds on June 15 and December 15 °°‘ of any ear upon ninety daKs’ advance notice. The bonds to be issued s all bear no interest until June 15, 1930, ,i¤¤=¤¤ nw mar and thereafter shall bear interest at the rate of one—eighth of 1 °°° Mm' per centum per annum from June 15, 1930, to June 15, 1940; at the rate of one-fourth of 1 pir centum per annum from June 15, 1940, to June 15, 1950; at t e rate of one—l1alf of 1 per centum per annum from June 15, 1950, to June 15, 1960; at the rate of three—fourths of 1 r centum per annum from Jime 15, 1960, to June 15, 1970; at th: rate of 1 per centum per annum from June 15, 1970, to June 15, 1980; and at the rate of 2 er centum per annum after June 15, 1980, all payable semiannu5ly on June 15 angn December 15 qf each year. I be d h ayment o interest or princi a ma ma e at t e o tion rsymme ma be of tbz gingdom of Italy in any Ugited States Government Ibbli— K?} Umm g°°°°“ gations issued after April 6, 1917, such obligations to be taken at par and accrued interest. Approved, April 28, 1926.