Page:United States Statutes at Large Volume 61 Part 4.djvu/634

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [61 STAT. I. Bonds of the Kingdom of Italy: The issue of the above obligor to be considered in the following: Issue Maturity Interest Dates Kingdom of Italy 7s, 1951 J&D1 II. Bonds of the Cities of Rome and Milan, the Italian Credit Consortium for Public Works and the Mortgage Bank of the Venetian Provinces: Issue Maturity Interest Dates City of Milan 6%s, 1952 A&O1 City of Rome 63s, 1952 A&01 Consortium for Public Works 7s, 1947 M&S1 Mortgage Bank of the Venetian Provinces 7s, 1952 A&O1 III. Corporate Obligations: The Corporate obligations outstanding are twelve issues of dollar bonds, 8 of which represent, directly or indirectly, obligations of utility companies and 4 of industrial companies. These obligations are the following: Issue Maturity Interest Dates Italian Public Utility Credit Institute 7s, 1952 J&J1 Adriatic Electrict Co. 7s, 1952 A&01 Piedmont Hydro-Electric Co. 6%s, 1960 A&01 Lombard Electrict Co. 7s, 1952 J&D1 Isarco Hydro-Electric Co. 7s, 1952 M&N1 Meridionale Electric Co. 7s, 1957 A&01 United Electric Service Co. 7s, 1956 J&D1 Terni Industrial and Electric Co. 6%s, 1953 F&A1 Isotta Fraschini Automobile Factory 7s, 1942 J&D1 Ercole Marelli Electric Manufacturing Co. 634s, 1953 M&N1 Ernesto Breda Co. 7s, 1954 F&A1 7s, 1952 M&N1 Establishment (Milan) were originally sold in the U. S. with provi- sion for payment in dollars at a rate of not less than 3.64 cents to the lira. In order to effect an adjustment with the holders of such obligations, the following plan is proposed: 1. (a) The Government of Italy will offer a like principal amount of its 3% 30 year External Sinking Fund Bonds in exchange for the outstanding principal amount of the obligations of the Kingdom of Italy. (b) The Italian Credit Consortium for Public Works, one of the present obligors and a semi-governmental agency, will offer (pursuant to authority granted by the Government of Italy) its bonds in exchange for the outstanding principal amount of the obli- gations of the Cities of Rome and Milan, the Italian Credit Consortium for Public Works and the Mortgage Bank of the Venetian Provinces. The entire debt service on such bonds will be guaranteed by the Government of Italy. (c) The Italian Public Utility Credit Institute, one of the present obligors and a semi-governmental agency, will offer (pursuant to authority granted by the Government of Italy) its bonds in exchange for the outstanding principal amount of the twelve corporate issues. 3982 Adjustment plan.
 * Crespi Cotton Works
 * The lira bonds of Crespi Cotton Works, Ltd. (now Italian Textile

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