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76/771/EEC: Council Decision of 20 September 1976 concerning the changing of a tranche of a Community loan from variable to fixed rates of interest

76/771/EEC: Council Decision of 20 September 1976 concerning the changing of a tranche of a Community loan from variable to fixed rates of interest

Decision Β· 6 articles

Data as of 2026-07-04 Β· Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Β· Read the official text β†—

Article 1

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The Commission shall be authorized to exercise the right to prepay one tranche of US dollars 100 million of the variable interest rate bank loan referred to in Article 1 (4) of Decision 76/322/EEC, and to take all necessary measures to that end.

Article 2

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The Commission shall be authorized to take all actions and execute all documents necessary, proper or desirable to conclude, on behalf of the Community, a public issue in the United States of notes denominated in US dollars underwritten by various investment banking firms, as indicated below, on the following major terms: (1)OJ No L 46, 20.2.1975, p. 1. (2)OJ No L 77, 24.3.1976, p. 12. form of loan: bearer coupon notes in the denomination of US dollars 1 000 ; registered notes in the denomination of US dollars 1 000 and any multiple thereof; total amount: US dollars 100 million; redemption: at par after five years; payment of interest: semi-annually, on 1 April and 1 October; managing underwriters: - managing underwriter : Morgan Stanley &, Co. Incorporated; - co-managers : The First Boston Corporation, Kuhn, Loeb & Co., Lehman Brothers Incorporated, Salomon Brothers. The rate of interest and public issue price shall be fixed by agreement between the Commission, or such agents as it may designate, and the underwriters.

Article 3

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The Commission shall be authorized to conclude the necessary agreements on behalf of the Community with Ireland and the Italian Republic: - for repayment by these Member States of their portion of the proceeds of the variable interest rate bank loan to be repaid by the Community, and - to lend Ireland and the Italian Republic respectively three-thirteenths and ten-thirteenths of the proceeds of the borrowing operation carried out in accordance with Article 2, and in the same currencies and on the same terms as the said operation.

Article 4

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Council Decisions 76/323/EEC (1) and 76/324/EEC (2) of 15 March 1976 fixing the economic policy conditions to be observed by Ireland and the Italian Republic shall stand unchanged.

Article 5

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The financial operations referred to in this Decision shall be carried out by the European Monetary Co-operation Fund.

Article 6

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This Decision is addressed to the Member States. Done at Brussels, 20 September 1976. For the Council The President W.F. DUISENBERG (1)OJ No L 77, 24.3.1976, p. 15. (2)OJ No L 77, 24.3.1976, p. 16.

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Source: EUR-Lex (Publications Office of the EU), Β© European Union, reuse permitted under Commission Decision 2011/833/EU.

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