§687i. Interest rate on debentures

Notwithstanding section 683(b) of this title, the effective rate of interest after October 13, 1971, during the first five years thereafter of the term of any debenture purchased by the Administration from a small business investment company under authority of section 683(c) of this title, shall be the greater of 3 per centum or 3 percentage points below the interest rate determined pursuant to section 683(b) of this title. The Administration is authorized to apply interest paid to it by such company for the period from October 13, 1971, to October 27, 1972, without interest thereon, to interest payable after October 27, 1972.

(Pub. L. 85–699, title III, §317, as added Pub. L. 92–595, §2(g), Oct. 27, 1972, 86 Stat. 1316 ; amended Pub. L. 95–507, title I, §103, Oct. 24, 1978, 92 Stat. 1758 .)

Amendments

1978-Pub. L. 95–507 struck out provision requiring a company which has received the benefit of this section to pay the Administration differential costs when making distributions to its shareholders.

Section Referred to in Other Sections

This section is referred to in sections 683, 687j of this title.