No L 149/24 Official Journal of the European Communities 17. 6. 77 COUNCIL DECISION of 14 June 1977 concerning the changing of a tranche of a Community loan from variable to fixed rates of interest (77/414/EEC) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, Having regard to Council Regulation (EEC) No 397/75 of 17 February 1975 concerning Community loans (1), and in particular the second paragraph of Article 2, and Article 3 thereof, Having regard to the proposal from the Commission, which for this purpose consulted the Monetary Commuittee, Whereas by Council Decision 76/322/EEC of 1§ March 1976 concerning a Community loan in favour of the Italian Republic and of Ireland (), the Commis- sion was authorized to conclude, on behalf of the Community, a series of borrowing operations which form a package including, in particular, a variable interest rate loan of US$ 300 million for five years from a syndicate of banks, as provided for by Article 1 (4); whereas this borrowing was made ; Whereas it is in the interests of both the Community and of the Member States benefiting from the said Decision to change the Community loans from vari- able to fixed rates of interest; Whereas the Council has therefore authorized the Commission to initiate negotiations to this end; Whereas these negotiations made possible two funding operations, each for an amount of US$ 100 million, which were the subject of Decisions 76/771/EEC (?) and 77/232/EEC (*); whereas these negotiations have led to the possibility of carrying out a fixed interest borrowing operation for US$ 100 million, corresponding to the last tranche of the varn- able interest rate loan repayable on 12 July 1977 on the Community’s initiative ; Whereas the financial terms of the loan to Ireland and to the Italian Republic must therefore be altered, o L 46, 20. 2. 1975, p. 1. o L 77, 24. 3. 1976, p. 12. o L 265, 29.9. 1976, p. 27. oL 72, 19. 3. 1977, p. 25. HAS ADOPTED THIS DECISION : Article 1 The Commission shall be authorized to exercise the right to prepay one tranche of US$ 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 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 denomi- nated in US dollars underwritten by various invest- ment banking firms, as indicated below, on the following major terms : Form of loan : bearer coupon notes in the denom- ination of US$ 1000; registered notes in the denomination of US$ 1 000 and any multiple thereof US$ 100 million at par after five years Total amount : Redemption : Payment of interest : semi-annually, on 1 January and 1 July Managing underwriters : managing underwriters : Morgan Stanley & Co. Incorpor- ated ; 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.