US (United States) Code. Title 31. Subtitle III: Financial managment. Chapter 31: Public debt

Codificación normativa de EEUU (Estados Unidos) Legislación Federal estadounidense # Money and finance

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-CITE-

31 USC CHAPTER 31 - PUBLIC DEBT 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

-HEAD-

CHAPTER 31 - PUBLIC DEBT

-MISC1-

SUBCHAPTER I - BORROWING AUTHORITY

Sec.

3101. Public debt limit.

3102. Bonds.

3103. Notes.

3104. Certificates of indebtedness and Treasury bills.

3105. Savings bonds and savings certificates.

3106. Retirement and savings bonds.

3107. Increasing interest rates and investment yields on

retirement bonds.

3108. Prohibition against circulation privilege.

3109. Tax and loss bonds.

3110. Sale of obligations of governments of foreign

countries.

3111. New issue used to buy, redeem, or refund outstanding

obligations.

3112. Sinking fund for retiring and cancelling bonds and

notes.

3113. Accepting gifts.

SUBCHAPTER II - ADMINISTRATIVE

3121. Procedure.

3122. Banks and trust companies as depositaries.

3123. Payment of obligations and interest on the public

debt.

3124. Exemption from taxation.

3125. Relief for lost, stolen, destroyed, mutilated, or

defaced obligations.

3126. Losses and relief from liability related to redeeming

savings bonds and notes.

3127. Credit to officers, employees, and agents for stolen

Treasury notes.

3128. Proof of death to support payment.

3129. Appropriation to pay expenses.

3130. Annual public debt report.

AMENDMENTS

1993 - Pub. L. 103-202, title II, Sec. 201(b), Dec. 17, 1993, 107

Stat. 2356, added item 3130.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in title 2 sections 651, 1105; title

5 sections 8348, 8438; title 7 sections 934, 947, 1032, 1929,

1929a; title 12 sections 635d, 1431, 1455, 1701g-5b, 1719, 1721,

1783, 1824, 2278b, 2279aa-13, 2288; title 15 sections 78q, 78q-1,

78ddd, 633, 713a-4, 1848, 2509; title 16 sections 831n-1, 831n-3,

831n-4, 838k, 1606a; title 18 section 412d; title 20 sections 76o,

1081, 1087-2, 2009, 4510, 4707, 5202, 5705; title 22 sections 282e,

283e, 284e, 286e, 286m, 1980, 2195, 2906; title 26 sections 454,

1037; title 29 section 1305; title 30 section 1144; title 33

section 985; title 36 section 2113; title 38 section 3723; title 39

section 2007; title 42 sections 291j-6, 293i, 300e-7, 300q-2, 401,

1104, 1395e, 1395i, 1395t, 1437b, 1440, 1481, 1487, 2210, 2414,

5308, 10156, 10222; title 45 sections 231n, 231n-1, 664, 720; title

46 App. sections 1241h, 1275; title 48 section 1574b; title 50

section 1904; title 50 App. section 2312.

-End-

-CITE-

31 USC SUBCHAPTER I - BORROWING AUTHORITY 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

SUBCHAPTER I - BORROWING AUTHORITY

-SECREF-

SUBCHAPTER REFERRED TO IN OTHER SECTIONS

This subchapter is referred to in title 22 section 2183.

-End-

-CITE-

31 USC Sec. 3101 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3101. Public debt limit

-STATUTE-

(a) In this section, the current redemption value of an

obligation issued on a discount basis and redeemable before

maturity at the option of its holder is deemed to be the face

amount of the obligation.

(b) The face amount of obligations issued under this chapter and

the face amount of obligations whose principal and interest are

guaranteed by the United States Government (except guaranteed

obligations held by the Secretary of the Treasury) may not be more

than $6,400,000,000,000, outstanding at one time, subject to

changes periodically made in that amount as provided by law through

the congressional budget process described in Rule XLIX (!1) of the

Rules of the House of Representatives or otherwise.

(c) For purposes of this section, the face amount, for any month,

of any obligation issued on a discount basis that is not redeemable

before maturity at the option of the holder of the obligation is an

amount equal to the sum of -

(1) the original issue price of the obligation, plus

(2) the portion of the discount on the obligation attributable

to periods before the beginning of such month (as determined

under the principles of section 1272(a) of the Internal Revenue

Code of 1986 without regard to any exceptions contained in

paragraph (2) of such section).

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 938; Pub. L. 98-34, Sec.

1(a), May 26, 1983, 97 Stat. 196; Pub. L. 98-161, Nov. 21, 1983, 97

Stat. 1012; Pub. L. 98-342, Sec. 1(a), July 6, 1984, 98 Stat. 313;

Pub. L. 98-475, Oct. 13, 1984, 98 Stat. 2206; Pub. L. 99-177, Sec.

1, Dec. 12, 1985, 99 Stat. 1037; Pub. L. 99-384, Aug. 21, 1986, 100

Stat. 818; Pub. L. 100-119, Sec. 1, Sept. 29, 1987, 101 Stat. 754;

Pub. L. 101-72, Sec. 2, Aug. 7, 1989, 103 Stat. 182; Pub. L.

101-140, Sec. 1, Nov. 8, 1989, 103 Stat. 830; Pub. L. 101-508,

title XI, Sec. 11901[(a)], Nov. 5, 1990, 104 Stat. 1388-560; Pub.

L. 103-66, title XIII, Sec. 13411(a), Aug. 10, 1993, 107 Stat. 565;

Pub. L. 104-121, title III, Sec. 301, Mar. 29, 1996, 110 Stat. 875;

Pub. L. 105-33, title V, Sec. 5701, Aug. 5, 1997, 111 Stat. 648;

Pub. L. 107-199, Sec. 1, June 28, 2002, 116 Stat. 734.)

-MISC1-

HISTORICAL AND REVISION NOTES

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Revised Source (U.S. Code) Source (Statutes at Large)

Section

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3101(a) 31:757b(last Sept. 24, 1917, ch. 56, 40

sentence). Stat. 288, Sec. 21; added Feb.

4, 1935, ch. 5, Sec. 5, 49

Stat. 21; May 26, 1938, ch.

285, Sec. 2, 52 Stat. 447;

July 20, 1939, ch. 336, 53

Stat. 1071; June 25, 1940, ch.

419, Sec. 302, 54 Stat. 526;

Feb. 19, 1941, ch. 7, Sec.

2(a), 55 Stat. 7; Mar. 28,

1942, ch. 205, Sec. 2, 56

Stat. 189; Apr. 11, 1943, ch.

52, Sec. 2, 57 Stat. 63; June

9, 1944, ch. 240, Sec. 2, 58

Stat. 272; Apr. 3, 1945, ch.

51, Sec. 2, 59 Stat. 47; June

26, 1946, ch. 501, Sec. 1, 60

Stat. 316; restated Sept. 2,

1958, Pub. L. 85-912, 72 Stat.

1758; June 30, 1959, Pub. L.

86-74, Sec. 1, 73 Stat. 156;

June 30, 1967, Pub. L. 90-39,

Sec. 1, 81 Stat. 99; Apr. 7,

1969, Pub. L. 91-8, Sec. 1, 83

Stat. 7; June 30, 1970, Pub.

L. 91-301, Sec. 1, 84 Stat.

368; Mar. 17, 1971, Pub. L.

92-5, Sec. 1, 85 Stat. 5;

Sept. 29, 1979, Pub. L. 96-78,

Sec. 202, 93 Stat. 591.

3101(b) 31:757b(1st

sentence).

3101(c) 31:757b-1. June 30, 1967, Pub. L. 90-39,

Sec. 2, 81 Stat. 99.

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In subsection (a), the words "is deemed to be" are substituted

for "shall be considered . . . to be" because a legal fiction is

intended.

-REFTEXT-

REFERENCES IN TEXT

The Rules of the House of Representatives for the One Hundred

Sixth Congress were adopted and amended generally by House

Resolution No. 5, One Hundred Sixth Congress, Jan. 6, 1999.

Provisions formerly appearing in Rule XLIX, referred to in subsec.

(b), were contained in Rule XXIII, which was subsequently repealed

by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3,

2001.

Section 1272(a) of the Internal Revenue Code of 1986, referred to

in subsec. (c), is classified to section 1272(a) of Title 26,

Internal Revenue Code.

-MISC2-

AMENDMENTS

2002 - Subsec. (b). Pub. L. 107-199 substituted

"$6,400,000,000,000" for "$5,950,000,000,000".

1997 - Subsec. (b). Pub. L. 105-33 substituted

"$5,950,000,000,000" for "$5,500,000,000,000".

1996 - Subsec. (b). Pub. L. 104-121 substituted

"$5,500,000,000,000" for "$4,900,000,000,000".

1993 - Subsec. (b). Pub. L. 103-66 substituted

"$4,900,000,000,000" for "$4,145,000,000,000".

1990 - Subsec. (b). Pub. L. 101-508 substituted

"$4,145,000,000,000" for "$3,122,700,000,000".

1989 - Subsec. (b). Pub. L. 101-140 substituted

"$3,122,700,000,000" for "$2,800,000,000,000".

Subsec. (c). Pub. L. 101-72 amended subsec. (c) generally. Prior

to amendment, subsec. (c) read as follows: "The face amount of

beneficial interests and participations (except those held by their

issuer) issued under section 302(c) of the National Housing Act (12

U.S.C. 1717(c)) from July 1, 1967, through June 30, 1968, and

outstanding at any time shall be included in the amount taken into

account in deciding whether the face amount requirement of

subsection (b) of this section has been exceeded. This subsection

does not require a change in the budgetary accounting for

beneficial interests and participations."

1987 - Subsec. (b). Pub. L. 100-119 substituted

"$2,800,000,000,000" for "$2,111,000,000,000".

1986 - Subsec. (b). Pub. L. 99-384, which directed that subsec.

(b) be amended by "striking out the dollar limitation contained in

such subsection and inserting in lieu thereof '$2,111,000,000,000,'

", was executed by substituting "$2,111,000,000,000," for

"$1,847,800,000,000, or $2,078,700,000,000 on and after October 1,

1985," as the probable intent of Congress.

1985 - Subsec. (b). Pub. L. 99-177 substituted

"$1,847,800,000,000, or $2,078,700,000,000 on and after October 1,

1985" for "$1,575,700,000,000, or $1,823,800,000,000 on and after

October 1, 1984".

1984 - Subsec. (b). Pub. L. 98-475 substituted

"$1,575,700,000,000, or $1,823,800,000,000 on and after October 1,

1984," for "$1,573,000,000,000".

Pub. L. 98-342 substituted "$1,573,000,000,000" for

"$1,389,000,000,000, or $1,490,000,000,000 on and after October 1,

1983,".

1983 - Subsec. (b). Pub. L. 98-161 inserted ", or

$1,490,000,000,000 on and after October 1, 1983," after

"$1,389,000,000,000".

Pub. L. 98-34 substituted "$1,389,000,000,000" for

"$400,000,000,000".

TREATMENT OF CERTAIN OBLIGATIONS OF UNITED STATES

Pub. L. 104-115, Sec. 1(a)-(c), Mar. 12, 1996, 110 Stat. 825,

authorized Secretary of the Treasury to issue to each Federal fund

obligations of United States under this chapter before Mar. 30,

1996, in amount not to exceed certain designated limits, exempted

such obligations from public debt limit and provided for

termination of such exemption, and defined "Federal fund" for

purpose of section.

TIMELY PAYMENT OF MARCH 1996 SOCIAL SECURITY BENEFITS GUARANTEED

Pub. L. 104-103, Sec. 1, Feb. 8, 1996, 110 Stat. 55, as amended

by Pub. L. 104-115, Sec. 1(d), Mar. 12, 1996, 110 Stat. 825,

authorized Secretary of the Treasury to issue, before Mar. 1, 1996,

obligations of United States under this chapter in amount equal to

monthly insurance benefits payable in March 1996 under title II of

Social Security Act (42 U.S.C. 401 et seq.), exempted such

obligations from public debt limit and provided for termination of

such exemption.

REPEAL OF PERMANENT INCREASE IN PUBLIC DEBT LIMIT

Pub. L. 98-302, Sec. 1, May 25, 1984, 98 Stat. 217, which

permanently increased the public debt limit by $30,000,000,000

effective May 25, 1984, was repealed by Pub. L. 98-342, Sec. 1(b),

July 6, 1984, 98 Stat. 313, effective on and after July 6, 1984.

TEMPORARY INCREASES IN PUBLIC DEBT LIMIT

The public debt limit set forth in this section was temporarily

increased for limited periods by the following acts:

Oct. 28, 1990, Pub. L. 101-467, Sec. 106, 104 Stat. 1087 -

Increase to $3,230,000,000,000 for the period Oct. 28, 1990, to

Nov. 5, 1990.

Aug. 9, 1990, Pub. L. 101-350, Sec. 1, 104 Stat. 403, as amended

Oct. 2, 1990, Pub. L. 101-405, Sec. 1, 104 Stat. 878; Oct. 9, 1990,

Pub. L. 101-412, Sec. 114, 104 Stat. 897; Oct. 19, 1990, Pub. L.

101-444, Sec. 114, 104 Stat. 1033; Oct. 25, 1990, Pub. L. 101-461,

Sec. 114, 104 Stat. 1078 - Increase to $3,195,000,000,000 for the

period Aug. 9, 1990, to Oct. 27, 1990.

Aug. 7, 1989, Pub. L. 101-72, Sec. 1, 103 Stat. 182 - Increase of

$70,000,000,000 for the period Aug. 7, 1989, to Oct. 31, 1989.

Aug. 10, 1987, Pub. L. 100-84, 101 Stat. 550 - Increase to

$2,352,000,000,000 for the period Aug. 10, 1987, to Sept. 23, 1987.

May 15, 1987, Pub. L. 100-40, Sec. 1(a), 101 Stat. 308, as

amended July 30, 1987, Pub. L. 100-80, Sec. 1(a), 101 Stat. 542 -

Increase to $2,320,000,000,000 for the period May 15, 1987, to

August 6, 1987. [Section 1(b) of Pub. L. 100-80 provided that: "The

amendment made by subsection (a) [amending section 1(a) of Pub. L.

100-40] shall take effect on the date of the enactment of this Act

[July 30, 1987]."]

Nov. 14, 1985, Pub. L. 99-155, Sec. 1, 99 Stat. 814 - Provided

for a temporary increase of an amount determined by the Secretary

of the Treasury as necessary, but not to exceed a public debt limit

of $1,903,800,000,000 for the period Nov. 14, 1985, to Dec. 6,

1985.

June 28, 1982, Pub. L. 97-204, 96 Stat. 130 - Increase of

$743,100,000,000 for the period June 28, 1982, to Sept. 30, 1982.

Sept. 30, 1981, Pub. L. 97-49, 95 Stat. 956 - Increase of

$679,800,000,000 for the period Oct. 1, 1981, to Sept. 30, 1982.

REPEALS OF TEMPORARY INCREASES IN PUBLIC DEBT LIMIT

Pub. L. 103-12, Apr. 6, 1993, 107 Stat. 42, providing for a

temporary increase in public debt limit to $4,370,000,000,000 for

the period Apr. 6, 1993, to Sept. 30, 1993, was repealed by Pub. L.

103-66, title XIII, Sec. 13411(b), Aug. 10, 1993, 107 Stat. 565,

effective Aug. 10, 1993.

Pub. L. 99-509, title VIII, Sec. 8201, Oct. 21, 1986, 100 Stat.

1968, providing for a temporary increase in public debt limit of

$189,000,000,000 for the period Oct. 21, 1986, to May 15, 1987, was

repealed by Pub. L. 100-40, Sec. 1(b), May 15, 1987, 101 Stat. 308,

effective May 15, 1987.

Pub. L. 97-270, Sept. 30, 1982, 96 Stat. 1156, providing for a

temporary increase in public debt limit of $890,200,000,000 for the

period Oct. 1, 1982, to Sept. 30, 1983, was repealed by Pub. L.

98-34, Sec. 1(b), May 26, 1983, 97 Stat. 196, effective May 26,

1983.

The following acts which temporarily increased the public debt

limit for limited periods were repealed by Pub. L. 97-258, Sec.

5(b), Sept. 13, 1982, 96 Stat. 1068:

Pub. L. 97-48, Sept. 30, 1981, 95 Stat. 955, provided for a

temporary increase of $599,800,000,000 for the period Sept. 30,

1981, to Sept. 30, 1981.

Pub. L. 97-2, Feb. 7, 1981, 95 Stat. 4, provided for a temporary

increase of $585,000,000,000 for the period Feb. 7, 1981, to Sept.

30, 1981.

Pub. L. 96-556, Sec. 1, Dec. 19, 1980, 94 Stat. 3261, provided

for a temporary increase of $535,100,000,000 for the period Oct. 1,

1980, to Sept. 30, 1981.

Pub. L. 96-286, Sec. 1, June 28, 1980, 94 Stat. 598, provided for

a temporary increase of $525,000,000,000 for the period June 28,

1980, to Feb. 28, 1981.

Pub. L. 96-78, title I, Sec. 101(a), Sept. 29, 1979, 93 Stat.

589, as amended Pub. L. 96-256, May 30, 1980, 94 Stat. 421; Pub. L.

96-264, Sec. 1, June 6, 1980, 94 Stat. 439, provided for a

temporary increase of $479,000,000,000 for the period Sept. 29,

1979, to June 30, 1980.

Pub. L. 96-5, Sec. 1, Apr. 2, 1979, 93 Stat. 8, providing for a

temporary increase of $430,000,000,000 for the period Apr. 2, 1979,

to Sept. 30, 1979, was also repealed by Pub. L. 96-79, title I,

Sec. 101(b), Sept. 29, 1979, 93 Stat. 589.

Pub. L. 95-333, Sec. 1, Aug. 3, 1978, 92 Stat. 419, providing for

a temporary increase of $398,000,000,000 in the public debt limit

for the period Oct. 3, 1978, to Mar. 31, 1979, was also repealed by

Pub. L. 96-5, Sec. 2, Apr. 2, 1979, 93 Stat. 8.

Pub. L. 95-120, Sec. 1, Oct. 4, 1977, 91 Stat. 1090, as amended,

providing for a temporary increase of $352,000,000,000 in the

public debt limit for the period Oct. 4, 1977, to July 31, 1978,

was also repealed by Pub. L. 95-333, Sec. 2, Aug. 3, 1978, 92 Stat.

419.

Pub. L. 94-334, Sec. 1, June 30, 1976, 90 Stat. 793, providing

for a temporary increase of $300,000,000,000 in the public debt

limit for the period Apr. 1, 1977, to Sept. 30, 1977, was also

repealed by Pub. L. 95-120, Sec. 2, Oct. 4, 1977, 91 Stat. 1090.

Pub. L. 94-232, Sec. 1, Mar. 15, 1976, 90 Stat. 217, provided for

a temporary increase of $227,000,000,000 for the period Mar. 15,

1976, to June 30, 1976.

Pub. L. 94-132, Sec. 1, Nov. 14, 1975, 89 Stat. 693, providing

for a temporary increase of $195,000,000,000 in the public debt

limit for the period Nov. 14, 1975, to Mar. 15, 1976, was also

repealed by Pub. L. 94-232, Sec. 2, Mar. 15, 1976, 90 Stat. 217.

Pub. L. 94-47, Sec. 1, June 30, 1975, 89 Stat. 246, providing for

a temporary increase of $177,000,000,000 in the public debt limit

for the period June 30, 1975, to Nov. 15, 1975, was also repealed

by Pub. L. 94-132, Sec. 2, Nov. 14, 1975, 89 Stat. 693.

Pub. L. 94-3, Sec. 1, Feb. 19, 1975, 89 Stat. 5, providing for a

temporary increase of $131,000,000,000 in the public debt limit for

the period Feb. 19, 1975, to June 30, 1975, was also repealed by

Pub. L. 94-47, Sec. 2, June 30, 1975, 89 Stat. 246.

Pub. L. 93-325, Sec. 1, June 30, 1974, 88 Stat. 285, providing

for a temporary increase of $95,000,000,000 in the public debt

limit for the period June 30, 1974, to Mar. 31, 1975, was also

repealed by Pub. L. 94-3, Sec. 2, Feb. 19, 1975, 89 Stat. 5.

Pub. L. 93-173, Sec. 1, Dec. 3, 1973, 87 Stat. 691, providing for

a temporary increase of $75,700,000,000 in the public debt limit

for the period of Dec. 3, 1973, to June 30, 1974, was also repealed

by Pub. L. 93-325, Sec. 2, June 30, 1974, 88 Stat. 285, eff. June

30, 1974.

Pub. L. 92-599, title I, Sec. 101, Oct. 27, 1972, 86 Stat. 1324,

as amended Pub. L. 93-53, Sec. 1, July 1, 1973, 87 Stat. 134,

providing for a temporary increase of $65,000,000,000 in the public

debt limit for the period of Nov. 1, 1972, to Nov. 30, 1973, was

also repealed by Pub. L. 93-173, Sec. 2, Dec. 3, 1973, 87 Stat.

691, eff. Dec. 3, 1973.

Pub. L. 92-250, Mar. 15, 1972, 86 Stat. 63, as amended Pub. L.

92-336, title I, Sec. 1, July 1, 1972, 86 Stat. 406, provided for a

temporary increase of $20,000,000,000 for the period Mar. 15, 1972,

to Oct. 31, 1972.

Pub. L. 92-5, title I, Sec. 2(a), Mar. 17, 1971, 85 Stat. 5, as

amended July 1, 1972, Pub. L. 92-336, title I, Sec. 1, 86 Stat.

406, provided for a temporary increase of $30,000,000,000 for the

period of Mar. 17, 1971, to Oct. 31, 1972.

Pub. L. 91-301, Sec. 2, June 30, 1970, 84 Stat. 368, providing

for a temporary increase of $15,000,000,000 in the public debt

limit for the period of June 30, 1970, to June 30, 1971, was also

repealed by Pub. L. 92-5, title I, Sec. 2(b), Mar. 17, 1971, 85

Stat. 5, eff. Mar. 17, 1971.

Pub. L. 91-8, Sec. 2, Apr. 7, 1969, 83 Stat. 7, provided for a

temporary increase of $12,000,000,000 for the period Apr. 7, 1969,

to June 30, 1970.

Pub. L. 90-3, Mar. 2, 1967, 81 Stat. 4, provided for a temporary

increase from $285,000,000,000 to $336,000,000,000 for the period

Mar. 2, 1967.

Pub. L. 89-472, June 24, 1966, 80 Stat. 221, provided for a

temporary increase from $285,000,000,000 to $330,000,000,000 for

the period July 1, 1966, to June 30, 1967.

Pub. L. 89-49, June 24, 1965, 79 Stat. 172, provided for a

temporary increase from $285,000,000,000 to $328,000,000,000 for

the period July 1, 1965, to June 30, 1966.

Pub. L. 88-327, June 29, 1964, 78 Stat. 255, provided for a

temporary increase from $285,000,000,000 to $324,000,000,000 for

the period June 29, 1964, to June 30, 1965.

Pub. L. 88-187, Nov. 26, 1963, 77 Stat. 342, provided for a

temporary increase from $285,000,000,000 to $309,000,000,000 for

the period Dec. 1, 1963, to June 30, 1964 and a further increase of

$6,000,000,000 for the period Dec. 1, 1963 through June 29, 1964

because of variations in the timing of revenue receipts.

Pub. L. 88-106, Aug. 27, 1963, 77 Stat. 131, provided for a

temporary increase from $285,000,000,000 to $309,000,000,000 for

the period Sept. 1, 1963, to Nov. 30, 1963.

Pub. L. 88-30, Sec. 1(2), May 29, 1963, 77 Stat. 50, provided for

a temporary increase from $285,000,000,000 to $309,000,000,000 for

the period July 1, 1963, to Aug. 31, 1963.

Pub. L. 88-30, Sec. 1(1), May 29, 1963, 77 Stat. 50, provided for

a temporary increase from $285,000,000,000 to $307,000,000,000 for

the period May 29, 1963, to June 30, 1963.

Pub. L. 87-512, Sec. 1(3), July 1, 1962, 76 Stat. 124, provided

for a temporary increase from $285,000,000,000 to $300,000,000,000

for the period June 25, 1963, to June 30, 1963.

Pub. L. 87-512, Sec. 1(2), July 1, 1962, 76 Stat. 124, provided

for a temporary increase from $285,000,000,000 to $305,000,000,000

for the period Apr. 1, 1963, to June 24, 1963.

Pub. L. 87-512, Sec. 1(1), July 1, 1962, 76 Stat. 124, provided

for a temporary increase from $285,000,000,000 to $308,000,000,000

for the period July 1, 1962, to Mar. 31, 1963.

Pub. L. 87-414, Mar. 13, 1962, 76 Stat. 23, provided for a

temporary increase from $285,000,000,000 to $300,000,000,000 for

the period Mar. 13, 1962, to June 30, 1962.

Pub. L. 87-69, June 30, 1961, 75 Stat. 148, provided for a

temporary increase from $285,000,000,000 to $298,000,000,000 for

the period July 1, 1961, to June 30, 1962.

Pub. L. 86-564, title I, Sec. 101, June 30, 1960, 74 Stat. 290,

provided for a temporary increase from $285,000,000,000 to

$293,000,000,000 for the period July 1, 1960, to June 30, 1961.

Pub. L. 86-74, Sec. 2, June 30, 1959, 73 Stat. 156, provided for

a temporary increase from $285,000,000,000 to $295,000,000,000 for

the period July 1, 1959, to June 30, 1960.

Pub. L. 85-336, Feb. 26, 1958, 72 Stat. 27, provided for a

temporary increase from $275,000,000,000 to $280,000,000,000 for

the period Feb. 26, 1958, to June 30, 1959.

July 9, 1956, ch. 536, 70 Stat. 519, provided for a temporary

increase from $275,000,000,000 to $278,000,000,000 for the period

July 1, 1956, to June 30, 1957.

Aug. 28, 1954, ch. 1037, 68 Stat. 895, as amended by act June 30,

1955, ch. 256, 69 Stat. 241, provided for a temporary increase from

$275,000,000,000 to $281,000,000,000 for the period Aug. 28, 1954,

to June 30, 1956.

RESTORATION OF TRUST FUND INVESTMENTS

Provisions requiring the Secretary of the Treasury to restore

certain Federal trust funds and Government accounts to the position

they would have been if the debt limitation of 31 U.S.C. 3101(b)

had not prevented them from investing funds during specific periods

were contained in the following acts:

Pub. L. 101-508, title XI, Sec. 11901(b), Nov. 5, 1990, 104 Stat.

1388-560.

Pub. L. 101-140, title III, Sec. 301, Nov. 8, 1989, 103 Stat.

833.

Pub. L. 99-177, title II, Sec. 272, Dec. 12, 1985, 99 Stat. 1095.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3130 of this title; title

2 section 632; title 5 sections 8348, 8438; title 12 section 1824;

title 42 section 1320b-15.

-FOOTNOTE-

(!1) See References in Text note below.

-End-

-CITE-

31 USC Sec. 3102 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3102. Bonds

-STATUTE-

(a) With the approval of the President, the Secretary of the

Treasury may borrow on the credit of the United States Government

amounts necessary for expenditures authorized by law and may issue

bonds of the Government for the amounts borrowed and may buy,

redeem, and make refunds under section 3111 of this title. The

Secretary may issue bonds authorized by this section to the public

and to Government accounts at any annual interest rate and

prescribe conditions under section 3121 of this title.

(b) The Secretary shall offer the bonds authorized under this

section first as a popular loan under regulations of the Secretary

that allow the people of the United States as nearly as possible an

equal opportunity to participate in subscribing to the offered

bonds. However, the bonds may be offered in a way other than as a

popular loan when the Secretary decides the other way is in the

public interest.

(c)(1) When the Secretary decides it is in the public interest in

making a bond offering under this section, the Secretary may -

(A) make full allotments on receiving applications for smaller

amounts of bonds to subscribers applying before the closing date

the Secretary sets for filing applications;

(B) reject or reduce allotments on receiving applications filed

after the closing date or for larger amounts;

(C) reject or reduce allotments on receiving applications from

incorporated banks and trust companies for their own account and

make full allotments or increase allotments to other subscribers;

and

(D) prescribe a graduated scale of allotments.

(2) The Secretary shall prescribe regulations applying to all

popular loan subscribers similarly situated governing a reduction

or increase of an allotment under paragraph (1) of this subsection.

(d) The Secretary may make special arrangements for subscriptions

from members of the armed forces. However, bonds issued to those

members must be the same as other bonds of the same issue.

(e) The Secretary may dispose of any part of a bond offering not

taken and may prescribe the price and way of disposition.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 938; Pub. L. 97-452, Sec.

1(5), Jan. 12, 1983, 96 Stat. 2467; Pub. L. 98-34, Sec. 2, May 26,

1983, 97 Stat. 196; Pub. L. 98-302, Sec. 2, May 25, 1984, 98 Stat.

217; Pub. L. 99-272, title XIII, Sec. 13212, Apr. 7, 1986, 100

Stat. 325; Pub. L. 100-203, title IX, Sec. 9403, Dec. 22, 1987, 101

Stat. 1330-377; Pub. L. 100-647, title VI, Sec. 6301, Nov. 10,

1988, 102 Stat. 3755.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3102(a) 31:752(1st par.). Sept. 24, 1917, ch. 56, Sec.

1(1st par.), 40 Stat. 288;

restated Apr. 4, 1918, ch. 44,

Sec. 1, 40 Stat. 502; July 9,

1918, ch. 142, Sec. 1, 40

Stat. 844; Mar. 3, 1931, ch.

433, 46 Stat. 1506; Feb. 4,

1935, ch. 5, Sec. 1, 49 Stat.

20; May 26, 1938, ch. 285,

Sec. 1, 52 Stat. 447.

31:752(2d par. less Sept. 24, 1917, ch. 56, Sec.

form of bonds). 1(2d par. less form of bonds),

40 Stat. 288; restated Apr. 4,

1918, ch. 44, Sec. 1, 40 Stat.

502; Mar. 17, 1971, Pub. L.

92-5, Sec. 3, 85 Stat. 5; July

1, 1973, Pub. L. 93-53, Sec.

2, 87 Stat. 135; Mar. 15,

1976, Pub. L. 94-232, Sec.

3(a), 90 Stat. 217; June 30,

1976, Pub. L. 94-334, Sec. 2,

90 Stat. 793; Oct. 4, 1977,

Pub. L. 95-120, Sec. 3, 91

Stat. 1090; Aug. 3, 1978, Pub.

L. 95-333, Sec. 3, 92 Stat.

419; Apr. 2, 1979, Pub. L.

96-5, Sec. 3, 93 Stat. 8;

Sept. 29, 1979, Pub. L. 96-78,

Sec. 102, 93 Stat. 589; Oct.

3, 1980, Pub. L. 96-377, Sec.

2, 94 Stat. 1512.

3102(b) 31:752(3d par. 1st Sept. 24, 1917, ch. 56, Sec.

sentence words 1(3d par.), 40 Stat. 288;

before 4th comma). restated Apr. 4, 1918, ch. 44,

Sec. 1, 40 Stat. 502.

31:752(4th par. Sept. 24, 1917, ch. 56, 40

related to a Stat. 288, Sec. 1(4th par.);

popular loan). added Jan. 30, 1934, ch. 6,

Sec. 14(a)(1), 48 Stat. 343.

3102(c)( 31:752(3d par. 1st

1) sentence words

between 4th comma

and proviso), (4th

par. related to

allotments).

3102(c)( 31:752(3d par. 1st

2) sentence proviso).

3102(d) 31:752(3d par. last

sentence).

3102(e) 31:752(3d par. 2d

sentence).

--------------------------------------------------------------------

In subsection (a), the word "amounts" is substituted for "sum or

sums" for consistency. The words "as in his judgment may be" are

omitted as surplus. The words "for expenditures authorized by law"

are substituted for "for the purposes of this Act . . . and to meet

expenditures authorized for the national security and defense and

other public purposes authorized by law" because they are inclusive

and for consistency. The words "under section 3111 of this title"

are substituted for "at or before maturity, of any outstanding

bonds, notes, certificates of indebtedness, or Treasury bills of

the United States" because of the restatement. The words "prescribe

conditions under section 3121 of this title" are substituted for

the text of 31:752(2d par. 1st sentence less form of bonds, 2d

sentence) because of the restatement. The words "at any annual

interest rate" are added for clarity and to more precisely define

the 4.25 percent limitation. The words "bonds may not be issued

under this section to the public, or sold by a Government account

to the public, with a rate of interest exceeding 4 1/4 per centum

per annum in an amount which would cause" are omitted as surplus.

In subsections (b), (d), and (e), the words "not less than par"

are omitted as superseded by section 3 of the Public Debt Act of

1942 (ch. 205, 56 Stat. 189), restated in section 3121 of the

revised title.

In subsection (b), the words "under regulations of the Secretary

that allow" are substituted for "under such regulations, prescribed

by the Secretary of the Treasury from time to time, as will in his

opinion give" to eliminate unnecessary words. The words

"subscribing to the offered bonds" are substituted for "therein"

for clarity. The words "However . . . when the Secretary decides

the other way is in the public interest" are substituted for

"Notwithstanding the provisions of the foregoing paragraph, the

Secretary of the Treasury may from time to time, when he deems it

to be in the public interest" to eliminate unnecessary words.

In subsection (c)(1), before clause (A), the words "and may from

time to time adopt any or all of said methods, should any such

action" in 31:752(3d par. 1st sentence words between 4th comma and

proviso) are omitted because of the restatement. The word "decides"

is substituted for "deemed" in 31:752(3d par. 1st sentence words

between 4th comma and proviso) and "deems" in 31:752a(4th par.

related to allotments) for consistency. The words "in making a bond

offering under this section" are added for clarity.

In subsection (c)(2), the word "regulations" is substituted for

"general rules" for consistency in the revised title and with other

titles of the United States Code.

In subsection (d), the words "members of armed forces" are

substituted for "persons in the military or naval forces of the

United States" for clarity and consistency with title 10.

1983 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3102(a) 31 App.:752(2d par. Sept. 3, 1982, Pub. L. 97-248,

less form of bonds). Sec. 289(c), 96 Stat. 572.

--------------------------------------------------------------------

AMENDMENTS

1988 - Subsec. (a). Pub. L. 100-647 struck out at end: "However,

the face amount of bonds issued under this section and held by the

public with interest rates of more than 4.25 percent a year may not

be more than $270,000,000,000."

1987 - Subsec. (a). Pub. L. 100-203 substituted

"$270,000,000,000" for "$250,000,000,000".

1986 - Subsec. (a). Pub. L. 99-272 substituted "$250,000,000,000"

for "$200,000,000,000".

1984 - Subsec. (a). Pub. L. 98-302 substituted "$200,000,000,000"

for "$150,000,000,000".

1983 - Subsec. (a). Pub. L. 98-34 substituted "$150,000,000,000"

for "$110,000,000,000".

Pub. L. 97-452 substituted "$110,000,000,000" for

"$70,000,000,000".

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 3108, 3121, 3123 of this

title; title 29 section 213; title 45 sections 231f, 231n.

-End-

-CITE-

31 USC Sec. 3103 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3103. Notes

-STATUTE-

(a) With the approval of the President, the Secretary of the

Treasury may borrow on the credit of the United States Government

amounts necessary for expenditures authorized by law and may issue

notes of the Government for the amounts borrowed and may buy,

redeem, and make refunds under section 3111 of this title. The

Secretary may prescribe conditions under section 3121 of this

title. Notwithstanding section 3121(a)(5) of this title, the

payment date of each series of notes issued shall be at least one

year but not more than 10 years from the date of issue.

(b) The Government may redeem any part of a series of notes

before maturity by giving at least 4 months' notice but not more

than one year's notice.

(c) The holder of a note of one series issued under this section

with the same issue date as another series of notes issued under

this section may convert, at par value, a note of the holder for a

note of the other series.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 939.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3103(a), 31:753(a)(less form Sept. 24, 1917, ch. 56, 40

(b) of notes, Stat. 288, Sec. 18(a)(less

certificates of form of notes, certificates of

indebtedness, and indebtedness, and Treasury

Treasury bills). bills); added Mar. 3, 1919,

ch. 100, Sec. 1, 40 Stat.

1309; Nov. 23, 1921, ch. 136,

Sec. 1401, 42 Stat. 321; Jan.

30, 1934, ch. 6, Sec.

14(a)(3), 48 Stat. 343;

restated Feb. 4, 1935, ch. 5,

Sec. 4, 49 Stat. 20; June 30,

1967, Pub. L. 90-39, Sec. 4,

81 Stat. 99; Mar. 15, 1976,

Pub. L. 94-232, Sec. 3(b), 90

Stat. 217.

3103(c) 31:753(c). Sept. 24, 1917, ch. 56, 40

Stat. 288, Sec. 18(c); added

Mar. 3, 1919, ch. 100, Sec. 1,

40 Stat. 1310.

--------------------------------------------------------------------

In subsection (a), the words "In addition to the bonds and

certificates of indebtedness and war-savings certificates

authorized by this Act, and amendments thereto" are omitted as

unnecessary. The words "subject to the limitation imposed by

section 757b of this title" are omitted as surplus. The word

"Government" is added for consistency. The words "for expenditures

authorized by law" are substituted for "for the purposes of this

Act . . . and to meet public expenditures authorized by law" for

clarity and because they are inclusive. The words "under section

3111 of this title" are substituted for "at or before maturity, of

any outstanding bonds, notes, certificates of indebtedness, or

Treasury bills of the United States" because of the restatement.

The words "denomination or denominations" are omitted because

section 3121(a) of the revised title consolidates this authority in

one section for the various types of debt instruments. The words

"under section 3121 of this title" are substituted for "containing

such terms and conditions, and at such rate or rates of interest"

because of the restatement. The words "at not less than par (except

as provided in section 754b of this title)" are omitted as

superseded by section 3 of the Public Debt Act of 1942 (ch. 205, 56

Stat. 189), restated in section 3121 of the revised title. The

words "Notwithstanding section 3121(a)(5) of this title" are added

for clarity because the section cited contains the general

authority to which subsection (a)(last sentence) of this section is

an exception.

In subsection (b), the words "at the option of" and "and under

such rules and regulations and during such period as he may

prescribe" are omitted as surplus.

Subsection (c) is substituted for 31:753(c) to eliminate

unnecessary words and for clarity and consistency.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 3108, 3121 of this title.

-End-

-CITE-

31 USC Sec. 3104 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3104. Certificates of indebtedness and Treasury bills

-STATUTE-

(a) The Secretary of the Treasury may borrow on the credit of the

United States Government amounts necessary for expenditures

authorized by law and may buy, redeem, and make refunds under

section 3111 of this title. For amounts borrowed, the Secretary may

issue -

(1) certificates of indebtedness of the Government; and

(2) Treasury bills of the Government.

(b) The Secretary may prescribe conditions for issuing

certificates of indebtedness and Treasury bills under section 3121

of this title and conditions under which the certificates and bills

may be redeemed before maturity. Notwithstanding section 3121(a)(5)

of this title, the payment date of certificates of indebtedness and

Treasury bills may not be more than one year after the date of

issue.

(c) Treasury bills issued under this section may not be accepted

before maturity to pay principal or interest on obligations of

governments of foreign countries that are held by the United States

Government.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 939.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3104(a) 31:754(a)(1st, 2d Sept. 24, 1917, ch. 56, Sec.

sentences). 5(a)(less form of certificates

of indebtedness and Treasury

bills, finality), 40 Stat.

290; Apr. 4, 1918, ch. 44,

Sec. 4, 40 Stat. 504; Mar. 3,

1919, ch. 100, Sec. 3, 40

Stat. 1311; restated June 17,

1929, ch. 26, 46 Stat. 19;

Feb. 4, 1935, ch. 5, Secs. 2,

3, 49 Stat. 20.

3104(b) 31:754(a)(3d

sentence)(less form

of certificates of

indebtedness and

Treasury bills,

finality).

3104(c) 31:754(a)(last

sentence).

--------------------------------------------------------------------

In subsection (a), before clause (1), the words "In addition to

the bonds and notes authorized by sections 752, 753, and 757c of

this title" are omitted as unnecessary. The words "subject to the

limitation imposed by section 757b of this title" are omitted as

surplus. The words "for expenditures authorized by law" are

substituted for "for the purposes of this Act . . . and to meet

public expenditures authorized by law" for clarity and because they

are inclusive. The words "under section 3111 of this title" are

substituted for "at or before maturity, of any outstanding bonds,

notes, certificates of indebtedness or Treasury bills of the United

States" because of the restatement. The words "at not less than

par" are omitted as superseded by section 3 of the Public Debt Act

of 1942 (ch. 205, 56 Stat. 189), restated in section 3121 of the

revised title. The text of 31:754(a)(2d sentence) is omitted as

superseded by section 3121(a) of the revised title. In clause (1),

the words "and at such rate or rates of interest, payable at such

time or times as he may prescribe" are omitted because they are

superseded by section 3121(a), (b)(1), and (c) of the revised

title. In clause (2), the words "on a discount basis and payable at

maturity without interest" are omitted because they are superseded

by section 3121(a) of the revised title. The words "of the

Government" are added for consistency.

In subsection (b), the words "terms and" after "upon such" are

omitted as surplus. The words "for issuing . . . under section 3121

of this title" are substituted for "subject to such terms and

conditions" because of the restatement. The words "Notwithstanding

section 3121(a)(5) of this title" are substituted for "shall be

payable at such time" for clarity because the section cited

contains the general authority to which subsection (c)(last

sentence) of this section is an exception.

In subsection (c), the words "account of" are omitted as surplus.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 3108, 3121, 3129 of this

title; title 10 sections 4357, 6975, 9356; title 12 section 221.

-End-

-CITE-

31 USC Sec. 3105 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3105. Savings bonds and savings certificates

-STATUTE-

(a) With the approval of the President, the Secretary of the

Treasury may issue savings bonds and savings certificates of the

United States Government and may buy, redeem, and make refunds

under section 3111 of this title. Proceeds from the bonds and

certificates shall be used for expenditures authorized by law.

Savings bonds and certificates may be issued on an interest-bearing

basis, on a discount basis, or on an interest-bearing and discount

basis. Savings bonds shall mature not more than 20 years from the

date of issue. Savings certificates shall mature not more than 10

years from the date of issue. The difference between the price paid

and the amount received on redeeming a savings bond or certificate

is interest under the Internal Revenue Code of 1986 (26 U.S.C. 1 et

seq.).

(b)(1) The Secretary may -

(A) fix the investment yield for savings bonds; and

(B) change the investment yield on an outstanding savings bond,

except that the yield on a bond for the period held may not be

decreased below the minimum yield for the period guaranteed on

the date of issue.

(2) The Secretary may prescribe regulations providing that -

(A) owners of savings bonds may keep the bonds after maturity

or after a period beyond maturity during which the bonds have

earned interest and continue to earn interest at rates consistent

with paragraph (1) of this subsection; and

(B) savings bonds earning a different rate of interest before

the regulations are prescribed shall earn a rate of interest

consistent with paragraph (1).

(c) The Secretary may prescribe for savings bonds and savings

certificates issued under this section -

(1) the form and amount of an issue and series;

(2) the way in which they will be issued;

(3) the conditions, including restrictions on transfer, to

which they will be subject;

(4) conditions governing their redemption;

(5) their sales price and denominations;

(6) a way to evidence payments for or on account of them and to

provide for the exchange of savings certificates for savings

bonds; and

(7) the maximum amount issued in a year that may be held by one

person.

(d) The Secretary may authorize financial institutions to make

payments to redeem savings bonds and savings notes. A financial

institution may be a paying agent only if the institution -

(1) is incorporated under the laws of the United States, a

State, the District of Columbia, or a territory or possession of

the United States;

(2) in the usual course of business accepts, subject to

withdrawal, money for deposit or the purchase of shares;

(3) is under the supervision of a banking authority of the

jurisdiction in which it is incorporated;

(4) has a regular office to do business; and

(5) is qualified under regulations prescribed by the Secretary

in carrying out this subsection.

(e)(1) The Secretary may prescribe a way in which a check issued

to an individual (except a trust or estate) as a refund for taxes

imposed under subtitle A of the Internal Revenue Code of 1986 (26

U.S.C. 1 et seq.) may become a series E savings bond. However, a

check may become a bond only if the claim for a refund is filed by

the last day prescribed by law for filing the return (determined

without any extensions) for the taxable year for which the refund

is made. The Secretary may prescribe the time and way in which the

check becomes a bond.

(2) A bond issued under this subsection is deemed to be a series

E bond issued under this section, except that the bond shall bear

an issue date of the first day of the first month beginning after

the close of the taxable year for which the bond is issued. The

Secretary also may provide that a bond issued to joint payees may

be redeemed by either payee alone.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 940; Pub. L. 97-452, Sec.

1(6), (7), Jan. 12, 1983, 96 Stat. 2467, 2468; Pub. L. 99-514, Sec.

2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 103-465, title VII, Sec.

745(a), Dec. 8, 1994, 108 Stat. 5011.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3105(a) 31:757c(a)(1st Sept. 24, 1917, ch. 56, 40

sentence), Stat. 288, Sec. 22(a)-(d)(1st

(b)(1)(1st sentence); added Feb. 4, 1935,

sentence), (d)(1st ch. 5, Sec. 6, 49 Stat. 21;

sentence). restated Feb. 19, 1941, ch. 7,

Sec. 3, 55 Stat. 7; Mar. 26,

1951, ch. 19, Sec. 1, 65 Stat.

26; Apr. 20, 1957, Pub. L.

85-17, Sec. 1, 71 Stat. 15;

Sept. 22, 1959, Pub. L.

86-346, Sec. 101(b), 73 Stat.

621; Dec. 1, 1969, Pub. L.

91-130, Secs. 1, 2(b), 83

Stat. 272; Aug. 24, 1970, Pub.

L. 91-388, Sec. 3, 84 Stat.

830; Mar. 15, 1976, Pub. L.

94-232, Sec. 4, 90 Stat. 217;

Apr. 2, 1979, Pub. L. 96-5,

Sec. 4, 93 Stat. 8; Oct. 3,

1980, Pub. L. 96-377, Sec. 1,

94 Stat. 1512.

3105(b)( 31:757c(b)(1)(2d

1) sentence proviso,

last sentence).

3105(b)( 31:757c(b)(3).

2)

3105(b)( 31:757c(b)(2).

3)

3105(c) 31:757c(a)(last

sentence),

(b)(1)(2d sentence

less proviso, 3d,

4th sentences), (c).

3105(d) 31:757c(h). Sept. 24, 1917, ch. 56, 40

Stat. 288, Sec. 22(h); added

Apr. 11, 1943, ch. 52, Sec. 3,

57 Stat. 63; restated Apr. 3,

1945, ch. 51, Sec. 3, 59 Stat.

47; Oct. 17, 1968, Pub. L.

90-595, Sec. 1, 82 Stat. 1155.

3105(e) 31:757c(j). Sept. 24, 1917, ch. 56, 40

Stat. 288, Sec. 22(j); added

July 1, 1973, Pub. L. 93-53,

Sec. 3(a), 87 Stat. 135.

--------------------------------------------------------------------

In subsection (a), the words "through the United States Postal

Service or otherwise" and "Treasury" before "savings" are omitted

as surplus. The words "and may buy, redeem, and make refunds under

section 3111 of this title" are added because of the restatement.

The words "for expenditures authorized by law" are substituted for

"to meet any public expenditures authorized by law, and to retire

any outstanding obligations of the United States bearing interest

or issued on a discount basis" for clarity and because they are

inclusive. The word "combination" is omitted as surplus.

In subsection (b)(1), the words "Except as provided in paragraph

(2) of this subsection" are added for clarity. The word

"conditions" is substituted for "terms" for consistency in the

revised title and with other titles of the United States Code. The

word "calendar" is omitted as surplus. The words "(or, beginning on

October 1, 1976, if later)" are omitted as executed.

In subsection (b)(3), the words "at their option" and "upon them"

are omitted as surplus. The last sentence is substituted for

31:757c(b)(2)(B) for clarity.

In subsection (c), before clause (1), the words "subject to the

limitation imposed by section 757b of this title" are omitted as

surplus. The words "issued under this section" are added for

clarity. In clause (3), the words "terms and" are omitted as

surplus. The words "consistent with subsections (b) to (d) of this

section" are omitted as unnecessary because of the restatement. In

clause (4), the words "before maturity" are omitted as surplus. In

clause (6), the words "a way to evidence payments for" are

substituted for "issue, or cause to be issued, stamps, or may

provide any other means to evidence payments for" because they are

inclusive. The text of 31:757c(c)(last sentence) is omitted because

section 5 of the Public Debt Act of 1942 (ch. 205, 56 Stat. 189),

ended the authority of the Postmaster General to issue stamps. In

clause (7), the word "maximum" is added for clarity. The words "at

any one time" are omitted as surplus.

In subsection (d), before clause (1), the words "under such

regulations as he may prescribe", "or permit", and "commercial

banks, trust companies, savings banks, savings and loan

associations, building and loan associations (including cooperative

banks), credit unions, cash depositories, industrial banks, and

similar" are omitted as surplus. In clause (1), the words

"Commonwealth of the Philippine Islands" in section 22(h) of the

Second Liberty Bond Act (ch. 56, 40 Stat. 288) are omitted because

of Proclamation No. 2695 (July 24, 1946, 60 Stat. 1352) proclaiming

the independence of the Philippines. In clause (3), the words

"department or equivalent" are omitted as surplus. In clause (5),

the word "duly" is omitted as surplus.

In subsection (e)(1), the words "by regulations" are omitted as

unnecessary. The words "a way" are added, and the words "However, a

check may become a bond" are substituted for "This subsection shall

apply", for clarity.

In subsection (e)(2), the words "Except as provided in paragraph

(2)" are omitted as unnecessary. The words "is deemed to be" are

substituted for "shall be treated for all purposes of law as"

because a legal fiction is intended. The words "calendar" and "In

the case of . . . under this subsection" are omitted as surplus.

1983 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3105(b)( 31 App.:757c(b)(1) Sept. 3, 1982, Pub. L. 97-248,

1) (2d sentence). Sec. 289(a)(1)(A), (B), (D),

96 Stat. 571.

3105(b)( 31 App.:757c(b)(3)

2)

3105(b)( 31 App.:757c(b)(2).

3)

3105(c) 31 App.:757c(b)(1) Sept. 3, 1982, Pub. L. 97-248,

(3d sentence). Sec. 289(a)(1)(C), 96 Stat.

571.

--------------------------------------------------------------------

In subsection (b)(1), before clause (A), the words "and except as

provided in paragraph (2) of this subsection" are added for

clarity. In clause (B), the word "change'' is substituted for

"provide for increases and decreases in" to eliminate unnecessary

words. The word "investment" is omitted the 2d time it appears as

surplus.

AMENDMENTS

1994 - Subsec. (b). Pub. L. 103-465 amended subsec. (b)

generally. Prior to amendment, subsec. (b) read as follows:

"(b)(1) With the approval of the President and except as provided

in paragraph (2) of this subsection, the Secretary may -

"(A) fix the investment yield for savings bonds; and

"(B) change the investment yield on an outstanding savings

bond, except that the yield on a bond for the period held may not

be decreased below the minimum yield for the period guaranteed on

the date of issue.

"(2) The investment yield on a series E savings bond shall be at

least 4 percent a year compounded semiannually beginning on the

first day of the month beginning after the date of issue of the

bond and ending on the last day of the month before the date of

redemption.

"(3) With the approval of the President, the Secretary may

prescribe regulations providing that -

"(A) owners of series E and H savings bonds may keep the bonds

after maturity or after a period beyond maturity during which the

bonds have earned interest and continue to earn interest at rates

consistent with paragraph (1) of this subsection; and

"(B) series E and H savings bonds earning a different rate of

interest before the regulations are prescribed shall earn a rate

of interest consistent with paragraph (1)."

1986 - Subsecs. (a), (e)(1). Pub. L. 99-514 substituted "Internal

Revenue Code of 1986" for "Internal Revenue Code of 1954".

1983 - Subsec. (b). Pub. L. 97-452, Sec. 1(6), added par. (1) and

redesignated former par. (1) as (2), in par. (2) as so

redesignated, struck out provision that except as provided in

former par. (2), the interest rate on, and the issue price of,

savings bonds and savings certificates and the conditions under

which they might be redeemed might not yield more than 5.5 percent

a year compounded semiannually, struck out former par. (2) which

provided that the Secretary with the President's approval might fix

the yield on savings bonds at any percent per year compounded

semiannually, but that total increases in a six-month period might

not exceed one percent a year compounded semiannually, redesignated

provisions of par. (3) as subpars. (A) and (B), and, in subpar.

(B), as so redesignated, substituted provisions that series E and H

savings bonds earning a different rate of interest before the

regulations are prescribed shall earn a rate of interest consistent

with par. (1) for provision that series E and H savings bonds

earning a higher rate of interest before the regulations were

prescribed would continue to earn a higher rate of interest

consistent with par. (1).

Subsec. (c)(5). Pub. L. 97-452, Sec. 1(7), struck out "(expressed

in terms of the maturity value)" after "denominations".

EFFECTIVE DATE OF 1994 AMENDMENT

Section 745(b) of Pub. L. 103-465 provided that: "The amendment

made by this section [amending this section] shall apply to bonds

issued after October 31, 1994."

-EXEC-

EX. ORD. NO. 11981. INTERAGENCY COMMITTEE FOR THE PURCHASE OF

UNITED STATES BONDS

Ex. Ord. No. 11981, Mar. 29, 1977, 42 F.R. 17095, provided:

By virtue of the authority vested in me by the Constitution and

statutes of the United States of America, and as President of the

United States of America, it is hereby ordered as follows:

Section 1. (a) There is hereby established the Interagency

Committee for the Purchase of United States Savings Bonds

(hereinafter referred to as the Committee). The Committee shall

consist of a Chairman, who is to be appointed by the President for

a term of two years, and the heads of Federal agencies. Each member

of the Committee is responsible for the success of the Payroll

Savings Program in his agency.

(b) Members of the Committee may designate an alternate, who

shall serve as a member of the Committee whenever the regular

member is unable to attend any meeting of the Committee. The

alternate member may be authorized to act for the regular member in

all appropriate matters relating to the Committee. In the case of

an executive or military department, a Deputy Secretary or an Under

Secretary may be designated as an alternate member. In the case of

any other Federal agency, the alternate member shall be designated

from among the officials thereof of appropriate rank.

(c) The Chairman will designate the Federal Payroll Savings

Officer of the Savings Bonds Division, Department of the Treasury,

to act as his liaison officer with members of the Committee.

Sec. 2. The Committee shall perform the following functions and

duties:

(a) Formulating and presenting to the Federal agencies a plan of

organization and sales promotion whereby the Payroll Savings Plan

and Military Bond Allotment Plan, hereinafter referred to as the

Plans, will be made available to all uniformed and civilian

personnel of the government for the purchase of Savings Bonds, and

whereby all such personnel will be urged to participate.

(b) Assisting the Federal agencies in installing the Plans and in

solving any special problems that may develop in connection

therewith.

(c) Acting as a clearinghouse for Federal agencies in compiling

and disseminating such statistics and information with respect to

the implementation and sales promotion of the Plans as may be

appropriate.

(d) Recommending to the Federal agencies any methods for

improvements in the program adopted pursuant to the Plans.

(e) The Committee will meet, and will be available to meet with

the President, at least once each calendar year and at such other

times as may be necessary to carry out its responsibilities.

Sec. 3. Each Federal agency shall institute and put into

operation, as soon as practicable, a plan of organization and sales

promotion recommended by the Committee, with such modifications as

particular circumstances may render advisable.

Sec. 4. As used in this Order, the term "Federal agencies" means

departments, agencies, and establishments of the Executive branch

of the Government.

Sec. 5. This Order supersedes Executive Order No. 11532 of June

2, 1970.

Jimmy Carter.

-MISC2-

TRANSITIONAL RULE

Pub. L. 97-248, title II, Sec. 289(b), Sept. 3, 1982, 96 Stat.

57, provided that for a savings bond issued before the 30th day

after Sept. 3, 1982, for purposes of sections 757c and 757c-2 of

former Title 31, the minimum yield for the period held is the

scheduled investment yield for the period in effect on the 30th

day.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 3106, 3108 of this title;

title 26 section 135.

-End-

-CITE-

31 USC Sec. 3106 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3106. Retirement and savings bonds

-STATUTE-

(a) With the approval of the President, the Secretary of the

Treasury may issue retirement and savings bonds of the United

States Government and may buy, redeem, and make refunds under

section 3111 of this title. The proceeds from the bonds shall be

used for expenditures authorized by law. Retirement and savings

bonds may be issued only on a discount basis. The maturity period

of the bonds shall be at least 10 years from the date of issue but

not more than 30 years from the date of issue. The difference

between the price paid and the amount received on redeeming a bond

is interest under the Internal Revenue Code of 1986 (26 U.S.C. 1 et

seq.).

(b) With the approval of the President, the Secretary may allow

owners of retirement and savings bonds to keep the bonds after

maturity and continue to earn interest on them at rates that are

consistent with the rate of investment yield provided by retirement

and savings bonds.

(c) Section 3105(c)(1)-(5) of this title applies to this section.

Sections 3105(c)(6) and (d) and 3126 of this title apply to this

section to the extent consistent with this section. The Secretary

may prescribe the maximum amount of retirement and savings bonds

issued under this section in a year that may be held by one person.

However, the maximum amount shall be at least $3,000.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 941; Pub. L. 97-452, Sec.

1(8), Jan. 12, 1983, 96 Stat. 2468; Pub. L. 99-514, Sec. 2, Oct.

22, 1986, 100 Stat. 2095.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3106(a) 31:757c-2(a)(1st Sept. 24, 1917, ch. 56, 40

sentence), Stat. 288, Sec. 22A(a)-(c)(1st

(b)(1)(1st sentence), (d); added Nov. 8,

sentence), (c)(1st 1966, Pub. L. 89-800, Sec. 5,

sentence). 80 Stat. 1514.

3106(b) 31:757c-2(b)(1)(2d

sentence words

after 1st comma),

(2).

3106(c) 31:757c-2(a)(last

sentence),

(b)(1)(2d sentence

words before 1st

comma, 3d, last

sentences), (d).

--------------------------------------------------------------------

In subsection (a), the words "In addition to the United States

savings bonds authorized to be issued under section 757c of this

title" are omitted as surplus. The words "through the United States

Postal Service or otherwise" are omitted as surplus and unnecessary

because of 39:411. The words "and may buy, redeem, and make refunds

under section 3111 of this title" are added because of the

restatement. The words "and to retire any outstanding obligations

of the United States bearing interest or issued on a discount

basis" are omitted as unnecessary because of section 3111 of the

revised title. The words "as the terms thereof may provide" are

omitted because of the restatement.

In subsection (b), the word "conditions" is substituted for

"terms" for consistency in the revised title and with other titles

of the United States Code. The words "by regulations" are omitted

as unnecessary. The words "at their option" are omitted as surplus.

In subsection (c), the words "Section 3105(c)(1)-(5) of this

title applies to this section" are substituted for

31:757c-2(a)(last sentence) and (b)(1)(2d sentence words before 1st

comma, 3d sentence) to eliminate unnecessary words. The words "by

regulations" are omitted as unnecessary.

1983 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3106(b) 31 App.:757c-2 Sept. 3, 1982, Pub. L. 97-248,

(b)(1) (2d Sec. 289(a)(2), 96 Stat. 571.

sentence).

--------------------------------------------------------------------

AMENDMENTS

1986 - Subsec. (a). Pub. L. 99-514 substituted "Internal Revenue

Code of 1986" for "Internal Revenue Code of 1954".

1983 - Subsec. (b). Pub. L. 97-452 struck out provisions that the

issue price of retirement and savings bonds and the conditions

under which they could be redeemed could give an investment yield

of not more than 5 percent a year compounded semiannually.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3108 of this title.

-End-

-CITE-

31 USC Sec. 3107 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3107. Increasing interest rates and investment yields on

retirement bonds

-STATUTE-

With the approval of the President, the Secretary of the Treasury

may increase by regulation the interest rate or investment yield on

an offering of bonds issued under this chapter that are described

in sections 405(b) and 409(a) of the Internal Revenue Code of 1954

(26 U.S.C. 405(b), 409(a)), as in effect before the enactment of

the Tax Reform Act of 1984. The increased yield shall be for

interest accrual periods specified in the regulations so that the

interest rate or investment yield on the bonds for those periods is

consistent with the interest rate or investment yield on a new

offering of those bonds.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 941; Pub. L. 98-369, div.

A, title IV, Sec. 491(d)(59), July 18, 1984, 98 Stat. 852.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3107 31:752(last par.). Sept. 24, 1917, ch. 56, 40

Stat. 288, Sec. 1(last par.);

added Dec. 24, 1980, Pub. L.

96-595, Sec. 2(a), 94 Stat.

3465.

--------------------------------------------------------------------

The words "interest rate" are added for consistency in the

chapter and with 26:405(b) and 409(a).

-REFTEXT-

REFERENCES IN TEXT

Sections 405(b) and 409(a) of the Internal Revenue Code of 1954

(26 U.S.C. 405(b), 409(a)), referred to in text, were repealed by

Pub. L. 98-369, div. A, title IV, Sec. 491(a), (b), July 18, 1984,

98 Stat. 848.

Enactment of the Tax Reform Act of 1984, referred to in text,

means the date of enactment of division A of Pub. L. 98-369, which

was approved July 18, 1984.

-MISC2-

AMENDMENTS

1984 - Pub. L. 98-369 inserted ", as in effect before the

enactment of the Tax Reform Act of 1984" after "(26 U.S.C. 405(b),

409(a))".

EFFECTIVE DATE OF 1984 AMENDMENT

Amendment by Pub. L. 98-369 applicable to obligations issued

after Dec. 31, 1983, see section 491(f)(1) of Pub. L. 98-369, set

out as a note under section 62 of Title 26, Internal Revenue Code.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3108 of this title.

-End-

-CITE-

31 USC Sec. 3108 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3108. Prohibition against circulation privilege

-STATUTE-

An obligation issued under sections 3102-3104(a)(1) and 3105-3107

of this title may not bear the circulation privilege.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 942.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3108 31:753(d)(1st Sept. 24, 1917, ch. 56, 40

sentence). Stat. 288, Sec. 18(d)(1st

sentence); added Mar. 3, 1919,

ch. 100, Sec. 1, 40 Stat. 1310.

31:757c(d)(last Sept. 24, 1917, ch. 56, 40

sentence). Stat. 288, Sec. 22(d)(last

sentence); added Feb. 4, 1935,

ch. 5, Sec. 6, 49 Stat. 21;

restated Feb. 19, 1941, ch. 7,

Sec. 3, 55 Stat. 8.

31:757c-2(c)(last Sept. 24, 1917, ch. 56, 40

sentence). Stat. 288, Sec. 22A(c)(last

sentence); added Nov. 8, 1966,

Pub. L. 89-800, Sec. 5, 80

Stat. 1515.

31:758. Sept. 24, 1917, ch. 56, Sec.

7(1st sentence), 40 Stat. 291.

--------------------------------------------------------------------

The reference in 31:758 to certificates authorized under 31:757

is omitted because the authority under 31:757 was ended by section

2(b)(3) of the Public Debt Act of 1941 (ch. 7, 55 Stat. 7).

-End-

-CITE-

31 USC Sec. 3109 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3109. Tax and loss bonds

-STATUTE-

(a) The Secretary of the Treasury may issue tax and loss bonds of

the United States Government and may buy, redeem, and make refunds

under section 3111 of this title. The proceeds of the tax and loss

bonds shall be used for expenditures authorized by law. Tax and

loss bonds are nontransferrable except as provided by the

Secretary, bear no interest, and shall be issued in amounts needed

to allow persons to comply with section 832(e) of the Internal

Revenue Code of 1986 (26 U.S.C. 832(e)). The Secretary may

prescribe the amount of tax and loss bonds and the conditions under

which the bonds will be issued as required by section 832(e).

(b) For a taxable year in which amounts are deducted from the

mortgage guaranty account referred to in section 832(e)(3) of the

Internal Revenue Code of 1986 (26 U.S.C. 832(e)(3)), an amount of

tax and loss bonds bought under section 832(e)(2) of the Internal

Revenue Code of 1986 (26 U.S.C. 832(e)(2)) shall be redeemed for

the amount deducted from the account. The amount redeemed shall be

applied as necessary to pay taxes due because of the inclusion

under section 832(b)(1)(E) of the Internal Revenue Code of 1986 (26

U.S.C. 832(b)(1)(E)) of amounts in gross income. The Secretary also

may prescribe additional ways to redeem the bonds.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 942; Pub. L. 99-514, Sec.

2, Oct. 22, 1986, 100 Stat. 2095.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3109(a) 31:757c-3(1st-3d Sept. 24, 1917, ch. 56, 40

sentences). Stat. 288, Sec. 26; added Jan.

2, 1968, Pub. L. 90-240, Sec.

5(f), 81 Stat. 778.

3109(b) 31:757c-3(4th, last

sentences).

--------------------------------------------------------------------

In subsection (a), the words "and may buy, redeem, and make

refunds under section 3111 of this title" are substituted for "and

to retire any outstanding obligations of the United States issued

under this Act" for consistency. The words "subject to the

limitations imposed by section 757b of this title" are omitted as

surplus. The word "conditions" is substituted for "terms and

conditions" because it is inclusive.

AMENDMENTS

1986 - Pub. L. 99-514 substituted "Internal Revenue Code of 1986"

for "Internal Revenue Code of 1954" wherever appearing.

-End-

-CITE-

31 USC Sec. 3110 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3110. Sale of obligations of governments of foreign countries

-STATUTE-

(a) With the approval of the President, the Secretary of the

Treasury may sell obligations of the government of a foreign

country when the obligations were acquired under -

(1) the First Liberty Bond Act and matured before June 16,

1947;

(2) the Second Liberty Bond Act and matured before October 16,

1938; or

(3) section 7(a) of the Victory Liberty Loan Act.

(b) The Secretary may prescribe the conditions and frequency for

receiving payment under obligations of a government of a foreign

country acquired under the laws referred to in subsection (a) of

this section. A sale of an obligation acquired under those Acts

shall at least equal the purchase price and accrued interest. The

proceeds of obligations sold under this section and payments

received from governments on the principal of their obligations

shall be used to redeem or buy (for not more than par value and

accrued interest) bonds of the United States Government issued

under this chapter. If those bonds cannot be redeemed or bought,

the Secretary shall redeem or buy other outstanding

interest-bearing obligations of the Government that are subject to

redemption or which can be bought at not more than par value and

accrued interest.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 942.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3110 31:801. Sept. 24, 1917, ch. 56, Sec.

3, 40 Stat. 289.

31:802, 803. Mar. 3, 1919, ch. 100, Secs.

7(b), 8, 40 Stat. 1312, 1313.

31:804. Apr. 24, 1917, ch. 4, Sec. 3,

40 Stat. 35.

--------------------------------------------------------------------

In the section, the words "government of a foreign country" are

substituted for "foreign governments" for consistency in the

revised title and with other titles of the United States Code.

In subsection (a), the text of 31:801 and 802 (related to

converting certain obligations of foreign governments into

obligations bearing a higher rate of interest or with a longer term

to maturity) is omitted as executed.

In subsection (b), the text of 31:804 is omitted as unnecessary.

The word "conditions" is substituted for "terms and conditions"

because it is inclusive. The words "unless otherwise hereafter

provided by law" are omitted as surplus.

-REFTEXT-

REFERENCES IN TEXT

The First Liberty Bond Act, referred to in subsec. (a)(1), is act

Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755,

755a, 759, 764, 774, and 804 of former Title 31 and section 462a of

Title 12, Banks and Banking, and amended sections 745 and 768 of

former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b),

Sept. 13, 1982, 96 Stat. 1072.

The Second Liberty Bond Act, referred to in subsec. (a)(2), is

act Sept. 24, 1917, ch. 56, 40 Stat. 288, as amended, which enacted

sections 747, 752 to 754b, 757, 757b, 757c to 757e, 758, 760, 765,

766, 771, 773, and 801 and amended sections 745, 764, 769, and 774

of former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b),

Sept. 13, 1982, 96 Stat. 1072.

Section 7(a) of the Victory Liberty Loan Act, referred to in

subsec. (a)(3), is section 7(a) of act Mar. 3, 1919, ch. 100, 40

Stat. 1309, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept.

13, 1982, 96 Stat. 1072.

-End-

-CITE-

31 USC Sec. 3111 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3111. New issue used to buy, redeem, or refund outstanding

obligations

-STATUTE-

An obligation may be issued under this chapter to buy, redeem, or

refund, at or before maturity, outstanding bonds, notes,

certificates of indebtedness, Treasury bills, or savings

certificates of the United States Government. Under regulations of

the Secretary of the Treasury, money received from the sale of an

obligation and other money in the general fund of the Treasury may

be used in making the purchases, redemptions, or refunds.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 942.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3111 31:754a. Sept. 24, 1917, ch. 56, 40

Stat. 288, Sec. 19; added Jan.

30, 1934, ch. 6, Sec.

14(a)(4), 48 Stat. 343;

restated Mar. 28, 1942, ch.

205, Sec. 4, 56 Stat. 189.

--------------------------------------------------------------------

The words "regulations of" are substituted for "rules,

regulations, terms, and conditions . . . may prescribe" to

eliminate unnecessary words.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 3102, 3103, 3104, 3105,

3106, 3109 of this title.

-End-

-CITE-

31 USC Sec. 3112 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3112. Sinking fund for retiring and cancelling bonds and notes

-STATUTE-

(a) The Department of the Treasury has a sinking fund for

retiring bonds and notes issued under this chapter. Amounts in the

fund are appropriated for payment of bonds and notes at maturity or

for their redemption or purchase before maturity by the Secretary

of the Treasury. The fund is available until all the bonds and

notes are retired.

(b) For each fiscal year, an amount is appropriated equal to -

(1) the interest that would have been payable during the fiscal

year for which the appropriation is made on the bonds and notes

bought, redeemed, or paid out of the fund during that or prior

years;

(2) 2.5 percent of the total amount of bonds and notes issued

under the First Liberty Bond Act, the Second Liberty Bond Act,

the Third Liberty Bond Act, the Fourth Liberty Bond Act, and the

Victory Liberty Loan Act and outstanding on July 1, 1920, less an

amount equal to the par amount of obligations of governments of

foreign countries that the United States Government held on July

1, 1920; and

(3) 2.5 percent of the total amount expended after June 29,

1933, from appropriations made or authorized in sections 301 and

302 of the Emergency Relief and Construction Act of 1932.

(c) The Secretary may prescribe the price and conditions for

paying, redeeming, and buying bonds and notes under this section.

The average cost of bonds and notes bought under this section may

not be more than par value and accrued interest. Bonds and notes

bought, redeemed, or paid out of the sinking fund must be canceled

and retired and may not be reissued.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 943.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3112(a) 31:767(less 2d Mar. 3, 1919, ch. 100, Sec. 6,

sentence related to 40 Stat. 1311; Mar. 2, 1923,

price, terms, and ch. 179, 42 Stat. 1427; May

conditions, 3d, 4th 29, 1928, ch. 901, Sec. 1(21),

sentences). 45 Stat. 987; Jan. 30, 1934,

ch. 6, Sec. 14(b), 48 Stat.

344.

3112(b) 31:767(last

sentence).

31:767b. Mar. 3, 1933, ch. 212, Sec.

1(last par. on p. 1492), 47

Stat. 1492; Mar. 15, 1934, ch.

70, Sec. 1(2d complete par. on

p. 428), 48 Stat. 428.

3112(c) 31:767(2d sentence

related to price,

terms, and

conditions, 3d, 4th

sentences).

--------------------------------------------------------------------

In subsection (a), the word "cumulative" is omitted as surplus.

The words "under this chapter" are substituted for "under the First

Liberty Bond Act, the Second Liberty Bond Act, the Third Liberty

Bond Act, the Fourth Liberty Bond Act, or under this Act, and

outstanding on July 1, 1920, and of bonds and notes thereafter

issued, under any of such Acts or under any of such Acts as

amended" to eliminate unnecessary words, reference to laws that

have been executed, and to reflect consolidation of the public debt

authority in the revised chapter. The words "and all additions

thereto" are omitted as surplus.

Subsection (b)(1) and (2) is substituted for 31:767(last

sentence) to eliminate unnecessary words.

In subsection (b)(3), the text of 31:767b(related to 31:767a) is

omitted as obsolete.

In subsection (c), the word "conditions" is substituted for

"terms and conditions" because it is inclusive.

-REFTEXT-

REFERENCES IN TEXT

The First Liberty Bond Act, referred to in subsec. (b)(2), is act

Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755,

755a, 759, 764, 774, and 804 of former Title 31 and section 462a of

Title 12, Banks and Banking, and amended sections 745 and 768 of

former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b),

Sept. 13, 1982, 96 Stat. 1072.

The Second Liberty Bond Act, referred to in subsec. (b)(2), is

act Sept. 24, 1917, ch. 56, 40 Stat. 288, as amended, which enacted

sections 747, 752 to 754b, 757, 757b, 757c to 757e, 758, 760, 765,

766, 771, 773, and 801 and amended sections 745, 764, 769, and 774

of former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b),

Sept. 13, 1982, 96 Stat. 1072.

The Third Liberty Bond Act, referred to in subsec. (b)(2), is act

Apr. 4, 1918, ch. 44, 40 Stat. 502, which enacted sections 765,

766, and 774 and amended sections 752, 752a, 754, and 771 of former

Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13,

1982, 96 Stat. 1072.

The Fourth Liberty Bond Act, referred to in subsec. (b)(2), is

act July 9, 1918, ch. 142, 40 Stat. 844, which enacted sections 750

and 772 and amended sections 752 and 774 of former Title 31, and

was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat.

1072.

The Victory Liberty Loan Act, referred to in subsec. (b)(2), is

act Mar. 3, 1919, ch. 100, 40 Stat. 1309, which enacted sections

749, 753, 763, 767, 802, and 803 and amended sections 750, 754, and

774 of former Title 31 and section 343 of Title 15, Commerce and

Trade, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13,

1982, 96 Stat. 1072.

Sections 301 and 302 of the Emergency Relief and Construction Act

of 1932, referred to in subsec. (b)(3), are sections 301 and 302 of

act July 21, 1932, ch. 520, 47 Stat. 709, which are not classified

to the Code.

-End-

-CITE-

31 USC Sec. 3113 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER I - BORROWING AUTHORITY

-HEAD-

Sec. 3113. Accepting gifts

-STATUTE-

(a) To provide the people of the United States with an

opportunity to make gifts to the United States Government to be

used to reduce the public debt -

(1) the Secretary of the Treasury may accept for the Government

a gift of -

(A) money made only on the condition that it be used to

reduce the public debt;

(B) an obligation of the Government included in the public

debt made only on the condition that the obligation be canceled

and retired and not reissued; and

(C) other intangible personal property made only on the

condition that the property is sold and the proceeds from the

sale used to reduce the public debt; and

(2) the Administrator of General Services may accept for the

Government a gift of tangible property made only on the condition

that it be sold and the proceeds from the sale be used to reduce

the public debt.

(b) The Secretary and the Administrator each may reject a gift

under this section when the rejection is in the interest of the

Government.

(c) The Secretary and the Administrator shall convert a gift

either of them accepts under subsection (a)(1)(C) or (2) of this

section to money on the best terms available. If a gift accepted

under subsection (a) of this section is subject to a gift or

inheritance tax, the Secretary or the Administrator may pay the tax

out of the proceeds of the gift or the proceeds of the redemption

or sale of the gift.

(d) The Treasury has an account into which money received as

gifts and proceeds from the sale or redemption of gifts under this

section shall be deposited. The Secretary shall use the money in

the account to pay at maturity, or to redeem or buy before

maturity, an obligation of the Government included in the public

debt. An obligation of the Government that is paid, redeemed, or

bought with money from the account shall be canceled and retired

and may not be reissued. Money deposited in the account is

appropriated and may be expended to carry out this section.

(e)(1) The Secretary shall redeem a direct obligation of the

Government bearing interest or sold on a discount basis on

receiving it when the obligation -

(A) is given to the Government;

(B) becomes the property of the Government under the conditions

of a trust; or

(C) is payable on the death of the owner to the Government (or

to an officer of the Government in the officer's official

capacity).

(2) If the gift or transfer to the Government is subject to a

gift or inheritance tax, the Secretary shall pay the tax out of the

proceeds of redemption.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 943.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3113(a) 31:901(less June 27, 1961, Pub. L. 87-58,

(b)(proviso)). 75 Stat. 119.

3113(b) 31:901(b)(proviso).

3113(c) 31:902, 903.

3113(d) 31:904.

3113(e) 31:757e. Sept. 24, 1917, ch. 56, 40

Stat. 288, Sec. 24; added Apr.

3, 1945, ch. 51, Sec. 4, 59

Stat. 48.

--------------------------------------------------------------------

In subsection (a), before clause (1), the words "In order" are

omitted as surplus. The words "To provide" are substituted for "to

afford" for clarity. The words "for the purpose" are omitted as

unnecessary. In clauses (1) and (2), the word "for" is substituted

for "on behalf of" for consistency. The word "realized" is omitted

as surplus. In clause (2), the word "tangible" is substituted for

"real or personal" to eliminate unnecessary words.

In subsections (b) and (c), the words "as the case may be" are

omitted as unnecessary.

In subsection (c), the words "under applicable law" are omitted

as surplus.

In subsection (d), the words "on the books of" and "special" are

omitted as surplus. The words "proceeds from the sale or redemption

of gifts" are substituted for "all money received as a result of

the conversion into money of gifts of property other than money

received" for clarity and consistency.

In subsection (e)(1), the word "Secretary" is substituted for

"Treasurer of the United States" because of the source provisions

restated in section 321(c) of the revised title. In clause (A), the

word "given" is substituted for "is donated . . . is bequeathed by

will" to eliminate unnecessary words. In clause (B), the word

"conditions" is substituted for "terms" for consistency in the

revised title and with other titles of the United States Code. In

clause (C), the words "by its terms" are omitted as surplus.

In subsection (e)(2), the words "under applicable law" and

"bequest" are omitted as surplus. The words "and shall deposit the

balance in the Treasury as miscellaneous receipts or as otherwise

authorized by law" are omitted as surplus because of section

3302(a) of the revised title. The text of 31:757e(last sentence) is

omitted because of the restatement.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 26 section 2055.

-End-

-CITE-

31 USC SUBCHAPTER II - ADMINISTRATIVE 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

SUBCHAPTER II - ADMINISTRATIVE

-End-

-CITE-

31 USC Sec. 3121 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

Sec. 3121. Procedure

-STATUTE-

(a) In issuing obligations under sections 3102-3104 of this

title, the Secretary of the Treasury may prescribe -

(1) whether an obligation is to be issued on an

interest-bearing basis, a discount basis, or an interest-bearing

and discount basis;

(2) regulations on the conditions under which the obligation

will be offered for sale, including whether it will be offered

for sale on a competitive or other basis;

(3) the offering price and interest rate;

(4) the method of computing the interest rate;

(5) the dates for paying principal and interest;

(6) the form and denominations of the obligations; and

(7) other conditions.

(b)(1) Under conditions prescribed by the Secretary, an

obligation issued under this chapter and redeemable on demand of

the owner or holder may be used to pay the United States Government

for taxes imposed by it.

(2) An obligation of the Government issued after March 3, 1971,

under law may not be redeemed before its maturity to pay a tax

imposed by the Government in an amount more than the fair market

value of the obligation at the time of its redemption. This

paragraph does not apply to a Treasury bill issued under section

3104 of this title.

(c) Under conditions prescribed by the Secretary, an obligation

authorized by this chapter may be issued in exchange for an

obligation of an agency whose principal and interest are

unconditionally guaranteed by the Government at or before maturity.

(d) Under conditions prescribed by the Secretary, the Secretary

may issue registered bonds in exchange for and instead of coupon

bonds that have been or may be issued. The registered bonds shall

be similar in all respects to the registered bonds issued under a

law authorizing the issue of coupon bonds offered for exchange.

(e) A decision of the Secretary about an issue of obligations

under sections 3102-3104 of this title is final.

(f) The Secretary may accept voluntary services in carrying out

the sale of public debt obligations.

(g)(1) In this subsection, "registration-required obligation"

means an obligation except an obligation -

(A) not of a type offered to the public;

(B) having a maturity (at issue) of not more than one year; or

(C) described in paragraph (2) of this subsection.

(2) An obligation is not a registration-required obligation if -

(A) there are arrangements reasonably designed to ensure that

the obligation will be sold (or resold in connection with the

original issue) only to a person that is not a United States

person; and

(B) for an obligation not in registered form -

(i) interest on the obligation is payable only outside the

United States and its territories and possessions; and

(ii) a statement is on the face of the obligation that a

United States person holding the obligation is subject to

limitations under the United States income tax laws.

(3) Every registration-required obligation of the Government

shall be in registered form. A book entry obligation is deemed to

be in registered form if the right to principal and stated interest

on the obligation may be transferred only through a book entry

consistent with regulations of the Secretary.

(4) The Secretary shall prescribe regulations necessary to carry

out this subsection when there is a nominee.

(h)(1) The Secretary shall prescribe by regulation standards for

the safeguarding and use of obligations issued under this chapter,

and obligations otherwise issued or guaranteed as to principal or

interest by the United States. Such regulations shall apply only to

a depository institution that is not a government securities broker

or a government securities dealer and that holds such obligations

as fiduciary, custodian, or otherwise for the account of a customer

and not for its own account. Such regulations shall provide for the

adequate segregation of obligations so held, including obligations

which are purchased or sold subject to resale or repurchase.

(2) Violation of a regulation prescribed under paragraph (1)

shall constitute adequate basis for the issuance of an order under

section 5239(a) or (b) of the Revised Statutes (12 U.S.C. 93(a) or

(b)), section 8(b) or 8(c) of the Federal Deposit Insurance Act,

section 5(d)(2) or 5(d)(3) (!1) of the Home Owners' Loan Act of

1933, section 407(e) or 407(f) (!1) of the National Housing Act, or

section 206(e) or 206(f) of the Federal Credit Union Act. Such an

order may be issued with respect to a depository institution by its

appropriate regulatory agency and with respect to a federally

insured credit union by the National Credit Union Administration

Board.

(3) Nothing in this subsection shall be construed to affect in

any way the powers of such agencies under any other provision of

law.

(4) The Secretary shall, prior to adopting regulations under this

subsection, determine with respect to each appropriate regulatory

agency and the National Credit Union Administration Board, whether

its rules and standards adequately meet the purposes of regulations

to be promulgated under this subsection, and if the Secretary so

determines, shall exempt any depository institution subject to such

rules or standards from the regulations promulgated under this

subsection.

(5) As used in this subsection -

(A) "depository institution" has the meaning stated in clauses

(i) through (vi) of section 19(b)(1)(A) of the Federal Reserve

Act and also includes a foreign bank, an agency or branch of a

foreign bank, and a commercial lending company owned or

controlled by a foreign bank (as such terms are defined in the

International Banking Act of 1978).

(B) "government securities broker" has the meaning prescribed

in section 3(a)(43) of the Securities Exchange Act of 1934.

(C) "government securities dealer" has the meaning prescribed

in section 3(a)(44) of the Securities Exchange Act of 1934.

(D) "appropriate regulatory agency" has the meaning prescribed

in section 3(a)(34)(G) of the Securities Exchange Act of 1934.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 944; Pub. L. 97-452, Sec.

1(9), Jan. 12, 1983, 96 Stat. 2468; Pub. L. 99-571, title II, Sec.

201(a), Oct. 28, 1986, 100 Stat. 3222.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3121(a) 31:752(2d par. Sept. 24, 1917, ch. 56, Sec.

related to form of 1(2d par. related to form of

bonds). bonds), 40 Stat. 288; restated

Apr. 4, 1918, ch. 44, Sec. 1,

40 Stat. 503.

31:753(a)(related Sept. 24, 1917, ch. 56, 40

to form of notes, Stat. 288, Sec. 18(a)(related

certificates of to form of notes, certificates

indebtedness, and of indebtedness, and Treasury

Treasury bills). bills); added Mar. 3, 1919,

ch. 100, Sec. 1, 40 Stat.

1310; restated Feb. 4, 1935,

ch. 5, Sec. 4, 49 Stat. 20.

31:754(a)(related Sept. 24, 1917, ch. 56, Sec.

to form of 5(a)(related to form of

certificates of certificates of indebtedness

indebtedness and and Treasury bills, finality),

Treasury bills). 40 Stat. 290; restated June

17, 1929, ch. 26, 46 Stat. 20.

31:754b(a)(less Sept. 24, 1917, ch. 56, 40

last 12 words). Stat. 288, Sec. 20; added Jan.

30, 1934, ch. 6, Sec.

14(a)(4), 48 Stat 343;

restated Mar. 28, 1942, ch.

205, Sec. 3, 56 Stat. 189.

31:768(words after Feb. 4, 1910, ch. 25, Sec.

semicolon). 1(words after semicolon), 36

Stat. 192.

3121(b)( 31:754b(b).

1)

3121(b)( 31:757c-4. Sept. 24, 1917, ch. 56, 40

2) Stat. 288, Sec. 27; added Mar.

17, 1971, Pub. L. 92-5, Sec.

4(b), 85 Stat. 5.

3121(c) 31:754b(c).

3121(d) 31:739. R.S. Sec. 3706.

3121(e) 31:754(a)(related

to finality).

31:754b(a)(last 12

words).

3121(f) 31:772a. June 1, 1955, ch. 119, Sec. 2,

69 Stat. 82.

--------------------------------------------------------------------

In subsection (a)(1), the word "combination" is omitted as

surplus.

In subsection (a)(2), the word "conditions" is substituted for

"terms and conditions" because it is inclusive.

In subsection (a)(3), the words "offering" and "interest rate"

are added for clarity.

In subsection (b)(1), the word "issued" is substituted for

"authorized" for clarity. The words "the Commissioner of Internal

Revenue" are omitted because of the source provisions restated in

section 321 of the revised title.

In subsection (b)(2), the words "In the case of" are omitted as

surplus. The words "under law" are substituted for "under this Act

or under any other provision of law" because they are inclusive.

The words "the terms and conditions of issue" are omitted as

unnecessary. The word "permit" is omitted as surplus.

In subsection (c), the word "conditions" is substituted for

"regulations and upon such terms" to eliminate unnecessary words

and for consistency in the revised title and with other titles of

the United States Code. The word "agency" is substituted for

"agency or instrumentality of the United States" because of section

101 of the revised title and for consistency.

In subsection (d), the word "conditions" is substituted for

"terms and under such regulations" to eliminate unnecessary words

and for consistency in the revised title and with other titles of

the Code. The words "instead of" are substituted for "in lieu of"

for clarity.

In subsection (f), the words "in carrying out" are substituted

for "in connection with the program for" to eliminate unnecessary

words.

1983 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3121(g) 31 App.:757c-5. Sept. 24, 1917, ch. 56, 40

Stat. 288, Sec. 28; added

Sept. 3, 1982, Pub. L. 97-248,

Sec. 310(a), 96 Stat. 595.

--------------------------------------------------------------------

In subsection (g)(1), before clause (A), the words "Except as

provided in paragraph (2)" and "(2) The term 'registration-required

obligation' shall not include any obligation if" are omitted

because of the restatement. Clause (C) is added for clarity.

In subsection (g)(2)(B)(i), the words "territories and" are added

for consistency in the revised title and with other titles of the

United States Code.

In subsection (g)(3), the words "(or of any agency or

instrumentality thereof)" are omitted as included in "Government".

The words "For purposes of subsection (a)" are omitted as surplus.

The words "is deemed to be" are substituted for "shall be treated

as" for consistency in the revised title and with other titles of

the Code.

In subsection (g)(4), the words "or chain of nominees" are

omitted as included in "nominee" and because of 1:1.

-REFTEXT-

REFERENCES IN TEXT

Section 8(b) or (c) of the Federal Deposit Insurance Act,

referred to in subsec. (h)(2), is classified to section 1818(b),

(c) of Title 12, Banks and Banking.

Section 5(d)(2) or 5(d)(3) of the Home Owners' Loan Act of 1933,

referred to in subsec. (h)(2), is classified to section 1464(d)(2),

(3) of Title 12, but was amended generally by Pub. L. 101-73, title

III, Sec. 301, Aug. 9, 1989, 103 Stat. 282, and no longer relates

to issuance of orders. See section 1464(d)(1) of Title 12.

Section 407 of the National Housing Act, referred to in subsec.

(h)(2), which was classified to section 1730 of Title 12, was

repealed by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103

Stat. 363.

Section 206(e) or 206(f) of the Federal Credit Union Act,

referred to in subsec. (h)(2), is classified to section 1786(e),

(f) of Title 12.

Clauses (i) through (vi) of section 19(b)(1)(A) of the Federal

Reserve Act, referred to in subsec. (h)(5)(A), are classified to

cls. (i) through (vi) of section 461(b)(1)(A) of Title 12.

The International Banking Act of 1978, referred to in subsec.

(h)(5)(A), is Pub. L. 95-369, Sept. 17, 1978, 92 Stat. 607, which

enacted sections 347d, 611a, and 3101 to 3111 of Title 12, amended

sections 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820,

1821, 1822, 1823, 1828, 1829b, 1831b, and 1841 of Title 12, and

enacted provisions set out as notes under sections 36, 247, 601,

611a, and 3101 of Title 12. For complete classification of this Act

to the Code, see Short Title note set out under section 3101 of

Title 12 and Tables.

Section 3(a)(43), (44), (34)(G), of the Securities Exchange Act

of 1934, referred to in subsec. (h)(5)(B) to (D), is classified to

section 78c(a)(43), (44), (34)(G) of Title 15, Commerce and Trade.

-MISC2-

AMENDMENTS

1986 - Subsec. (h). Pub. L. 99-571 added subsec. (h).

1983 - Subsec. (g). Pub. L. 97-452 added subsec. (g).

EFFECTIVE DATE OF 1986 AMENDMENT; PROMULGATION OF REGULATIONS

Amendment by Pub. L. 99-571 effective 270 days after Oct. 28,

1986, except that the Secretary of the Treasury and each

appropriate regulatory agency shall publish for notice and public

comment within 120 days after Oct. 28, 1986, initial implementing

regulations to become effective as temporary regulations 210 days

after Oct. 28, 1986, and as final regulations not later than 270

days after Oct. 28, 1986, see title IV of Pub. L. 99-571, set out

as an Effective Date note under section 78o-5 of Title 15, Commerce

and Trade.

EFFECTIVE DATE OF 1983 AMENDMENT

Pub. L. 98-216, Sec. 4(a), (b), Feb. 14, 1984, 98 Stat. 6, 7, as

amended by Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095,

provided that:

"(a)(1) Except as provided in paragraph (2) of this subsection,

the amendment made by section 1(9) of the Act of January 12, 1983

(Public Law 97-452, 96 Stat. 2468) [amending this section], applies

to an obligation issued under section 3102(a) of title 31, United

States Code, after September 3, 1982.

"(2) The amendment made by section 1(9) of the Act of January 12,

1983 (Public Law 97-452, 96 Stat. 2468) [amending this section],

applies to an obligation issued after June 30, 1983, if -

"(A) interest on the obligation is exempt from tax (decided

without regard to the amendments made by section 310 of the Tax

Equity and Fiscal Responsibility Act of 1982 (Public Law 97-248,

96 Stat. 595) [enacting section 4701 of Title 26, Internal

Revenue Code, section 757c-5 of former Title 31, Money and

Finance, amending sections 103, 103A, 163, 165, 312, and 1232 of

Title 26, and enacting a provision set out as a note under

section 103 of Title 26]) under law (without regard to the

identity of the holder); and

"(B) the obligation was not required to be in registered form

under the Internal Revenue Code of 1986 [formerly I.R.C. 1954]

(26 U.S.C. 1 et seq.) as in effect on September 2, 1982.

"(b) The amendment made by section 1(9) of the Act of January 12,

1983 (Public Law 97-452, 96 Stat. 2468) [amending this section],

applies to an obligation issued under section 3103(a) of title 31,

United States Code, after December 31, 1982."

TRANSITIONAL AND SAVINGS PROVISIONS

For transitional and savings provisions of Pub. L. 99-571, see

section 301 of Pub. L. 99-571, set out as a note under section

78o-5 of Title 15, Commerce and Trade.

COLLECTION OF DEFINITIVE SECURITY AND ANNUAL MAINTENANCE FEES

Pub. L. 103-329, title I, Sept. 30, 1994, 108 Stat. 2386,

provided in part: "That in fiscal year 1995 and thereafter, the

Secretary is authorized to collect fees of not less than $46 for

each definitive security issue provided to customers, and an annual

maintenance fee of not less than $25 for each Treasury Direct

Investor Account exceeding $100,000 in par value: Provided further,

That in fiscal year 1995 and thereafter, of the definitive security

fees collected, not to exceed $600,000, and of the annual

maintenance fees for Treasury Direct Investor Account collected,

not to exceed $2,500,000, shall be retained and used in the current

fiscal year for the specific purpose of offsetting costs of Bureau

of the Public Debt's marketable security activities, and any fees

collected in excess of said amounts shall be deposited as

miscellaneous receipts in the Treasury".

TREASURY AUCTION REFORMS

Pub. L. 103-202, title II, Sec. 202, Dec. 17, 1993, 107 Stat.

2356, provided that:

"(a) Ability to Submit Computer Tenders in Treasury Auctions. -

By the end of 1995, any bidder shall be permitted to submit a

computer-generated tender to any automated auction system

established by the Secretary of the Treasury for the sale upon

issuance of securities issued by the Secretary if the bidder -

"(1) meets the minimum creditworthiness standard established by

the Secretary; and

"(2) agrees to comply with regulations and procedures

applicable to the automated system and the sale upon issuance of

securities issued by the Secretary.

"(b) Prohibition on Favored Players. -

"(1) In general. - No government securities broker or

government securities dealer may receive any advantage, favorable

treatment, or other benefit, in connection with the purchase upon

issuance of securities issued by the Secretary of the Treasury,

which is not generally available to other government securities

brokers or government securities dealers under the regulations

governing the sale upon issuance of securities issued by the

Secretary of the Treasury.

"(2) Exception. -

"(A) In general. - The Secretary of the Treasury may grant an

exception to the application of paragraph (1) if -

"(i) the Secretary determines that any advantage, favorable

treatment, or other benefit referred to in such paragraph is

necessary and appropriate and in the public interest; and

"(ii) the grant of the exception is designed to minimize

any anticompetitive effect.

"(B) Annual report. - The Secretary of the Treasury shall

submit an annual report to the Congress describing any

exception granted by the Secretary under subparagraph (A)

during the year covered by the report and the basis upon which

the exception was granted.

"(c) Meetings of Treasury Borrowing Advisory Committee. -

"(1) Open meetings. -

"(A) In general. - Except as provided in subparagraph (B),

any meeting of the Treasury Borrowing Advisory Committee of the

Public Securities Association (hereafter in this subsection

referred to as the 'advisory committee'), or any successor to

the advisory committee, shall be open to the public.

"(B) Exception. - Subparagraph (A) shall not apply with

respect to any part of any meeting of the advisory committee in

which the advisory committee -

"(i) discusses and debates the issues presented to the

advisory committee by the Secretary of the Treasury; or

"(ii) makes recommendations to the Secretary.

"(2) Minutes of each meeting. - The detailed minutes required

to be maintained under section 10(c) of the Federal Advisory

Committee Act [5 App. U.S.C.] for any meeting by the advisory

committee shall be made available to the public within 3 business

days of the date of the meeting.

"(3) Prohibition on receipt of gratuities or expenses by any

officer or employee of the board or department. - In connection

with any meeting of the advisory committee, no officer or

employee of the Department of the Treasury, the Board of

Governors of the Federal Reserve System, or any Federal reserve

bank may accept any gratuity, consideration, expense of any sort,

or any other thing of value from any advisory committee described

in subsection (c), any member of such committee, or any other

person.

"(4) Prohibition on outside discussions. -

"(A) In general. - Subject to subparagraph (B), a member of

the advisory committee may not discuss any part of any

discussion, debate, or recommendation at a meeting of the

advisory committee which occurs while such meeting is closed to

the public (in accordance with paragraph (1)(B)) with, or

disclose the contents of such discussion, debate, or

recommendation to, anyone other than -

"(i) another member of the advisory committee who is

present at the meeting; or

"(ii) an officer or employee of the Department of the

Treasury.

"(B) Applicable period of prohibition. - The prohibition

contained in subparagraph (A) on discussions and disclosures of

any discussion, debate, or recommendation at a meeting of the

advisory committee shall cease to apply -

"(i) with respect to any discussion, debate, or

recommendation which relates to the securities to be

auctioned in a midquarter refunding by the Secretary of the

Treasury, at the time the Secretary makes a public

announcement of the refunding; and

"(ii) with respect to any other discussion, debate, or

recommendation at the meeting, at the time the Secretary

releases the minutes of the meeting in accordance with

paragraph (2).

"(C) Removal from advisory committee for violations of this

paragraph. - In addition to any penalty or enforcement action

to which a person who violates a provision of this paragraph

may be subject under any other provision of law, the Secretary

of the Treasury shall -

"(i) remove a member of the advisory committee who violates

a provision of this paragraph from the advisory committee and

permanently bar such person from serving as a member of the

advisory committee; and

"(ii) prohibit any director, officer, or employee of the

firm of which the member referred to in clause (i) is a

director, officer, or employee (at the time the member is

removed from the advisory committee) from serving as a member

of the advisory committee at any time during the 5-year

period beginning on the date of such removal.

"(d) Report to Congress. -

"(1) Report required. - The Secretary of the Treasury shall

submit an annual report to the Congress containing the following

information with respect to material violations or suspected

material violations of regulations of the Secretary relating to

auctions and other offerings of securities upon the issuance of

such securities by the Secretary:

"(A) The number of inquiries begun by the Secretary during

the year covered by the report regarding such material

violations or suspected material violations by any participant

in the auction system or any director, officer, or employee of

any such participant and the number of inquiries regarding any

such violations or suspected violations which remained open at

the end of such year.

"(B) A brief description of the nature of the violations.

"(C) A brief description of any action taken by the Secretary

during such year with respect to any such violation, including

any referrals made to the Attorney General, the Securities and

Exchange Commission, any other law enforcement agency, and any

Federal banking agency (as defined in section 3 of the Federal

Deposit Insurance Act [12 U.S.C. 1813]).

"(2) Delay in disclosure of information in certain cases. - The

Secretary of the Treasury shall not be required to include in a

report under paragraph (1) any information the disclosure of

which could jeopardize an investigation by an agency described in

paragraph (1)(C) for so long as such disclosure could jeopardize

the investigation."

NOTICE ON TREASURY MODIFICATIONS TO AUCTION PROCESS

Pub. L. 103-202, title II, Sec. 203, Dec. 17, 1993, 107 Stat.

2359, provided that: "The Secretary of the Treasury shall notify

the Congress of any significant modifications to the auction

process for issuing United States Treasury obligations at the time

such modifications are implemented."

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 3102, 3103, 3104 of this

title.

-FOOTNOTE-

(!1) See References in Text note below.

-End-

-CITE-

31 USC Sec. 3122 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

Sec. 3122. Banks and trust companies as depositaries

-STATUTE-

(a) The Secretary of the Treasury may designate incorporated

banks and trust companies as depositaries for any part of proceeds

of an obligation issued under this chapter. The Secretary may

prescribe the conditions under which deposits may be made under

this section, including the interest rate on amounts deposited and

security requirements.

(b) The Secretary may designate a bank or trust company that is a

depositary under subsection (a) of this section as a fiscal agent

of the United States Government in selling and delivering bonds and

certificates of indebtedness issued by the Government.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 945.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3122(a) 31:753(d)(last Sept. 24, 1917, ch. 56, 40

sentence related to Stat. 288, Sec. 18(d)(last

31:771). sentence related to Sec. 8);

added Mar. 3, 1919, ch. 100,

Sec. 1, 40 Stat. 1309.

31:771. Sept. 24, 1917, ch. 56, Sec.

8, 40 Stat. 291; restated Apr.

4, 1918, ch. 44, Sec. 5, 40

Stat. 504; Jan. 30, 1934, ch.

6, Sec. 14(a)(2), 48 Stat.

343; Aug. 27, 1949, ch. 517,

Sec. 7(b), 63 Stat. 668; Sept.

21, 1966, Pub. L. 89-597, Sec.

2(d), 80 Stat. 824.

3122(b) 31:772. July 9, 1918, ch. 142, Sec. 4,

40 Stat. 845.

--------------------------------------------------------------------

In the section, the words "war-savings certificates" are omitted

because the authority to issue them was ended by section 2(b)(3) of

the Public Debt Act of 1941 (ch. 7, 55 Stat. 7).

In subsection (a), the words "in his discretion" are omitted as

surplus. The word "obligation" is substituted for "bonds and

certificates of indebtedness, Treasury bills" for consistency and

to eliminate unnecessary words. The words "and arising from the

payment of internal revenue taxes" are omitted as superseded by

26:6302(c). The word "conditions" is substituted for "terms and

conditions" because it is inclusive. The words "upon and" are

omitted as surplus.

In subsection (b), the words "The Secretary may designate a bank

or trust company that is a depositary under subsection (a) of this

section" are substituted for "Any incorporated bank or trust

company designated as a depositary by the Secretary of the Treasury

under the authority conferred by section 771 of this title, which

gives security for such deposits as, and to amounts, by him

prescribed, may, upon and subject to such terms and conditions as

the Secretary of the Treasury may prescribe, act" to eliminate

unnecessary words.

-End-

-CITE-

31 USC Sec. 3123 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

Sec. 3123. Payment of obligations and interest on the public debt

-STATUTE-

(a) The faith of the United States Government is pledged to pay,

in legal tender, principal and interest on the obligations of the

Government issued under this chapter.

(b) The Secretary of the Treasury shall pay interest due or

accrued on the public debt. As the Secretary considers expedient,

the Secretary may pay in advance interest on the public debt by a

period of not more than one year, with or without a rebate of

interest on the coupons.

(c)(1) The Secretary may issue a bond, note, or certificate of

indebtedness authorized under this chapter whose principal and

interest are payable in a foreign currency stated in the bond,

note, or certificate. The Secretary may dispose of the bonds,

notes, and certificates at a price that is at least par value

without complying with section 3102(b)-(d) of this title.

(2) In determining the dollar amount of bonds, notes, and

certificates of indebtedness that may be issued under this chapter,

the dollar equivalent of the amount of bonds, notes, and

certificates payable in a foreign currency is determined by the par

of the exchange value on the date of issue of the bonds, notes, or

certificates as published by the Secretary under section 5151 of

this title.

(3) The Secretary may designate depositaries in foreign countries

in which any part of the proceeds of bonds, notes, or certificates

of indebtedness payable in the foreign currency may be deposited.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 945.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3123(a) 31:731. R.S. Sec. 3693.

31:753(d)(2d Sept. 24, 1917, ch. 56, 40

sentence). Stat. 288, Sec. 18(d)(2d

sentence); added Mar. 3, 1919,

ch. 100, Sec. 1, 40 Stat. 1310.

31:768(words before Feb. 4, 1910, ch. 25, Sec.

semicolon). 1(words before semicolon), 36

Stat. 192.

3123(b) 31:732. R.S. Sec. 3698.

31:733(words before R.S. Sec. 3699(words before

semicolon). semicolon); restated Jan. 30,

1934, ch. 6, Sec. 9, 48 Stat.

341.

3123(c) 31:766. Sept. 24, 1917, ch. 56, 40

Stat. 288, Sec. 16; added Apr.

4, 1918, ch. 44, Sec. 6, 40

Stat. 505; Nov. 13, 1966, Pub.

L. 89-809, Sec. 401, 80 Stat.

1590.

--------------------------------------------------------------------

In subsection (a), the words "legal tender" are substituted for

"in coin or its equivalent" in 31:731 and "gold coin of the present

standard of value" in section 1 of the Act of Feb. 1, 1910, and

section 18(d)(2d sentence) of the Second Liberty Bond Act because

of section 1 of the Act of June 5, 1933 (ch. 48, 48 Stat. 113). The

words "obligations of the Government" are substituted for

31:731(1st sentence 18th-last words), "thereof" in 31:753(d), and

31:768(1st 17 words) for clarity and consistency and to eliminate

unnecessary words. The text of 31:731(last sentence) is omitted as

executed.

In subsection (b), the words "cause to be", "out of any money in

the Treasury not otherwise appropriated", "falling", "any portion

of", and "authorized by law" in 31:732 are omitted as surplus. The

text of 31:733(words between semicolon and colon) is omitted as

unnecessary because of chapter 53 of the revised title. The text of

31:733(words after colon) is omitted as superseded by the Bretton

Woods Agreement Act (22 U.S.C. 286 et seq.) and sections 6 and 9 of

the Act of Oct. 19, 1976 (Pub. L. 94-564, 90 Stat. 2661), repealing

31:449 that provided for parity of the dollar on terms of gold and

special drawing rights.

In subsection (c), the word "currency" is substituted for "money

or . . . moneys" for clarity and because of 1:1.

In subsection (c)(1), the words "but not also in United States

gold coin" and "in such manner" are omitted as surplus.

In subsection (c)(2), the words "dollar" before "amount", and

"value", are added for clarity. The words "estimated by the

Director of the Mint, and" are omitted because of the source

provisions restated in section 321(c) of the revised title. The

word "published" is substituted for "proclaimed" for clarity.

In subsection (c)(3), the words "as he may determine" are omitted

as surplus.

-End-

-CITE-

31 USC Sec. 3124 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

Sec. 3124. Exemption from taxation

-STATUTE-

(a) Stocks and obligations of the United States Government are

exempt from taxation by a State or political subdivision of a

State. The exemption applies to each form of taxation that would

require the obligation, the interest on the obligation, or both, to

be considered in computing a tax, except -

(1) a nondiscriminatory franchise tax or another nonproperty

tax instead of a franchise tax, imposed on a corporation; and

(2) an estate or inheritance tax.

(b) The tax status of interest on obligations and dividends,

earnings, or other income from evidences of ownership issued by the

Government or an agency and the tax treatment of gain and loss from

the disposition of those obligations and evidences of ownership is

decided under the Internal Revenue Code of 1986 (26 U.S.C. 1 et

seq.). An obligation that the Federal Housing Administration had

agreed, under a contract made before March 1, 1941, to issue at a

future date, has the tax exemption privileges provided by the

authorizing law at the time of the contract. This subsection does

not apply to obligations and evidences of ownership issued by the

District of Columbia, a territory or possession of the United

States, or a department, agency, instrumentality, or political

subdivision of the District, territory, or possession.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 945; Pub. L. 99-514, Sec.

2, Oct. 22, 1986, 100 Stat. 2095.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3124(a) 31:742. R.S. Sec. 3701; Sept. 22,

1959, Pub. L. 86-346, Sec.

105(a), 73 Stat. 622.

3124(b) 31:742a. Feb. 19, 1941, ch. 7, Sec. 4,

55 Stat. 9; Mar. 28, 1942, ch.

205, Sec. 6, 56 Stat. 190;

restated June 25, 1947, ch.

147, 61 Stat. 180; Sept. 22,

1959, Pub. L. 86-346, Sec.

202, 73 Stat. 624.

--------------------------------------------------------------------

In subsection (a), before clause (1), the words "Except as

otherwise provided by law, all . . . bonds, Treasury notes, and

other" are omitted as surplus. The words "political subdivision of

a State" are substituted for "municipal or local authority" for

clarity and consistency. The word "applies" is substituted for

"extends" for clarity. The words "directly or indirectly" are

omitted as surplus. In clause (1), the word "instead" is

substituted for "in lieu" for clarity.

In subsection (b), the words "shares, certificates, stock, or

other" and "sale or other" are omitted as surplus. The words "The

tax status of . . . and the tax treatment of . . . is decided under

the Internal Revenue Code of 1954 (26 U.S.C. 1 et seq.)" are

substituted for "shall not have any exemption, as such . . . shall

not have any special treatment, as such, except as provided under

the Internal Revenue Code of 1954" for clarity. The words "on or

after March 28, 1942" and 31:742a(a)(1st sentence words after

semicolon related to the United States Maritime Commission) are

omitted as executed. The last sentence is substituted for

31:742a(a)(last sentence) for clarity. The words "any political

subdivision thereof" are omitted as included in "agency or

instrumentality". The text of 31:742a(b) and (c) is omitted as

unnecessary.

AMENDMENTS

1986 - Subsec. (b). Pub. L. 99-514 substituted "Internal Revenue

Code of 1986" for "Internal Revenue Code of 1954".

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 12 sections 1441, 1441b,

2023, 2079, 2098; title 20 section 1087-2.

-End-

-CITE-

31 USC Sec. 3125 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

Sec. 3125. Relief for lost, stolen, destroyed, mutilated, or

defaced obligations

-STATUTE-

(a) In this section, "obligation" means a direct obligation of

the United States Government issued under law for valuable

consideration, including bonds, notes, certificates of

indebtedness, Treasury bills, and interim certificates issued for

an obligation.

(b) The Secretary of the Treasury may provide relief for the

loss, theft, destruction, mutilation, or defacement of an

obligation identified by number and description.

(c)(1) An indemnity bond is required as a condition of relief if

the obligation is payable to bearer or assigned so as to become

payable to bearer and is not proven clearly to have been destroyed.

The Secretary may prescribe for the indemnity bond the form,

amount, and surety or security requirements.

(2) Relief for interest coupons claimed to have been attached to

an obligation may be provided only if the Secretary is satisfied

that the coupons have not been paid and are destroyed or will not

become the basis of a valid claim against the Government.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 946.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3125(a) 31:738a(d). July 8, 1937, ch. 444, Sec.

8(a)-(d), 50 Stat. 481; Aug.

10, 1939, ch. 665, Sec. 4, 53

Stat. 1359; Nov. 8, 1945, ch.

453, Sec. 153, 59 Stat. 574;

restated May 27, 1971, Pub. L.

92-19, 85 Stat. 74.

3125(b) 31:738a(a).

3125(c)( 31:738a(b).

1)

3125(c)( 31:738a(c).

2)

--------------------------------------------------------------------

In the section, the word "obligation" is substituted for

"security" in the defined term for consistency in the chapter and

the revised title and to eliminate using the word "security" in 2

different ways in the same section.

In subsection (b), the words "Under such regulations as he may

deem necessary for the administration of this section" are omitted

as unnecessary because of section 321(b) of the revised title.

In subsection (c)(1), the words "whether before, at, or after

maturity" and "in effect" are omitted as surplus.

-End-

-CITE-

31 USC Sec. 3126 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

Sec. 3126. Losses and relief from liability related to redeeming

savings bonds and notes

-STATUTE-

(a) Under regulations prescribed by the Secretary of the

Treasury, a loss resulting from a payment related to redeeming a

savings bond or savings note shall be replaced out of the fund

established by section 17303(a) of title 40. A Federal reserve

bank, a paying agent allowed to make payments in redeeming a bond

or note, or an officer or employee of the Department of the

Treasury is relieved from liability to the United States Government

for the loss when the Secretary decides that the loss did not

result from the fault or negligence of the bank, paying agent,

officer, or employee. The Secretary shall relieve the bank, agent,

officer, or employee from liability when the Secretary decides that

written notice of liability or potential liability has not been

given to the bank, agent, officer, or employee by the Government

within 10 years from the date of the erroneous payment. However,

the Secretary may not relieve a paying agent of an assumed

unconditional liability to the Government.

(b) Section 17304(c) of title 40 applies to a decision of the

Secretary made under this section. A recovery or repayment of a

loss for which replacement is made out of the fund shall be

credited to the fund and is available for the purposes for which

the fund was established.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 946; Pub. L. 107-217,

Sec. 3(h)(4), Aug. 21, 2002, 116 Stat. 1299.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3126(a) 31:757c(i)(1st-4th Sept. 24, 1917, ch. 56, 40

sentences). Stat. 288, Sec. 22(i)(1st-6th

sentences); added Apr. 11,

1943, ch. 52, Sec. 3, 57 Stat.

63; restated Apr. 3, 1945, ch.

51, Sec. 3, 59 Stat. 47; Sept.

22, 1959, Pub. L. 86-346, Sec.

103, 31 Stat. 622; Oct. 17,

1968, Pub. L. 90-595, Sec. 2,

82 Stat. 1155.

3126(b) 31:757c(i)(5th, 6th

sentences).

--------------------------------------------------------------------

In subsection (a), the words "qualified" and "authorized or" are

omitted as surplus. The words "officer or employee of the

Department of the Treasury" are substituted for "Treasury of the

United States" and "Treasurer" because of the source provisions

restated in section 321 of the revised title and for consistency

with other titles of the United States Code. The text of

31:757c(i)(3d sentence) is omitted as surplus because of 39:410.

The words "under regulations prescribed by him" are omitted as

unnecessary.

AMENDMENTS

2002 - Subsec. (a). Pub. L. 107-217, Sec. 3(h)(4)(A), substituted

"section 17303(a) of title 40" for "section 2 of the Government

Losses in Shipment Act (40 U.S.C. 722)".

Subsec. (b). Pub. L. 107-217, Sec. 3(h)(4)(B), substituted

"Section 17304(c) of title 40" for "Section 3 of the Government

Losses in Shipment Act (40 U.S.C. 723) (related to finality of

decisions of the Secretary)".

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 331, 3106 of this title.

-End-

-CITE-

31 USC Sec. 3127 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

Sec. 3127. Credit to officers, employees, and agents for stolen

Treasury notes

-STATUTE-

When an officer, employee, or agent of the United States

Government authorized to receive, redeem, or cancel Treasury notes

receives or pays a note that was stolen and put in circulation

after it had been received or redeemed by an officer, employee, or

agent authorized to receive or redeem the note, the Secretary of

the Treasury may allow the officer, employee, or agent receiving or

paying the stolen note a credit for the amount of the note. The

Secretary may allow the credit only if the Secretary is satisfied

that the note was received or paid in good faith and in exercising

ordinary prudence.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 947.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3127 31:740. R.S. Sec. 3707.

--------------------------------------------------------------------

The word "employee" is added for consistency with other titles of

the United States Code. The words "of the United States Government"

are added for clarity and consistency. The word "duly" is omitted

as surplus. The words "issued by authority of law" are omitted as

unnecessary. The words "which has subsequently thereto" are omitted

as unnecessary. The words "is satisfied" are substituted for "upon

full and satisfactory proof" to eliminate unnecessary words.

-End-

-CITE-

31 USC Sec. 3128 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

Sec. 3128. Proof of death to support payment

-STATUTE-

A finding of death made by an officer or employee of the United

States Government authorized by law to make the finding is

sufficient proof of death to allow credit in the accounts of a

Federal reserve bank or accountable official of the Department of

the Treasury in a case involving the transfer, exchange, reissue,

redemption, or payment of obligations of the Government, including

obligations guaranteed by the Government for which the Secretary of

the Treasury acts as transfer agent.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 947.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3128 31:757d. Sept. 24, 1917, ch. 56, 40

Stat. 288, Sec. 23; added Apr.

3, 1945, ch. 51, Sec. 4, 59

Stat. 48.

--------------------------------------------------------------------

The words "officer or employee" are substituted for "official or

agency" for clarity and consistency with other titles of the United

States Code. The word "Government" is added for consistency. The

words "section 1005 of Appendix to title 50" are omitted because

the section was repealed by section 8(a) of the Act of Sept. 6,

1966 (Pub. L. 89-554, 80 Stat. 651). The words "or by any other"

are omitted as surplus. The words "or by the Secretary of the Army

or the Secretary of the Navy" are omitted because of 10:ch. 75. The

word "official" is substituted for "officer" for consistency. The

words "bonds and other" are omitted as surplus. The words

"Secretary of the Treasury" are substituted for "Treasury

Department" for accuracy and consistency.

-End-

-CITE-

31 USC Sec. 3129 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

Sec. 3129. Appropriation to pay expenses

-STATUTE-

(a) Amounts to pay necessary expenses (including rent) for an

issue of obligations authorized under this chapter are appropriated

to the Secretary of the Treasury. However, the amount appropriated

under this section may not be more than -

(1) .2 percent of the amount of bonds and notes authorized

under this chapter;

(2) .1 percent of the amount of certificates of indebtedness

authorized under section 3104 of this title; and

(3) .1 percent of the amount of certificates of indebtedness

authorized under the First Liberty Bond Act.

(b) An appropriation under this section is available for

obligation only through the end of the fiscal year after the fiscal

year in which the issue was made. During a period for which an

appropriation for a specified amount is made for expenses for which

this section makes an appropriation for an unspecified amount, only

the appropriation for the specified amount is available for

obligation.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 947.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

3129 31:753(d)(last Sept. 24, 1917, ch. 56, 40

sentence less Stat. 288, Sec. 18(d)(last

related to 31:771). sentence less related to Sec.

8); added Mar. 3, 1919, ch.

100, Sec. 1, 40 Stat. 1310.

31:757c(e). Sept. 24, 1917, ch. 56, 40

Stat. 288, Sec. 22(e); added

Feb. 4, 1935, ch. 5, Sec. 6,

49 Stat. 21; restated Feb. 19,

1941, ch. 7, Sec. 3, 55 Stat.

8.

31:759. Apr. 24, 1917, ch. 4, Sec. 8,

40 Stat. 37; May 29, 1928, ch.

901, Sec. 1(20)(related to 40

Stat. 37), 45 Stat. 987.

31:760. Sept. 24, 1917, ch. 56, Sec.

10, 40 Stat. 292; May 29,

1928, ch. 901, Sec.

1(20)(related to 40 Stat.

292), 45 Stat. 987; June 1,

1955, ch. 119, Sec. 3, 69

Stat. 82.

31:761. June 16, 1921, ch. 23, Sec.

1(last par. last sentence

under heading "Office of the

Secretary"), 42 Stat. 36.

--------------------------------------------------------------------

In subsection (a), before clause (1), the words "an issue of

obligations authorized under this chapter" are substituted for

31:761(less proviso) to reflect consolidation of the authority for

issues of obligations in the revised chapter and for consistency.

The text of 31:757c(e) is omitted as unnecessary and superseded by

39:410. The words "out of any money in the Treasury not otherwise

appropriated" in 31:760 are omitted as unnecessary and for

consistency. The words "to be expended as the Secretary of the

Treasury may direct" in 31:760 are omitted as surplus. In clause

(1), the .2 percent limitation on expenses of bonds referred to in

31:760 is made applicable to a "note" because of the definition of

bond in 31:753(d)(last sentence). The words "sections 735 to 738, .

. . 765, . . . 773 of this title and section 84 of title 12" in

31:753(d)(last sentence) are omitted because they refer to sections

previously repealed (31:735-738, 765) or obsolete (31:773, which

was superseded by 39:410) and because 12:84 was amended to express

the result required by the source provisions by section 10 of the

Act of February 25, 1927 (ch. 191, 44 Stat. 1229).

In subsection (b), the words "appropriation for the specified

amount" are substituted for "definite appropriation", and the words

"appropriation for an unspecified amount" are substituted for

"indefinite appropriation", as being more precise. The word "only"

is substituted for "and the indefinite appropriation shall not be

available for obligation" to eliminate unnecessary words.

-REFTEXT-

REFERENCES IN TEXT

The First Liberty Bond Act, referred to in subsec. (a)(3), is act

Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755,

755a, 759, 764, 774, and 804 of former Title 31 and section 462a of

Title 12, Banks and Banking, and amended sections 745 and 768 of

former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b),

Sept. 13, 1982, 96 Stat. 1072.

-End-

-CITE-

31 USC Sec. 3130 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE

-HEAD-

Sec. 3130. Annual public debt report

-STATUTE-

(a) General Rule. - On or before June 1 of each calendar year

after 1993, the Secretary of the Treasury shall submit a report to

the Committee on Ways and Means of the House of Representatives and

the Committee on Finance of the Senate on -

(1) the Treasury's public debt activities, and

(2) the operations of the Federal Financing Bank.

(b) Required Information on Public Debt Activities. - Each report

submitted under subsection (a) shall include the following

information:

(1) A table showing the following information with respect to

the total public debt:

(A) The past levels of such debt and the projected levels of

such debt as of the close of the current fiscal year and as of

the close of the next 5 fiscal years under the most recent

current services baseline projection of the executive branch.

(B) The past debt to GDP ratios and the projected debt to GDP

ratios as of the close of the current fiscal year and as of the

close of the next 5 fiscal years under such most recent current

services baseline projection.

(2) A table showing the following information with respect to

the net public debt:

(A) The past levels of such debt and the projected levels of

such debt as of the close of the current fiscal year and as of

the close of the next 5 fiscal years under the most recent

current services baseline projection of the executive branch.

(B) The past debt to GDP ratios and the projected debt to GDP

ratios as of the close of the current fiscal year and as of the

close of the next 5 fiscal years under such most recent current

services baseline projection.

(C) The interest cost on such debt for prior fiscal years and

the projected interest cost on such debt for the current fiscal

year and for the next 5 fiscal years under such most recent

current services baseline projection.

(D) The interest cost to outlay ratios for prior fiscal years

and the projected interest cost to outlay ratios for the

current fiscal year and for the next 5 fiscal years under such

most recent current services baseline projection.

(3) A table showing the maturity distribution of the net public

debt as of the time the report is submitted and for prior years,

and an explanation of the overall financing strategy used in

determining the distribution of maturities when issuing public

debt obligations, including a discussion of the projections and

assumptions with respect to the structure of interest rates for

the current fiscal year and for the succeeding 5 fiscal years.

(4) A table showing the following information as of the time

the report is submitted and for prior years:

(A) A description of the various categories of the holders of

public debt obligations.

(B) The portions of the total public debt held by each of

such categories.

(5) A table showing the relationship of federally assisted

borrowing to total Federal borrowing as of the time the report is

submitted and for prior years.

(6) A table showing the annual principal and interest payments

which would be required to amortize in equal annual payments the

level (as of the time the report is submitted) of the net public

debt over the longest remaining term to maturity of any

obligation which is a part of such debt.

(c) Required Information on Federal Financing Bank. - Each report

submitted under subsection (a) shall include (but not be limited

to) information on the financial operations of the Federal

Financing Bank, including loan payments and prepayments, and on the

levels and categories of the lending activities of the Federal

Financing Bank, for the current fiscal year and for prior fiscal

years.

(d) Recommendations. - The Secretary of the Treasury may include

in any report submitted under subsection (a) such recommendations

to improve the issuance and sale of public debt obligations (and

with respect to other matters) as he may deem advisable.

(e) Definitions. - For purposes of this section -

(1) Current fiscal year. - The term "current fiscal year" means

the fiscal year ending in the calendar year in which the report

is submitted.

(2) Total public debt. - The term "total public debt" means the

total amount of the obligations subject to the public debt limit

established in section 3101 of this title.

(3) Net public debt. - The term "net public debt" means the

portion of the total public debt which is held by the public.

(4) Debt to gdp ratio. - The term "debt to GDP ratio" means the

percentage obtained by dividing the level of the total public

debt or net public debt, as the case may be, by the gross

domestic product.

(5) Interest cost to outlay ratio. - The term "interest cost to

outlay ratio" means, with respect to any fiscal year, the

percentage obtained by dividing the interest cost for such fiscal

year on the net public debt by the total amount of Federal

outlays for such fiscal year.

-SOURCE-

(Added Pub. L. 103-202, title II, Sec. 201(a), Dec. 17, 1993, 107

Stat. 2355.)

-End-