Legislación
US (United States) Code. Title 31. Subtitle III: Financial managment. Chapter 31: Public debt
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31 USC CHAPTER 31 - PUBLIC DEBT 01/06/03
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TITLE 31 - MONEY AND FINANCE
SUBTITLE III - FINANCIAL MANAGEMENT
CHAPTER 31 - PUBLIC DEBT
-HEAD-
CHAPTER 31 - PUBLIC DEBT
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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.
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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-
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31 USC SUBCHAPTER I - BORROWING AUTHORITY 01/06/03
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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-
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31 USC Sec. 3101 01/06/03
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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.)
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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.
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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.
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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-
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| Enviado por: | El remitente no desea revelar su nombre |
| Idioma: | inglés |
| País: | Estados Unidos |
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