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31 U.S.C. § 3104 — Certificates of indebtedness and Treasury bills
Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121&num=0&edition=prelim) and conditions under which the certificates and bills may be redeemed before maturity. Notwithstanding [section 3121(a)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121/a/5&num=0&edition=prelim), 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.
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Stable record: federal_law:legal_authorities:record_usc_057b39c46d58e89f1441382d
Source file: Laws/federal/codes/united-states-code/title-31/section-3104-certificates-of-indebtedness-and-treasury-bills--3bbad4c809.md
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Source location: Title 31, Chapter 31, § 3104; chapter-031-public-debt.md
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**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121&num=0&edition=prelim) and conditions under which the certificates and bills may be redeemed before maturity. Notwithstanding [section 3121(a)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121/a/5&num=0&edition=prelim), 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3104&num=0&edition=prelim).
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3121
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Federal law — U.S. Code and appendices · legal_authorities
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: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3111
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Acceptance Authority.—** Subject to subsection (c), the Secretary of the Army may accept from a donor or donors a qualified guarantee for the completion of a major project for the benefit of the Academy.
**(b) Obligation Authority.—** The amount of a qualified guarantee accepted under this section shall be considered as contract authority to provide obligation authority for purposes of Federal fiscal and contractual requirements. Funds available for a project for which such a guarantee has been accepted may be obligated and expended for the project without regard to whether the total amount of the funds and other resources available for the project (not taking into account the amount of the guarantee) is sufficient to pay for completion of the project.
**(c) Notice of Proposed Acceptance.—** The Secretary of the Army may not accept a qualified guarantee under this section for the completion of a major project until after the expiration of 30 days following the date upon which a report of the facts concerning the proposed guarantee is submitted to Congress or, if earlier, the expiration of 14 days following the date on which a copy of the report is provided in an electronic medium pursuant to [section 480 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section480&num=0&edition=prelim).
**(d) Prohibition on Commingling of Funds.—** The Secretary of the Army may not enter into any contract or other transaction involving the use of a qualified guarantee and appropriated funds in the same contract or transaction.
**(e) Definitions.—** In this section:
(1) **Major project.—** — The term “major project” means a project for the purchase or other procurement of real or personal property, or for the construction, renovation, or repai
Source: Supplied U.S. Code snapshot — release unconfirmed · 10 U.S.C. § 7457
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Acceptance Authority.—** Subject to subsection (c), the Secretary of the Navy may accept from a donor or donors a qualified guarantee for the completion of a major project for the benefit of the Naval Academy.
**(b) Obligation Authority.—** The amount of a qualified guarantee accepted under this section shall be considered as contract authority to provide obligation authority for purposes of Federal fiscal and contractual requirements. Funds available for a project for which such a guarantee has been accepted may be obligated and expended for the project without regard to whether the total amount of the funds and other resources available for the project (not taking into account the amount of the guarantee) is sufficient to pay for completion of the project.
**(c) Notice of Proposed Acceptance.—** The Secretary of the Navy may not accept a qualified guarantee under this section for the completion of a major project until after the expiration of 30 days following the date upon which a report of the facts concerning the proposed guarantee is submitted to Congress or, if earlier, the expiration of 14 days following the date on which a copy of the report is provided in an electronic medium pursuant to [section 480 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section480&num=0&edition=prelim).
**(d) Prohibition on Commingling of Funds.—** The Secretary of the Navy may not enter into any contract or other transaction involving the use of a qualified guarantee and appropriated funds in the same contract or transaction.
**(e) Definitions.—** In this section:
(1) **Major project.—** — The term “major project” means a project for the purchase or other procurement of real or personal property, or for the construction, renovation, or
Source: Supplied U.S. Code snapshot — release unconfirmed · 10 U.S.C. § 8475
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Acceptance Authority.—** Subject to subsection (c), the Secretary of the Air Force may accept from a donor or donors a qualified guarantee for the completion of a major project for the benefit of the Academy.
**(b) Obligation Authority.—** The amount of a qualified guarantee accepted under this section shall be considered as contract authority to provide obligation authority for purposes of Federal fiscal and contractual requirements. Funds available for a project for which such a guarantee has been accepted may be obligated and expended for the project without regard to whether the total amount of the funds and other resources available for the project (not taking into account the amount of the guarantee) is sufficient to pay for completion of the project.
**(c) Notice of Proposed Acceptance.—** The Secretary of the Air Force may not accept a qualified guarantee under this section for the completion of a major project until after the expiration of 30 days following the date upon which a report of the facts concerning the proposed guarantee is submitted to Congress or, if earlier, the expiration of 14 days following the date on which a copy of the report is provided in an electronic medium pursuant to [section 480 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section480&num=0&edition=prelim).
**(d) Prohibition on Commingling of Funds.—** The Secretary of the Air Force may not enter into any contract or other transaction involving the use of a qualified guarantee and appropriated funds in the same contract or transaction.
**(e) Definitions.—** In this section:
(1) **Major project.—** — The term “major project” means a project for the purchase or other procurement of real or personal property, or for the construction, renov
Source: Supplied U.S. Code snapshot — release unconfirmed · 10 U.S.C. § 9456
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Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3104&num=0&edition=prelim); 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: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3129
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** In this section:
(1) **Major project.—** — The term “major project” means a project estimated to cost at least $1,000,000 for—
(A) the purchase or other procurement of real or personal property; or
(B) the construction, renovation, or repair of real or personal property.
(2) **Major united states commercial bank.—** — The term “major United States commercial bank” means a commercial bank that—
(A) is an insured bank (as defined in section 3(h) of the Federal Deposit Insurance Act ([12 U.S.C. 1813(h)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/h&num=0&edition=prelim)));
(B) is headquartered in the United States; and
(C) has total net assets of an amount considered by the Maritime Administrator to qualify the bank as a major bank.
(3) **Major united states investment management firm.—** — The term “major United States investment management firm” means—
(A) any broker or dealer (as such terms are defined in section 3 of the Securities Exchange Act of 1934 ([15 U.S.C. 78c](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c&num=0&edition=prelim)));
(B) any investment adviser or provider of investment supervisory services (as such terms are defined in section 202 of the Investment Advisers Act of 1940 ([15 U.S.C. 80b–2](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b–2&num=0&edition=prelim))); or
(C) a major United States commercial bank that—
(i) is headquartered in the United States; and
(ii) holds for the account of others investment assets in a total amount considered by the Maritime Administrator to qualify the bank as a major investment management firm.
(4) **Qualified guarantee.—** — The term “qualified guarantee
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 51320
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Federal law — U.S. Code and appendices · legal_authorities
Page 216
TITLE 31—MONEY AND FINANCE
§ 3103
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 meth-
ods, should any such action’’ in 31:752(3d par. 1st sen-
tence words between 4th comma and proviso) are omit-
ted 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 sec-
tion’’ are added for clarity.
In subsection (c)(2), the word ‘‘regulations’’ is sub-
stituted for ‘‘general rules’’ for consistency in the re-
vised 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 con-
sistency with title 10.
1983 ACT
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
3102(a) .....
31 App.:752(2d par.
less form of
bonds).
Sept. 3, 1982, Pub. L. 97–248,
§ 289(c), 96 Stat. 572.
Editorial Notes
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’’.
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 3104
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.