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31 U.S.C. § 3102 — Bonds

Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 3102 — Bonds

**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121&num=0&edition=prelim). **(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.

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Source location: Title 31, Chapter 31, § 3102; chapter-031-public-debt.md

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 3121 — Procedure

**(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

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 3111 — New issue used to buy, redeem, or refund outstanding obligations

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.

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 231f — Railroad Retirement Board

**(a) Administration** This subchapter shall be administered by the Railroad Retirement Board established by the Railroad Retirement Act of 1937 [[45 U.S.C. 228a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section228a&num=0&edition=prelim) et seq.] as an independent agency in the executive branch of the Government and composed of three members appointed by the President, by and with the advice and consent of the Senate. Each member shall hold office for a term of five years, except that any member appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of the term and any member holding office pursuant to appointment under the Railroad Retirement Act of 1937 when this subchapter becomes effective shall hold office until the term for which he was appointed under such Railroad Retirement Act of 1937 expires. One member shall be appointed from recommendations made by representatives of the employees and one member shall be appointed from recommendations made by representatives of employers as defined in paragraph (i) of [section 231(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section231/a/1&num=0&edition=prelim), in both cases as the President shall direct, so as to provide representation on the Board satisfactory to the largest number, respectively, of employees and employers concerned. One member, who shall be the chairman of the Board, shall be appointed without recommendation by either employers or employees and shall not be in the employment of or be pecuniarily or otherwise interested in any employer or organization of employees. Vacancies in the Board shall not impair the powers or affect the duties of

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 231n — Railroad Retirement Account

**(a) Maintenance of account; authorization of appropriations** The Railroad Retirement Account established by section 15(a) of the Railroad Retirement Act of 1937 [[45 U.S.C. 228](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section228&num=0&edition=prelim)o(a)] shall continue to be maintained in the Treasury of the United States. There is hereby appropriated to such Account for each fiscal year, beginning with the fiscal year ending June 30, 1975, to provide for the payment of benefits to be made from such Account in accordance with the provisions of [section 231f(c)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section231f/c/1&num=0&edition=prelim), and to provide for expenses necessary for the Board in the administration of all provisions of this subchapter, an amount equal to amounts covered into the Treasury (minus refunds) during each fiscal year under the Railroad Retirement Tax Act [[26 U.S.C. 3201](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section3201&num=0&edition=prelim) et seq.]. **(b) Authorization of appropriations; military service costs and administrative expenses** In addition to the amount appropriated in subsection (a) of this section, there is hereby authorized to be appropriated to the Railroad Retirement Account for each fiscal year, beginning with the fiscal year ending June 30, 1975, such amount as the Board determines to be necessary to meet (A) the additional costs, resulting from the crediting of military service under this subchapter, of benefits payable under [section 231a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section231a&num=0&edition=prelim), but only to the extent that such Account is not reimbursed f

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 3102 — Bonds

Page 215 TITLE 31—MONEY AND FINANCE § 3102 401(b)(3)(B)(i)(II) of title IV of Pub. L. 112–25, which is set out in a note under section 900 of Title 2, The Con- gress. Section 255, section 256, and subsections (c), (d), (e), and (f) of section 253 of the Balanced Budget and Emer- gency Deficit Control Act of 1985, referred to in subsec. (f)(6)(B), are classified to sections 905, 906, and 903(c) to (f), respectively, of Title 2, The Congress. § 3102. Bonds (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 pre- scribe conditions under section 3121 of this title. (b) The Secretary shall offer the bonds author- ized under this section first as a popular loan under regulations of the Secretary that allow the people of the United States as nearly as pos- sible an equal opportunity to participate in sub- scribing 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 appli- cations for smaller amounts of bonds to sub- scribers 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

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