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31 U.S.C. § 3123 — Payment of obligations and interest on the public debt

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

31 U.S.C. § 3123 — Payment of obligations and interest on the public debt

**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5151&num=0&edition=prelim). (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.

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Source location: Title 31, Chapter 31, § 3123; chapter-031-public-debt.md

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

31 U.S.C. § 5151 — Conversion of currency of foreign countries

**(a)** In this section— (1) “buying rate” means the buying rate in the market in New York, New York, for cable transfers payable in the currency of a foreign country to be converted. (2) when merchandise is exported on a day that banks are generally closed in New York, the buying rate at noon on the last prior business day is deemed to be the buying rate at noon on the day the merchandise is exported. **(b)** The value of coins of a foreign country expressed in United States money is the value of the pure metal of the standard coin of the foreign country. The Secretary of the Treasury shall estimate the values of standard coins of the country quarterly and publish the values on the first day of January, April, July, and October of each year. **(c)** Except as provided in this section, conversion of currency of a foreign country into United States currency for assessment and collection of duties on merchandise imported into the United States shall be made at values published by the Secretary under subsection (b) of this section for the quarter in which the merchandise is exported. **(d)** If the Secretary has not published a value for the quarter in which the merchandise is exported, or if the value published by the Secretary varies by at least 5 percent from a value measured by the buying rate at noon on the day the merchandise is exported, the conversion of the currency of the foreign country shall be made at a value— (1) equal to the buying rate at noon on the day the merchandise is exported; or (2) prescribed by regulation of the Secretary for the currency that is equal to the first buying rate certified for that currency by the Federal Reserve Bank of New York under subsection (e) of this section in the quarter in which the merchandise is exported, but only

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

22 U.S.C. § 286 — Repealed. Aug. 26, 1954, ch. 937, title V, § 544(b), 68 Stat. 862

### Statutory Notes Section, act Sept. 3, 1949, ch. 532, § 1, 63 Stat. 685, related to contract authorizations.

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

31 U.S.C. § 3123 — Payment of obligations and interest on

Page 228 TITLE 31—MONEY AND FINANCE § 3122 ‘‘(ii) an officer or employee of the Department of the Treasury. ‘‘(B) APPLICABLE PERIOD OF PROHIBITION.—The pro- hibition contained in subparagraph (A) on discus- sions and disclosures of any discussion, debate, or recommendation at a meeting of the advisory com- mittee 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 Sec- retary makes a public announcement of the re- funding; and ‘‘(ii) with respect to any other discussion, de- bate, 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 VIO- LATIONS 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 Sec- retary of the Treasury shall— ‘‘(i) remove a member of the advisory com- mittee 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 advi- sory 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 Treas- ury shall submit an annual report to the Congress containing the following information with respect to m

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