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31 U.S.C. § 3103 — Notes

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

31 U.S.C. § 3103 — Notes

**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). The Secretary may prescribe conditions under [section 3121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121&num=0&edition=prelim). 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 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.

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Source location: Title 31, Chapter 31, § 3103; 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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31 U.S.C. § 3103 — Notes

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’’.

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