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31 U.S.C. § 3111 — New issue used to buy, redeem, or refund outstanding obligations
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.
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Source file: Laws/federal/codes/united-states-code/title-31/section-3111-new-issue-used-to-buy-redeem-or-refund-outstanding-obligations--084ddd0b91.md
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Source location: Title 31, Chapter 31, § 3111; chapter-031-public-debt.md
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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
**(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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3102
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Federal law — U.S. Code and appendices · legal_authorities
**(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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3103
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)** 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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3104
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)** 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1&num=0&edition=prelim) 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 sav
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3105
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)** 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1&num=0&edition=prelim) 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: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3106
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Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). 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)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section832/e&num=0&edition=prelim)). 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)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section832/e/3&num=0&edition=prelim)), 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)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section832/e/2&num=0&edition=prelim)) 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)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section832/b/1/E&num=0&edition=prelim)) of amounts in gross income. The Secretary also may prescribe addition
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3109
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Federal law — U.S. Code and appendices · legal_authorities
Page 223
TITLE 31—MONEY AND FINANCE
§ 3112
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 un-
necessary. 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.
Editorial Notes
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 en-
acted 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, § 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, which en-
acted 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, § 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,
§ 5(b), Sept. 13, 1982, 96 Stat. 1072.
§ 3111. New issue used to buy, redeem, or refund
outstanding obligations
An obligation may be issued under this chap-
ter to buy, redeem, or refund, at or before matu-
rity, outstanding bonds, notes, certificates of in-
debte
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 3111
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.