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

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Title 31 and section 462a of Title 12, Banks and Banking, and amended sections 745 and 768 of former Title 31, and was repealed by Pub.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to 757e, 758, 760, 765, 766, 771, 773, and 801 and amended sections 745, 764, 769, and 774 of former Title 31, and was repealed by Pub.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 (a)(3), is section 7(a) of act Mar. 3, 1919, ch. 100, 40 Stat. 1309, and was repealed by Pub.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- debtedness, Treasury bills, or savings certifi- cates 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. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 942.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 3111 ......... 31:754a. Sept. 24, 1917, ch. 56, 40 Stat. 288, § 19; added Jan. 30, 1934, ch. 6, § 14(a)(4), 48 Stat. 343; restated Mar. 28, 1942, ch. 205, § 4, 56 Stat. 189. The words ‘‘regulations of’’ are substituted for ‘‘rules, regulations, terms, and conditions . . . may pre- scribe’’ to eliminate unnecessary words. § 3112. Sinking fund for retiring and cancelling bonds and notes (a) The Department of the Treasury has a sinking fund for retiring bonds and notes issued under this chapter. Amounts in the fund are ap- propriated for payment of bonds and notes at maturity or for their redemption or purchase be- fore maturity by the Secretary of the Treasury. The fund is available until all the bonds and notes are retired. (b) For each fiscal year, an amount is appro- priated equal to— (1) the interest that would have been payable during the fiscal year for which the appropria- tion is made on the bonds and notes bought, redeemed, or paid out of the fund during that or prior years; (2) 2.5 percent of the total amount of bonds and notes issued under the First Liberty Bond Act, the Second Liberty Bond Act, the Third Liberty Bond Act, the Fourth Liberty Bond Act, and the Victory Liberty Loan Act and outstanding on July 1, 1920, less an amount equal to the par amount of obligations of gov- ernments of foreign countries that the United States Government held on July 1, 1920; and (3) 2.5 percent of the total amount expended after June 29, 1933, from appropriations made or authorized in sections 301 and 302 of the Emergency Relief and Construction Act of 1932. (c) The Secretary may prescribe the price and conditions for paying, redeeming, and buying bonds and notes under this section. The average cost of bonds and notes bought under this sec- tion may not be more than par value and ac- crued interest. Bonds and notes bought, re- deemed, or paid out of the sinking fund must be canceled and retired and may not be reissued. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 943.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 3112(a) ..... 31:767(less 2d sen- tence related to price, terms, and conditions, 3d, 4th sentences). Mar. 3, 1919, ch. 100, § 6, 40 Stat. 1311; Mar. 2, 1923, ch. 179, 42 Stat. 1427; May 29, 1928, ch. 901, § 1(21), 45 Stat. 987; Jan. 30, 1934, ch. 6, § 14(b), 48 Stat. 344. 3112(b) ..... 31:767(last sen- tence). 31:767b. Mar. 3, 1933, ch. 212, § 1(last par. on p. 1492), 47 Stat. 1492; Mar. 15, 1934, ch. 70, § 1(2d complete par. on p. 428), 48 Stat. 428. 3112(c) ..... 31:767(2d sentence related to price, terms, and condi- tions, 3d, 4th sen- tences). In subsection (a), the word ‘‘cumulative’’ is omitted as surplus. The words ‘‘under this chapter’’ are sub- stituted for ‘‘under the First Liberty Bond Act, the Second Liberty Bond Act, the Third Liberty Bond Act, the Fourth Liberty Bond Act, or under this Act, and outstanding on July 1, 1920, and of bonds and notes thereafter issued, under any of such Acts or under any of such Acts as amended’’ to eliminate unnecessary words, reference to laws that have been executed, and to reflect consolidation of the public debt authority in the revised chapter. The words ‘‘and all additions thereto’’ are omitted as surplus. Subsection (b)(1) and (2) is substituted for 31:767(last sentence) to eliminate unnecessary words. In subsection (b)(3), the text of 31:767b(related to 31:767a) is omitted as obsolete. In subsection (c), the word ‘‘conditions’’ is sub- stituted for ‘‘terms and conditions’’ because it is inclu- sive. Editorial Notes REFERENCES IN TEXT The First Liberty Bond Act, referred to in subsec. (b)(2), 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. (b)(2), is act Sept. 24, 1917, ch. 56, 40 Stat. 288, which en-