31 USC 3104 - Sec. 3104. Certificates of indebtedness and Treasury bills

31 USC - US Code - Title 31: Money and Finance (January 2003)


Permanent Link: http://vlex.com/vid/19220747

Id. vLex: VLEX-19220747

Click here to download this article in graphic format (Acrobat Reader)

Search in this document

Sponsored Ads:


Text:

  (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.

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 and conditions under which the certificates and bills may be redeemed before maturity.

Notwithstanding section 3121(a)(5) of this title, 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.


Historical And Revision Notes

Revised Source (U.S. Code) Source (Statutes at Large) Section

3104(a) 31:754(a)(1st, 2d Sept. 24, 1917, ch. 56, Sec. sentences). 5(a)(less form of certificates of indebtedness and Treasury bills, finality), 40 Stat. 290; Apr. 4, 1918, ch. 44, Sec. 4, 40 Stat. 504; Mar. 3, 1919, ch. 100, Sec. 3, 40 Stat. 1311; restated June 17, 1929, ch. 26, 46 Stat. 19; Feb. 4, 1935, ch. 5, Secs. 2, 3, 49 Stat. 20. 3104(b) 31:754(a)(3d sentence)(less form of certificates of indebtedness and Treasury bills, finality). 3104(c) 31:754(a)(last sentence).

In subsection (a), before clause (1), the words "In addition to the bonds and notes authorized by sections 752, 753, and 757c of this title" are omitted as unnecessary.

The words "subject to the limitation imposed by section 757b of this title" are omitted as surplus.

The words "for expenditures authorized by law" are substituted for "for the purposes of this Act . . . and to meet public expenditures authorized by law" for clarity and because they are inclusive.

The words "under section 3111 of this title" are substituted for "at or before maturity, of any outstanding bonds, notes, certificates of indebtedness or Treasury bills of the United States" because of the restatement.

The words "at not less than par" are omitted as superseded by section 3 of the Public Debt Act of 1942 (ch. 205, 56 Stat. 189), restated in section 3121 of the revised title.

The text of 31:754(a)(2d sentence) is omitted as superseded by section 3121(a) of the revised title.

In clause (1), the words "and at such rate or rates of interest, payable at such time or times as he may prescribe" are omitted because they are superseded by section 3121(a), (b)(1), and (c) of the revised title.

In clause (2), the words "on a discount basis and payable at maturity without interest" are omitted because they are superseded by section 3121(a) of the revised title.

The words "of the Government" are added for consistency.

In subsection (b), the words "terms and" after "upon such" are omitted as surplus.

The words "for issuing . . . under section 3121 of this title" are substituted for "subject to such terms and conditions" because of the restatement.

The words "Notwithstanding section 3121(a)(5) of this title" are substituted for "shall be payable at such time" for clarity because the section cited contains the general authority to which subsection (c)(last sentence) of this section is an exception.

In subsection (c), the words "account of" are omitted as surplus.

Section Referred To In Other Sections

This section is referred to in sections 3108, 3121, 3129 of this title; title 10 sections 4357, 6975, 9356; title 12 section 221.

Other documents:
Fulton Paper Company, Inc. v. Reeves (Two Cases)., 212 Ga. App. 314, 441 S.E.2d 881 (1994) | national labor relations board, petitioner, v. certified grocers of california, ltd., respondent., 587 f.2d 44... | 46 CFR 185.356 Carriage of hazardous materials. | Agencia de Proteccion del Medio Urbano y Natural.- Anuncio por el que se hace publica la Resolucion de 24 de julio de 2007, de... | nombramientos. decreto 101/88, de 11-07-1988, presidencia de la junta por el que se dispone el nombramiento de don pedro aranguez ruiz como director general de... | E.On quiere conquistar el mercado ruso y participar en privatizaciones | resolucion del organo de contratacion del consejo superior de investigaciones cientificas por la que se hace public... | RESOLUCIÓN de 13 de mayo de 2004 del Ayuntamiento de La Solana Ciudad R... | Resolución del Director Gerente del Servicio Murciano de Salud por la que se modifica la composición de la Comisión de Selección correspondiente a la... | Case of Tribunal Superior de Justicia - Granada, Andalucia - Sala de lo Social n 2237/2006, of... | Subasta para la adjudicacion de obras de instalacion de redes de saneamiento y distri... | case of audiencia provincial barcelona seccion 17 n 265/2005 of may 20 2005