31 U.S.C. § 3103 — Notes
submitted 44 years ago by Pub. L. 97-258 to r/title-31-MONEY-AND-FINANCE · 171 words · no verdicts yet
With the President’s approval, the Treasury Secretary may borrow for expenditures authorized by law and issue government notes. This section sets maturity, early-redemption, and conversion rules for those notes.
(a) With the President’s approval, the Treasury Secretary may borrow on the United States Government’s credit amounts needed for expenditures authorized by law. The Secretary may issue Government notes for the borrowed amounts, buy or redeem them, and make refunds under section 3111. The Secretary may set conditions under section 3121. Despite section 3121(a)(5), each note series must mature at least 1 year and no more than 10 years after issue. (b) The Government may redeem part of a note series before maturity by giving at least 4 months’ and no more than 1 year’s notice. (c) A holder may exchange a note from one series for a note from another series if both series have the same issue date; the exchange is at par value.
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. The Secretary may prescribe conditions under section 3121 of this title. Notwithstanding section 3121(a)(5) of this title, 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.
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.
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 credit: (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 939.)
- 1982Enacted · Pub. L. 97-258 · 96 Stat. 939
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-258 on 1982-09-13.
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