[dashboy]

[b]Interesting find here!

31 USC Sec. 3123

TITLE 31 - MONEY AND FINANCE

SUBTITLE III - FINANCIAL MANAGEMENT

CHAPTER 31 - PUBLIC DEBT

SUBCHAPTER II - ADMINISTRATIVE



Sec. 3123. Payment of obligations and interest on the public debt

(a) The faith of the United States Government is pledged to pay,

in legal tender, principal and interest on the obligations of the

Government issued under this chapter.

(b) The Secretary of the Treasury shall pay interest due or

accrued on the public debt. As the Secretary considers expedient,

the Secretary may pay in advance interest on the public debt by a

period of not more than one year, with or without a rebate of

interest on the coupons.

(c)(1) The Secretary may issue a bond, note, or certificate of

indebtedness authorized under this chapter whose principal and

interest are payable in a foreign currency stated in the bond,

note, or certificate. The Secretary may dispose of the bonds,

notes, and certificates at a price that is at least par value

without complying with section 3102(b)-(d) of this title.

(2) In determining the dollar amount of bonds, notes, and

certificates of indebtedness that may be issued under this chapter,

the dollar equivalent of the amount of bonds, notes, and

certificates payable in a foreign currency is determined by the par

of the exchange value on the date of issue of the bonds, notes, or

certificates as published by the Secretary under section 5151 of

this title.

(3) The Secretary may designate depositaries in foreign countries

in which any part of the proceeds of bonds, notes, or certificates

of indebtedness payable in the foreign currency may be deposited.

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 945.)



Historical and Revision Notes

---------------------------------------------------------------------

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

Large)

---------------------------------------------------------------------

3123(a) 31:731. R.S. Sec. 3693.

31:753(d)(2d Sept. 24, 1917, ch.

sentence). 56, 40 Stat. 288,

Sec. 18(d)(2d

sentence); added

Mar. 3, 1919, ch.

100, Sec. 1, 40

Stat. 1310.

31:768(words before Feb. 4, 1910, ch.

semicolon). 25, Sec. 1(words

before semicolon),

36 Stat. 192.

3123(b) 31:732. R.S. Sec. 3698.

31:733(words before R.S. Sec. 3699(words

semicolon). before semicolon);

restated Jan. 30,

1934, ch. 6, Sec.

9, 48 Stat. 341.

3123(c) 31:766. Sept. 24, 1917, ch.

56, 40 Stat. 288,

Sec. 16; added Apr.

4, 1918, ch. 44,

Sec. 6, 40 Stat.

505; Nov. 13, 1966,

Pub. L. 89-809,

Sec. 401, 80 Stat.

1590.

-------------------------------

In subsection (a), the words "legal tender" are substituted for

"in coin or its equivalent" in 31:731 and "gold coin of the

present standard of value" in section 1 of the Act of Feb. 1,

1910, and section 18(d)(2d sentence) of the Second Liberty Bond Act

because of section 1 of the Act of June 5, 1933 (ch. 48, 48 Stat.

113). The words "obligations of the Government" are substituted

for 31:731(1st sentence 18th-last words), "thereof" in 31:753(d),

and 31:768(1st 17 words) for clarity and consistency and to

eliminate unnecessary words. The text of 31:731(last sentence) is

omitted as executed.

In subsection (b), the words "cause to be", "out of any money

in the Treasury not otherwise appropriated", "falling", "any

portion of", and "authorized by law" in 31:732 are omitted as

surplus. The text of 31:733(words between semicolon and colon) is

omitted as unnecessary because of chapter 53 of the revised title.

The text of 31:733(words after colon) is omitted as superseded by

the Bretton Woods Agreement Act (22 U.S.C. 286 et seq.) and

sections 6 and 9 of the Act of Oct. 19, 1976 (Pub. L. 94-564, 90

Stat. 2661), repealing 31:449 that provided for parity of the

dollar on terms of gold and special drawing rights.

In subsection (c), the word "currency" is substituted for

"money or . . . moneys" for clarity and because of 1:1.

In subsection (c)(1), the words "but not also in United States

gold coin" and "in such manner" are omitted as surplus.

In subsection (c)(2), the words "dollar" before "amount", and

"value", are added for clarity. The words "estimated by the

Director of the Mint, and" are omitted because of the source

provisions restated in section 321(c) of the revised title. The

word "published" is substituted for "proclaimed" for clarity.

In subsection (c)(3), the words "as he may determine" are

omitted as surplus.