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Does Mr. John Snow have some work to do?
[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
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Revised Section Source (U.S. Code) Source (Statutes at
Large)
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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.
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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.
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