31-U.S.C.-3106
§3106 – Retirement and Savings Bonds
Pathway
Title 31 > Subtitle III > Chapter 31 > Subchapter I > Section 3106
Details
- Reference: Section 3106
- Legend: §3106 – Retirement and Savings Bonds
- USCode Year: 2013
Provision Content
(a) With the approval of the President, the Secretary of the Treasury may issue retirement and savings bonds of the United States Government and may buy, redeem, and make refunds under section 3111 of this title. The proceeds from the bonds shall be used for expenditures authorized by law. Retirement and savings bonds may be issued only on a discount basis. The maturity period of the bonds shall be at least 10 years from the date of issue but not more than 30 years from the date of issue. The difference between the price paid and the amount received on redeeming a bond is interest under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.).
(b) With the approval of the President, the Secretary may allow owners of retirement and savings bonds to keep the bonds after maturity and continue to earn interest on them at rates that are consistent with the rate of investment yield provided by retirement and savings bonds.
(c) Section 3105(c)(1)–(5) of this title applies to this section. Sections 3105(c)(6) and (d) and 3126 of this title apply to this section to the extent consistent with this section. The Secretary may prescribe the maximum amount of retirement and savings bonds issued under this section in a year that may be held by one person. However, the maximum amount shall be at least $3,000.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 941; Pub. L. 97–452, §1(8), Jan. 12, 1983, 96 Stat. 2468; Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3106(a) | 31:757c–2(a)(1st sentence), (b)(1)(1st sentence), (c)(1st sentence). | Sept. 24, 1917, ch. 56, 40 Stat. 288, §22A(a)–(c)(1st sentence), (d); added Nov. 8, 1966, Pub. L. 89–800, §5, 80 Stat. 1514. |
| 3106(b) | 31:757c–2(b)(1)(2d sentence words after 1st comma), (2). | |
| 3106(c) | 31:757c–2(a)(last sentence), (b)(1)(2d sentence words before 1st comma, 3d, last sentences), (d). |
In subsection (a), the words In addition to the United States savings bonds authorized to be issued under section 757c of this title are omitted as surplus. The words through the United States Postal Service or otherwise are omitted as surplus and unnecessary because of 39:411. The words and may buy, redeem, and make refunds under section 3111 of this title are added because of the restatement. The words and to retire any outstanding obligations of the United States bearing interest or issued on a discount basis are omitted as unnecessary because of section 3111 of the revised title. The words as the terms thereof may provide are omitted because of the restatement.
In subsection (b), the word conditions is substituted for terms for consistency in the revised title and with other titles of the United States Code. The words by regulations are omitted as unnecessary. The words at their option are omitted as surplus.
In subsection (c), the words Section 3105(c)(1)–(5) of this title applies to this section are substituted for 31:757c–2(a)(last sentence) and (b)(1)(2d sentence words before 1st comma, 3d sentence) to eliminate unnecessary words. The words by regulations are omitted as unnecessary.
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3106(b) | 31 App.:757c–2 (b)(1) (2d sentence). | Sept. 3, 1982, Pub. L. 97–248, §289(a)(2), 96 Stat. 571. |
Amendments
1986—Subsec. (a). Pub. L. 99–514 substituted Internal Revenue Code of 1986 for Internal Revenue Code of 1954.
1983—Subsec. (b). Pub. L. 97–452 struck out provisions that the issue price of retirement and savings bonds and the conditions under which they could be redeemed could give an investment yield of not more than 5 percent a year compounded semiannually.
U.S. Encyclopedia of Law Coverage
31-U.S.C.-3105 in the Legal Encyclopedia: Public Finance
In this entry about 31-U.S.C.-3105, find legal reference material, bibliographies and premiere content related to public finance in the American Encyclopedia of Law, presenting a comprehensive view of the United States public finance-specific issues, written by authorities in the field.
Title 31 – Money And Finance in the Legal Encyclopedia: Financial Management
In this entry about Title 31 – Money And Finance, find legal reference material, bibliographies and premiere content related to financial management in the American Encyclopedia of Law, presenting a comprehensive view of the United States financial management-specific issues, written by authorities in the field.
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