31-U.S.C.-3123
§3123 – Payment of Obligations and Interest On The Public Debt
Pathway
Title 31 > Subtitle III > Chapter 31 > Subchapter II > Section 3123
Details
- Reference: Section 3123
- Legend: §3123 – Payment of Obligations and Interest On The Public Debt
- USCode Year: 2013
Provision Content
(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.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3123(a) | 31:731. | R.S. §3693. |
| 31:753(d)(2d sentence). | Sept. 24, 1917, ch. 56, 40 Stat. 288, §18(d)(2d sentence); added Mar. 3, 1919, ch. 100, §1, 40 Stat. 1310. | |
| 31:768(words before semicolon). | Feb. 4, 1910, ch. 25, §1(words before semicolon), 36 Stat. 192. | |
| 3123(b) | 31:732. | R.S. §3698. |
| 31:733(words before semicolon). | R.S. §3699(words before semicolon); restated Jan. 30, 1934, ch. 6, §9, 48 Stat. 341. | |
| 3123(c) | 31:766. | Sept. 24, 1917, ch. 56, 40 Stat. 288, §16; added Apr. 4, 1918, ch. 44, §6, 40 Stat. 505; Nov. 13, 1966, Pub. L. 89–809, §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.
U.S. Encyclopedia of Law Coverage
31-U.S.C.-3105 in the Legal Encyclopedia: Public Finance
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31-U.S.C.-3123 in the Legal Encyclopedia: Financial Management
In this entry about 31-U.S.C.-3123, 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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