39-U.S.C.-2006

39-U.S.C.-2006

§2006 – Relationship Between The Treasury and The Postal Service

Pathway

Title 39 > Part III > Chapter 20 > Section 2006

Details

  • Reference: Section 2006
  • Legend: §2006 – Relationship Between The Treasury and The Postal Service
  • USCode Year: 2013

Provision Content

(a) At least 15 days before selling any issue of obligations under section 2005 or 2011 of this title, the Postal Service shall advise the Secretary of the Treasury of the amount, proposed date of sale, maturities, terms and conditions, and expected maximum rates of interest of the proposed issue in appropriate detail and shall consult with him or his designee thereon. The Secretary may elect to purchase such obligations under such terms, including rates of interest, as he and the Postal Service may agree, but at a rate of yield no less than the prevailing yield on outstanding marketable Treasury securities of comparable maturity, as determined by the Secretary. If the Secretary does not purchase such obligations, the Postal Service may proceed to issue and sell them to a party or parties other than the Secretary upon notice to the Secretary and upon consultation as to the date of issuance, maximum rates of interest, and other terms and conditions.

(b) Subject to the conditions of subsection (a) of this section, the Postal Service may require the Secretary of the Treasury to purchase obligations of the Postal Service under section 2005 in such amounts as will not cause the holding by the Secretary of the Treasury resulting from such required purchases to exceed $2,000,000,000 at any one time. This subsection shall not be construed as limiting the authority of the Secretary to purchase obligations of the Postal Service under section 2005 in excess of such amount.

(c) Notwithstanding section 2005(d)(5) or 2011(e)(4)(E) of this title, obligations issued by the Postal Service shall be obligations of the Government of the United States, and payment of principal and interest thereon shall be fully guaranteed by the Government of the United States, such guaranty being expressed on the face thereof, if and to the extent that—

(1) the Postal Service requests the Secretary of the Treasury to pledge the full faith and credit of the Government of the United States for the payment of principal and interest thereon; and

(2) the Secretary, in his discretion, determines that it would be in the public interest to do so.

(Pub. L. 91–375, Aug. 12, 1970, 84 Stat. 741; Pub. L. 109–435, title IV, §401(b)(4), Dec. 20, 2006, 120 Stat. 3225.)

Amendments

2006—Subsec. (a). Pub. L. 109–435, §401(b)(4)(A), inserted or 2011 after section 2005 in first sentence.

Subsec. (b). Pub. L. 109–435, §401(b)(4)(B), inserted under section 2005 before in such amounts in first sentence and before in excess of such amount. in second sentence.

Subsec. (c). Pub. L. 109–435, §401(b)(4)(C), inserted or 2011(e)(4)(E) after section 2005(d)(5).

U.S. Encyclopedia of Law Coverage

39-U.S.C.-1203 in the Legal Encyclopedia: Postal Service in General

In this entry about 39-U.S.C.-1203, find legal reference material, bibliographies and premiere content related to postal service in general in the American Encyclopedia of Law, presenting a comprehensive view of the United States postal service in general-specific issues, written by authorities in the field.

39-U.S.C.-2002 in the Legal Encyclopedia: Pastel Service Organization

In this entry about 39-U.S.C.-2002, find legal reference material, bibliographies and premiere content related to pastel service organization in the American Encyclopedia of Law, presenting a comprehensive view of the United States pastel service organization-specific issues, written by authorities in the field.

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