(a)The Secretary of the Treasury may borrow on the credit of the United States Government amounts necessary for expenditures authorized by law and may buy, redeem, and make refunds under section
3111 of this title. For amounts borrowed, the Secretary may issue—
(1)certificates of indebtedness of the Government; and
(2)Treasury bills of the Government.
(b)The Secretary may prescribe conditions for issuing certificates of indebtedness and Treasury bills under section
3121 of this title and conditions under which the certificates and bills may be redeemed before maturity. Notwithstanding section
3121(a)(5) of this title, the payment date of certificates of indebtedness and Treasury bills may not be more than one year after the date of issue.
(c)Treasury bills issued under this section may not be accepted before maturity to pay principal or interest on obligations of governments of foreign countries that are held by the United States Government.
Sept. 24, 1917, ch. 56, § 5(a)(less form of certificates of indebtedness and Treasury bills, finality), 40 Stat. 290; Apr. 4, 1918, ch. 44, § 4, 40 Stat. 504; Mar. 3, 1919, ch. 100, § 3, 40 Stat. 1311; restated June 17, 1929, ch. 26, 46 Stat. 19; Feb. 4, 1935, ch. 5, §§ 2, 3, 49 Stat. 20.
31:754(a)(3d sentence)(less form of certificates of indebtedness and Treasury bills, finality).
In subsection (a), before clause (1), the words “In addition to the bonds and notes authorized by sections
757c of this title” are omitted as unnecessary. The words “subject to the limitation imposed by section
757b of this title” are omitted as surplus. The words “for expenditures authorized by law” are substituted for “for the purposes of this Act . . . and to meet public expenditures authorized by law” for clarity and because they are inclusive. The words “under section
3111 of this title” are substituted for “at or before maturity, of any outstanding bonds, notes, certificates of indebtedness or Treasury bills of the United States” because of the restatement. The words “at not less than par” are omitted as superseded by section 3 of the Public Debt Act of 1942 (ch. 205, 56 Stat. 189), restated in section 3121 of the revised title. The text of 31:754(a)(2d sentence) is omitted as superseded by section 3121(a) of the revised title. In clause (1), the words “and at such rate or rates of interest, payable at such time or times as he may prescribe” are omitted because they are superseded by section 3121(a), (b)(1), and (c) of the revised title. In clause (2), the words “on a discount basis and payable at maturity without interest” are omitted because they are superseded by section 3121(a) of the revised title. The words “of the Government” are added for consistency.
In subsection (b), the words “terms and” after “upon such” are omitted as surplus. The words “for issuing . . . under section
3121 of this title” are substituted for “subject to such terms and conditions” because of the restatement. The words “Notwithstanding section
3121(a)(5) of this title” are substituted for “shall be payable at such time” for clarity because the section cited contains the general authority to which subsection (c)(last sentence) of this section is an exception.
In subsection (c), the words “account of” are omitted as surplus.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.