31 U.S. Code § 3106 - Retirement and savings bonds

(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.

Source

(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.)

Historical and Revision Notes 1982 Act
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.

1983 Act
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. 99–514substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”.
1983—Subsec. (b). Pub. L. 97–452struck 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.

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31 USCDescription of ChangeSession YearPublic LawStatutes at Large

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31 CFR - Money and Finance: Treasury

31 CFR Part 306 - GENERAL REGULATIONS GOVERNING U.S. SECURITIES

31 CFR Part 341 - REGULATIONS GOVERNING UNITED STATES RETIREMENT PLAN BONDS

31 CFR Part 346 - REGULATIONS GOVERNING UNITED STATES INDIVIDUAL RETIREMENT BONDS

31 CFR Part 355 - REGULATIONS GOVERNING FISCAL AGENCY CHECKS

31 CFR Part 356 - SALE AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, AND BONDS (DEPARTMENT OF THE TREASURY CIRCULAR, PUBLIC DEBT SERIES NO. 1-93)

31 CFR Part 357 - REGULATIONS GOVERNING BOOK-ENTRY TREASURY BONDS, NOTES AND BILLS HELD IN TREASURY/RESERVE AUTOMATED DEBT ENTRY SYSTEM (TRADES) AND LEGACY TREASURY DIRECT

31 CFR Part 358 - REGULATIONS GOVERNING BOOK-ENTRY CONVERSION OF BEARER CORPORA AND DETACHED BEARER COUPONS

31 CFR Part 363 - REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT

31 CFR Part 370 - ELECTRONIC TRANSACTIONS AND FUNDS TRANSFERS RELATING TO UNITED STATES SECURITIES

 

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