Public Law 85–17

That the proviso in the second sentence of section 22 (1) (1) of the Second Liberty Bond Act, as amended (31 U. S. C., sec. 757c (b) (1)), is amended to read as follows: “

Provided,

That the interest rate on, and the issue price of, savings bonds and savings certificates and the terms upon which they may be redeemed shall tie such as to afford an investment yield not in excess of 3.26 per centum per annum, compounded semiannually

”.

Sec. 2.

The authority granted by the amendment made by the first section of this Act may lie exercised with respect to United States savings bonds and United States Treasury savings certificates bearing issue dates of February 1, 1957, or thereafter. For purposes of section 22 (b) (2) of the Second Liberty Bond Act, as amended, such authority may be exercised with respect to those series E savings bonds maturing on or after February 1, 1957, which are retained after maturity, but only with respect to the investment yield after maturity.