Title 31 — Money and Finance
Chapter 31 — Public Debt
§ 3102. Bonds
Statutory text
With the approval of the President, the Secretary of the Treasury may borrow on the credit of the United States Government amounts necessary for expenditures authorized by law and may issue bonds of the Government for the amounts borrowed and may buy, redeem, and make refunds under section 3111 of this title. The Secretary may issue bonds authorized by this section to the public and to Government accounts at any annual interest rate and prescribe conditions under section 3121 of this title.
The Secretary shall offer the bonds authorized under this section first as a popular loan under regulations of the Secretary that allow the people of the United States as nearly as possible an equal opportunity to participate in subscribing to the offered bonds. However, the bonds may be offered in a way other than as a popular loan when the Secretary decides the other way is in the public interest.
When the Secretary decides it is in the public interest in making a bond offering under this section, the Secretary may—
make full allotments on receiving applications for smaller amounts of bonds to subscribers applying before the closing date the Secretary sets for filing applications;
reject or reduce allotments on receiving applications filed after the closing date or for larger amounts;
reject or reduce allotments on receiving applications from incorporated banks and trust companies for their own account and make full allotments or increase allotments to other subscribers; and
prescribe a graduated scale of allotments.
The Secretary shall prescribe regulations applying to all popular loan subscribers similarly situated governing a reduction or increase of an allotment under paragraph (1) of this subsection.
The Secretary may make special arrangements for subscriptions from members of the armed forces. However, bonds issued to those members must be the same as other bonds of the same issue.
The Secretary may dispose of any part of a bond offering not taken and may prescribe the price and way of disposition.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 97–258 · 96 Stat. 938
Enacted · 31 U.S.C. § 3102
Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 938
Source evidence
Code source credit
Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 938Pub. L. 97–452 § 1(5) · 96 Stat. 2467
Substituted · 31 U.S.C. § 3102(a)
Pub. L. 97–452 substituted “$110,000,000,000” for “$70,000,000,000”
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 97–452 substituted “$110,000,000,000” for “$70,000,000,000”.Enacted provision · exact public law section
(5) Section 3102(a) is amended by striking out Ante, p. 938. “$70,000,000,000” and substituting “$110,000,000,000”.Pub. L. 98–34 § 2 · 97 Stat. 196
Substituted · 31 U.S.C. § 3102(a)
Pub. L. 98–34 substituted “$150,000,000,000” for “$110,000,000,000”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 98–34 substituted “$150,000,000,000” for “$110,000,000,000”.Enacted provision · exact public law section
SEC. 2. INCREASE IN UMIT ON LONG-TERM BONDS. 96 Stat. 2467. Subsection (a) of section 8102 of title 31, United States Code, is amended by striking out “$110,000,000,000” and inserting in lieu thereof “$150,000,000,000”.Pub. L. 98–302 § 2 · 98 Stat. 217
Substituted · 31 U.S.C. § 3102(a)
Pub. L. 98–302 substituted “$200,000,000,000” for “$150,000,000,000”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 98–302 substituted “$200,000,000,000” for “$150,000,000,000”.Enacted provision · exact public law section
SEC. 2. INCREASE IN LIMIT ON LONG-TERM BONDS. Subsection (a) of section 3102 of title 31, United States Code, is amended by striking out “$150,000,000,000” and inserting in lieu thereof “$200,000,000,000”.Consolidated Omnibus Budget Reconciliation Act of 1985
Pub. L. 99–272 title XIII § 13212 · 100 Stat. 82
Substituted · 31 U.S.C. § 3102(a)
Pub. L. 99–272 substituted “$250,000,000,000” for “$200,000,000,000”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 99–272 substituted “$250,000,000,000” for “$200,000,000,000”.Enacted provision · exact public law section
SEC. 13212. LIMITATION ON ISSUANCE OF UNITED STATES BONDS. Subsection (a) of section 3102 of title 31, United States Code, is amended by striking out “$200,000,000,000” and inserting in lieu thereof “$250,000,000,000”.Pub. L. 100–203 title IX § 9403 · 101 Stat. 1330
Substituted · 31 U.S.C. § 3102(a)
Pub. L. 100–203 substituted “$270,000,000,000” for “$250,000,000,000”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 100–203 substituted “$270,000,000,000” for “$250,000,000,000”.Enacted provision · exact public law section
SEC. 9403. INCREASE IN LIMIT ON LONG-TERM BONDS. The last sentence of section 3102(a) of title 31, United States Code, is amended by striking out “$250,000,000,000” and inserting in lieu thereof “$270,000,000,000”.Technical and Miscellaneous Revenue Act of 1988
Pub. L. 100–647 title VI § 6301 · 102 Stat. 3342
Struck · 31 U.S.C. § 3102(a)
Pub. L. 100–647 struck out at end: “However, the face amount of bonds issued under this section and held by the public with interest rates of more than 4.25 percent a year may not be more than $270,000,000,000.”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 100–647 struck out at end: “However, the face amount of bonds issued under this section and held by the public with interest rates of more than 4.25 percent a year may not be more than $270,000,000,000.”Enacted provision · exact public law section
SEC. 6301. REPEAL OF LIMIT ON LONG-TERM BONDS. The last sentence of section 3102(a) of title 31, United States Code, is hereby repealed.
6 of 7 references resolved to an enrolled provision · 1 partial
Notes
historicalAndRevision
| Historical and Revision Notes | ||
|---|---|---|
| 1982 Act | ||
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
| 3102(a) | 31:752(1st par.). | Sept. 24, 1917, ch. 56, § 1(1st par.), 40 Stat. 288; restated Apr. 4, 1918, ch. 44, § 1, 40 Stat. 502; July 9, 1918, ch. 142, § 1, 40 Stat. 844; Mar. 3, 1931, ch. 433, 46 Stat. 1506; Feb. 4, 1935, ch. 5, § 1, 49 Stat. 20; May 26, 1938, ch. 285, § 1, 52 Stat. 447. |
| 31:752(2d par. less form of bonds). | Sept. 24, 1917, ch. 56, § 1(2d par. less form of bonds), 40 Stat. 288; restated Apr. 4, 1918, ch. 44, § 1, 40 Stat. 502; Mar. 17, 1971, Pub. L. 92–5, § 3, 85 Stat. 5; July 1, 1973, Pub. L. 93–53, § 2, 87 Stat. 135; Mar. 15, 1976, Pub. L. 94–232, § 3(a), 90 Stat. 217; June 30, 1976, Pub. L. 94–334, § 2, 90 Stat. 793; Oct. 4, 1977, Pub. L. 95–120, § 3, 91 Stat. 1090; Aug. 3, 1978, Pub. L. 95–333, § 3, 92 Stat. 419; Apr. 2, 1979, Pub. L. 96–5, § 3, 93 Stat. 8; Sept. 29, 1979, Pub. L. 96–78, § 102, 93 Stat. 589; Oct. 3, 1980, Pub. L. 96–377, § 2, 94 Stat. 1512. | |
| 3102(b) | 31:752(3d par. 1st sentence words before 4th comma). | Sept. 24, 1917, ch. 56, § 1(3d par.), 40 Stat. 288; restated Apr. 4, 1918, ch. 44, § 1, 40 Stat. 502. |
| 31:752(4th par. related to a popular loan). | Sept. 24, 1917, ch. 56, 40 Stat. 288, § 1(4th par.); added Jan. 30, 1934, ch. 6, § 14(a)(1), 48 Stat. 343. | |
| 3102(c)(1) | 31:752(3d par. 1st sentence words between 4th comma and proviso), (4th par. related to allotments). | |
| 3102(c)(2) | 31:752(3d par. 1st sentence proviso). | |
| 3102(d) | 31:752(3d par. last sentence). | |
| 3102(e) | 31:752(3d par. 2d sentence). | |
In subsection (a), the word “amounts” is substituted for “sum or sums” for consistency. The words “as in his judgment may be” are omitted as surplus. The words “for expenditures authorized by law” are substituted for “for the purposes of this Act . . . and to meet expenditures authorized for the national security and defense and other public purposes authorized by law” because they are inclusive and for consistency. 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 “prescribe conditions under section 3121 of this title” are substituted for the text of 31:752(2d par. 1st sentence less form of bonds, 2d sentence) because of the restatement. The words “at any annual interest rate” are added for clarity and to more precisely define the 4.25 percent limitation. The words “bonds may not be issued under this section to the public, or sold by a Government account to the public, with a rate of interest exceeding 4¼ per centum per annum in an amount which would cause” are omitted as surplus.
In subsections (b), (d), and (e), the words “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.
In subsection (b), the words “under regulations of the Secretary that allow” are substituted for “under such regulations, prescribed by the Secretary of the Treasury from time to time, as will in his opinion give” to eliminate unnecessary words. The words “subscribing to the offered bonds” are substituted for “therein” for clarity. The words “However . . . when the Secretary decides the other way is in the public interest” are substituted for “Notwithstanding the provisions of the foregoing paragraph, the Secretary of the Treasury may from time to time, when he deems it to be in the public interest” to eliminate unnecessary words.
In subsection (c)(1), before clause (A), the words “and may from time to time adopt any or all of said methods, should any such action” in 31:752(3d par. 1st sentence words between 4th comma and proviso) are omitted because of the restatement. The word “decides” is substituted for “deemed” in 31:752(3d par. 1st sentence words between 4th comma and proviso) and “deems” in 31:752a(4th par. related to allotments) for consistency. The words “in making a bond offering under this section” are added for clarity.
In subsection (c)(2), the word “regulations” is substituted for “general rules” for consistency in the revised title and with other titles of the United States Code.
In subsection (d), the words “members of armed forces” are substituted for “persons in the military or naval forces of the United States” for clarity and consistency with title 10.
historicalAndRevision
| 1983 Act | ||
|---|---|---|
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
| 3102(a) | 31 App.:752(2d par. less form of bonds). | Sept. 3, 1982, Pub. L. 97–248, § 289(c), 96 Stat. 572. |
Editorial Notes
Amendments1983–1988 · 5 rounds
1988
Subsec. (a). Pub. L. 100–647 struck out at end: “However, the face amount of bonds issued under this section and held by the public with interest rates of more than 4.25 percent a year may not be more than $270,000,000,000.”
1987
Subsec. (a). Pub. L. 100–203 substituted “$270,000,000,000” for “$250,000,000,000”.
1986
Subsec. (a). Pub. L. 99–272 substituted “$250,000,000,000” for “$200,000,000,000”.
1984
Subsec. (a). Pub. L. 98–302 substituted “$200,000,000,000” for “$150,000,000,000”.
1983
Subsec. (a). Pub. L. 98–34 substituted “$150,000,000,000” for “$110,000,000,000”.
Pub. L. 97–452 substituted “$110,000,000,000” for “$70,000,000,000”.
Credits
1982–1988 · 7 acts
- 1982Pub. L. 97–258, , 96 Stat. 938
- 1983Pub. L. 97–452, § 1(5), , 96 Stat. 2467
- 1983Pub. L. 98–34, § 2, , 97 Stat. 196
- 1984Pub. L. 98–302, § 2, , 98 Stat. 217
- 1986Pub. L. 99–272, title XIII, § 13212, , 100 Stat. 325
- 1987Pub. L. 100–203, title IX, § 9403, , 101 Stat. 1330–377
- 1988Pub. L. 100–647, title VI, § 6301, , 102 Stat. 3755.
Show as published
(Pub. L. 97–258, , 96 Stat. 938; Pub. L. 97–452, § 1(5), , 96 Stat. 2467; Pub. L. 98–34, § 2, , 97 Stat. 196; Pub. L. 98–302, § 2, , 98 Stat. 217; Pub. L. 99–272, title XIII, § 13212, , 100 Stat. 325; Pub. L. 100–203, title IX, § 9403, , 101 Stat. 1330–377; Pub. L. 100–647, title VI, § 6301, , 102 Stat. 3755.)