
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 31USC3103]

 
                       TITLE 31--MONEY AND FINANCE
 
                   SUBTITLE III--FINANCIAL MANAGEMENT
 
                         CHAPTER 31--PUBLIC DEBT
 
                    SUBCHAPTER I--BORROWING AUTHORITY
 
Sec. 3103. Notes

    (a) 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 notes 
of the Government for the amounts borrowed and may buy, redeem, and make 
refunds under section 3111 of this title. The Secretary may prescribe 
conditions under section 3121 of this title. Notwithstanding section 
3121(a)(5) of this title, the payment date of each series of notes 
issued shall be at least one year but not more than 10 years from the 
date of issue.
    (b) The Government may redeem any part of a series of notes before 
maturity by giving at least 4 months' notice but not more than one 
year's notice.
    (c) The holder of a note of one series issued under this section 
with the same issue date as another series of notes issued under this 
section may convert, at par value, a note of the holder for a note of 
the other series.

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 939.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
3103(a), (b).........................  31:753(a)(less form of notes,   Sept. 24
, 1917, ch. 56, 40 Stat. 288,
                                        certificates of indebtedness,   Sec.  1
8(a)(less form of notes,
                                        and Treasury bills).            certifi
cates of indebtedness, and
                                                                        Treasur
y bills); added Mar. 3, 1919, ch.
                                                                        100, Se
c.  1, 40 Stat. 1309; Nov. 23,
                                                                        1921, c
h. 136, Sec.  1401, 42 Stat. 321;
                                                                        Jan. 30
, 1934, ch. 6, Sec.  14(a)(3), 48
                                                                        Stat. 3
43; restated Feb. 4, 1935, ch. 5,
                                                                        Sec.  4
, 49 Stat. 20; June 30, 1967,
                                                                        Pub. L.
 90-39, Sec.  4, 81 Stat. 99;
                                                                        Mar. 15
, 1976, Pub. L. 94-232, Sec.
                                                                        3(b), 9
0 Stat. 217.
3103(c)..............................  31:753(c).                      Sept. 24
, 1917, ch. 56, 40 Stat. 288,
                                                                        Sec.  1
8(c); added Mar. 3, 1919, ch.
                                                                        100, Se
c.  1, 40 Stat. 1310.
-------------------------------------------------------------------------------
---------------------------------

    In subsection (a), the words ``In addition to the bonds and 
certificates of indebtedness and war-savings certificates authorized by 
this Act, and amendments thereto'' are omitted as unnecessary. The words 
``subject to the limitation imposed by section 757b of this title'' are 
omitted as surplus. The word ``Government'' is added for consistency. 
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 ``denomination or denominations'' are omitted 
because section 3121(a) of the revised title consolidates this authority 
in one section for the various types of debt instruments. The words 
``under section 3121 of this title'' are substituted for ``containing 
such terms and conditions, and at such rate or rates of interest'' 
because of the restatement. The words ``at not less than par (except as 
provided in section 754b of this title)'' 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 words 
``Notwithstanding section 3121(a)(5) of this title'' are added for 
clarity because the section cited contains the general authority to 
which subsection (a)(last sentence) of this section is an exception.
    In subsection (b), the words ``at the option of'' and ``and under 
such rules and regulations and during such period as he may prescribe'' 
are omitted as surplus.
    Subsection (c) is substituted for 31:753(c) to eliminate unnecessary 
words and for clarity and consistency.

                  Section Referred to in Other Sections

    This section is referred to in sections 3108, 3121 of this title.
