
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 31USC3104]

 
                       TITLE 31--MONEY AND FINANCE
 
                   SUBTITLE III--FINANCIAL MANAGEMENT
 
                         CHAPTER 31--PUBLIC DEBT
 
                    SUBCHAPTER I--BORROWING AUTHORITY
 
Sec. 3104. Certificates of indebtedness and Treasury bills

    (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.

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

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
3104(a)..............................  31:754(a)(1st, 2d sentences).   Sept. 24
, 1917, ch. 56, Sec.  5(a)(less
                                                                        form of
 certificates of indebtedness and
                                                                        Treasur
y bills, finality), 40 Stat. 290;
                                                                        Apr. 4,
 1918, ch. 44, Sec.  4, 40 Stat.
                                                                        504; Ma
r. 3, 1919, ch. 100, Sec.  3, 40
                                                                        Stat. 1
311; restated June 17, 1929, ch.
                                                                        26, 46 
Stat. 19; Feb. 4, 1935, ch. 5,
                                                                        Secs.  
2, 3, 49 Stat. 20.
3104(b)..............................  31:754(a)(3d sentence)(less
                                        form of certificates of
                                        indebtedness and Treasury
                                        bills, finality).
3104(c)..............................  31:754(a)(last sentence).
-------------------------------------------------------------------------------
---------------------------------

    In subsection (a), before clause (1), the words ``In addition to the 
bonds and notes authorized by sections 752, 753, and 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.

                  Section Referred to in Other Sections

    This section is referred to in sections 3108, 3121, 3129 of this 
title; title 10 sections 4357, 6975, 9356; title 12 section 221.
