
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: 31USC3112]

 
                       TITLE 31--MONEY AND FINANCE
 
                   SUBTITLE III--FINANCIAL MANAGEMENT
 
                         CHAPTER 31--PUBLIC DEBT
 
                    SUBCHAPTER I--BORROWING AUTHORITY
 
Sec. 3112. Sinking fund for retiring and cancelling bonds and 
        notes
        
    (a) The Department of the Treasury has a sinking fund for retiring 
bonds and notes issued under this chapter. Amounts in the fund are 
appropriated for payment of bonds and notes at maturity or for their 
redemption or purchase before maturity by the Secretary of the Treasury. 
The fund is available until all the bonds and notes are retired.
    (b) For each fiscal year, an amount is appropriated equal to--
        (1) the interest that would have been payable during the fiscal 
    year for which the appropriation is made on the bonds and notes 
    bought, redeemed, or paid out of the fund during that or prior 
    years;
        (2) 2.5 percent of the total amount of bonds and notes issued 
    under the First Liberty Bond Act, the Second Liberty Bond Act, the 
    Third Liberty Bond Act, the Fourth Liberty Bond Act, and the Victory 
    Liberty Loan Act and outstanding on July 1, 1920, less an amount 
    equal to the par amount of obligations of governments of foreign 
    countries that the United States Government held on July 1, 1920; 
    and
        (3) 2.5 percent of the total amount expended after June 29, 
    1933, from appropriations made or authorized in sections 301 and 302 
    of the Emergency Relief and Construction Act of 1932.

    (c) The Secretary may prescribe the price and conditions for paying, 
redeeming, and buying bonds and notes under this section. The average 
cost of bonds and notes bought under this section may not be more than 
par value and accrued interest. Bonds and notes bought, redeemed, or 
paid out of the sinking fund must be canceled and retired and may not be 
reissued.

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 943.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
3112(a)..............................  31:767(less 2d sentence         Mar. 3, 
1919, ch. 100, Sec.  6, 40 Stat.
                                        related to price, terms, and    1311; M
ar. 2, 1923, ch. 179, 42 Stat.
                                        conditions, 3d, 4th             1427; M
ay 29, 1928, ch. 901, Sec.
                                        sentences).                     1(21), 
45 Stat. 987; Jan. 30, 1934, ch.
                                                                        6, Sec.
  14(b), 48 Stat. 344.
3112(b)..............................  31:767(last sentence).
                                       31:767b.                        Mar. 3, 
1933, ch. 212, Sec.  1(last par.
                                                                        on p. 1
492), 47 Stat. 1492; Mar. 15,
                                                                        1934, c
h. 70, Sec.  1(2d complete par.
                                                                        on p. 4
28), 48 Stat. 428.
3112(c)..............................  31:767(2d sentence related to
                                        price, terms, and conditions,
                                        3d, 4th sentences).
-------------------------------------------------------------------------------
---------------------------------

    In subsection (a), the word ``cumulative'' is omitted as surplus. 
The words ``under this chapter'' are substituted for ``under the First 
Liberty Bond Act, the Second Liberty Bond Act, the Third Liberty Bond 
Act, the Fourth Liberty Bond Act, or under this Act, and outstanding on 
July 1, 1920, and of bonds and notes thereafter issued, under any of 
such Acts or under any of such Acts as amended'' to eliminate 
unnecessary words, reference to laws that have been executed, and to 
reflect consolidation of the public debt authority in the revised 
chapter. The words ``and all additions thereto'' are omitted as surplus.
    Subsection (b)(1) and (2) is substituted for 31:767(last sentence) 
to eliminate unnecessary words.
    In subsection (b)(3), the text of 31:767b(related to 31:767a) is 
omitted as obsolete.
    In subsection (c), the word ``conditions'' is substituted for 
``terms and conditions'' because it is inclusive.

                       References in Text

    The First Liberty Bond Act, referred to in subsec. (b)(2), is act 
Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755, 
755a, 759, 764, 774, and 804 of former Title 31 and section 462a of 
Title 12, Banks and Banking, and amended sections 745 and 768 of former 
Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 
96 Stat. 1072.
    The Second Liberty Bond Act, referred to in subsec. (b)(2), is act 
Sept. 24, 1917, ch. 56, 40 Stat. 288, as amended, which enacted sections 
747, 752 to 754b, 757, 757b, 757c to 757e, 758, 760, 765, 766, 771, 773, 
and 801 and amended sections 745, 764, 769, and 774 of former Title 31, 
and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 
1072.
    The Third Liberty Bond Act, referred to in subsec. (b)(2), is act 
Apr. 4, 1918, ch. 44, 40 Stat. 502, which enacted sections 765, 766, and 
774 and amended sections 752, 752a, 754, and 771 of former Title 31, and 
was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 
1072.
    The Fourth Liberty Bond Act, referred to in subsec. (b)(2), is act 
July 9, 1918, ch. 142, 40 Stat. 844, which enacted sections 750 and 772 
and amended sections 752 and 774 of former Title 31, and was repealed by 
Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1072.
    The Victory Liberty Loan Act, referred to in subsec. (b)(2), is act 
Mar. 3, 1919, ch. 100, 40 Stat. 1309, which enacted sections 749, 753, 
763, 767, 802, and 803 and amended sections 750, 754, and 774 of former 
Title 31 and section 343 of Title 15, Commerce and Trade, and was 
repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1072.
    Sections 301 and 302 of the Emergency Relief and Construction Act of 
1932, referred to in subsec. (b)(3), are sections 301 and 302 of act 
July 21, 1932, ch. 520, 47 Stat. 709, which are not classified to the 
Code.
