
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: 31USC3123]

 
                       TITLE 31--MONEY AND FINANCE
 
                   SUBTITLE III--FINANCIAL MANAGEMENT
 
                         CHAPTER 31--PUBLIC DEBT
 
                      SUBCHAPTER II--ADMINISTRATIVE
 
Sec. 3123. Payment of obligations and interest on the public 
        debt
        
    (a) The faith of the United States Government is pledged to pay, in 
legal tender, principal and interest on the obligations of the 
Government issued under this chapter.
    (b) The Secretary of the Treasury shall pay interest due or accrued 
on the public debt. As the Secretary considers expedient, the Secretary 
may pay in advance interest on the public debt by a period of not more 
than one year, with or without a rebate of interest on the coupons.
    (c)(1) The Secretary may issue a bond, note, or certificate of 
indebtedness authorized under this chapter whose principal and interest 
are payable in a foreign currency stated in the bond, note, or 
certificate. The Secretary may dispose of the bonds, notes, and 
certificates at a price that is at least par value without complying 
with section 3102(b)-(d) of this title.
    (2) In determining the dollar amount of bonds, notes, and 
certificates of indebtedness that may be issued under this chapter, the 
dollar equivalent of the amount of bonds, notes, and certificates 
payable in a foreign currency is determined by the par of the exchange 
value on the date of issue of the bonds, notes, or certificates as 
published by the Secretary under section 5151 of this title.
    (3) The Secretary may designate depositaries in foreign countries in 
which any part of the proceeds of bonds, notes, or certificates of 
indebtedness payable in the foreign currency may be deposited.

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 945.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
3123(a)..............................  31:731.                         R.S. Sec
.  3693.
                                       31:753(d)(2d sentence).         Sept. 24
, 1917, ch. 56, 40 Stat. 288,
                                                                        Sec.  1
8(d)(2d sentence); added Mar. 3,
                                                                        1919, c
h. 100, Sec.  1, 40 Stat. 1310.
                                       31:768(words before             Feb. 4, 
1910, ch. 25, Sec.  1(words
                                        semicolon).                     before 
semicolon), 36 Stat. 192.
3123(b)..............................  31:732.                         R.S. Sec
.  3698.
                                       31:733(words before             R.S. Sec
.  3699(words before semicolon);
                                        semicolon).                     restate
d Jan. 30, 1934, ch. 6, Sec.  9,
                                                                        48 Stat
. 341.
3123(c)..............................  31:766.                         Sept. 24
, 1917, ch. 56, 40 Stat. 288,
                                                                        Sec.  1
6; added Apr. 4, 1918, ch. 44,
                                                                        Sec.  6
, 40 Stat. 505; Nov. 13, 1966,
                                                                        Pub. L.
 89-809, Sec.  401, 80 Stat.
                                                                        1590.
-------------------------------------------------------------------------------
---------------------------------

    In subsection (a), the words ``legal tender'' are substituted for 
``in coin or its equivalent'' in 31:731 and ``gold coin of the present 
standard of value'' in section 1 of the Act of Feb. 1, 1910, and section 
18(d)(2d sentence) of the Second Liberty Bond Act because of section 1 
of the Act of June 5, 1933 (ch. 48, 48 Stat. 113). The words 
``obligations of the Government'' are substituted for 31:731(1st 
sentence 18th-last words), ``thereof'' in 31:753(d), and 31:768(1st 17 
words) for clarity and consistency and to eliminate unnecessary words. 
The text of 31:731(last sentence) is omitted as executed.
    In subsection (b), the words ``cause to be'', ``out of any money in 
the Treasury not otherwise appropriated'', ``falling'', ``any portion 
of'', and ``authorized by law'' in 31:732 are omitted as surplus. The 
text of 31:733(words between semicolon and colon) is omitted as 
unnecessary because of chapter 53 of the revised title. The text of 
31:733(words after colon) is omitted as superseded by the Bretton Woods 
Agreement Act (22 U.S.C. 286 et seq.) and sections 6 and 9 of the Act of 
Oct. 19, 1976 (Pub. L. 94-564, 90 Stat. 2661), repealing 31:449 that 
provided for parity of the dollar on terms of gold and special drawing 
rights.
    In subsection (c), the word ``currency'' is substituted for ``money 
or . . . moneys'' for clarity and because of 1:1.
    In subsection (c)(1), the words ``but not also in United States gold 
coin'' and ``in such manner'' are omitted as surplus.
    In subsection (c)(2), the words ``dollar'' before ``amount'', and 
``value'', are added for clarity. The words ``estimated by the Director 
of the Mint, and'' are omitted because of the source provisions restated 
in section 321(c) of the revised title. The word ``published'' is 
substituted for ``proclaimed'' for clarity.
    In subsection (c)(3), the words ``as he may determine'' are omitted 
as surplus.
