Page:United States Statutes at Large Volume 85.djvu/35

 85 STAT. ]

PUBLIC LAW 92-5-MAR. 17, 1971

Public Law 92-5 AN ACT To increase the public debt limit set forth in section 21 of the Second Liberty Bond Act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first sentence of section 21 of the Second Liberty Bond Act (31 U.S.C. 757b) is amended by striking out "$380,000,000,000" and inserting in lieu thereof "$400,000,000,000". SEC. 2. (a) During the period beginning on the date of the enactment of this Act and ending on June 30, 1972, the public debt limit set forth in the first sentence of section 21 of the Second Liberty Bond Act shall be temporarily increased by $30,000,000,000. (b) Effective on the date of the enactment of this Act, section 2 of Public Law 91-301 is hereby repealed. SEC. 3. The first section of the Second Liberty Bond Act (31 U.S.C. 752) is amended by adding at the end of the second paragraph the following new sentence: "Bonds herein authorized may be issued from time to time at a rate or rates of interest exceeding 414 per centum per annum, but the aggregate face amount of bonds issued pursuant to this sentence shall not exceed $10,000,000,000.". SEC. 4. (a) Effective with respect to obligations issued after March 3, 1971, the following provisions of law are hereby repealed: (1) Section 14 of the Second Liberty Bond Act (31 U.S.C. 765); and (2) Section 6312 of the Internal Revenue Code of 1954 (relating to payment by United States notes and certificates of indebtedness), and the item relating to such section 6312 in the table of sections for subchapter B of chapter 64 of such Code. (b) The Second Liberty Bond Act is amended by adding at the end thereof the following new section: "SEC. 27. I n the case of obligations issued after March 3, 1971, under this Act or under any other provision of law, the terms and conditions of issue shall not permit the redemption before maturity of such obligation in payment of any tax imposed by the United States in any amount abKJve the fair market value of such obligation at the time of such redemption. This section shall not apply to any Treasury bill which is issued under the authority of section 5."

March 17, 197:1 [H. R. 4690]

Public debt limit, increase; Social Security Act, amendments 84 Stat. 368. Temporary annual increase.

Repeal.

40 Stat. 502.

Repeals; effective date.

68A Stat. 777. 26 USC 6312.

40 Stat. 288; 81 Stat. 778. 31 USC 774.

31 USC 7 54,

�