Page:United States Statutes at Large Volume 96 Part 1.djvu/980

 96 STAT. 938

PUBLIC LAW 97-258—SEPT. 13, 1982 SUBCHAPTER II—ADMINISTRATIVE Sec. 3121. 3122. 3123. 3124. 3125. 3126. 3127. 3128. 3129.

Procedure. Banks and trust companies as depositaries. Payment of obligations and interest on the public debt. Exemption from taxation. Relief for lost, stolen, destroyed, mutilated, or defaced obligations. Losses and relief from liability related to redeeming savings bonds and notes. Credit to officers, employees, and agents for stolen Treasury notes. Proof of death to support payment. Appropriation to pay expenses.

SUBCHAPTER I—BORROWING AUTHORITY

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§ 3101. Public debt limit (a) In this section, the current redemption value of an obligation issued on a discount basis and redeemable before maturity at the option of its holder is deemed to be the face amount of the obligation. (b) The face amount of obligations issued under this chapter and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) may not be more than $400,000,000,000 outstanding at one time, subject to changes periodically made in that amount as provided by law through the congressional budget process described in Rule XLIX of the Rules of the House of Representatives or otherwise. (c) The face amount of beneficial interests and participations (except those held by their issuer) issued under section 302(c) of the National Housing Act (12 U.S.C. 1717(c)) from July 1, 1967, through June 30, 1968, and outstanding at any time shall be included in the amount taken into account in deciding whether the face amount requirement of subsection (b) of this section has been exceeded. This subsection does not require a change in the budgetary accounting for beneficial interests and participations. §3102. Bonds (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 bonds of the Government for the amounts borrowed and may buy, redeem, and make refunds under section 3111 of this title. The Secretary may issue bonds authorized by this section to the public and to Government accounts at any annual interest rate and prescribe conditions under section 3121 of this title. However, the face amount of bonds issued under this section and held by the public with interest rates of more than 4,25 percent a year may not be more than $70,000,000,000. (b) The Secretary shall offer the bonds authorized under this section first as a popular loan under regulations of the Secretary that allow the people of the United States as nearly as possible an equal opportunity to participate in subscribing to the offered bonds. However, the bonds may be offered in a way other than as a popular loan when the Secretary decides the other way is in the public interest. (c)(1) When the Secretary decides it is in the public interest in making a bond offering under this section, the Secretary may—

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