(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3112(a) | 31:767(less 2d sentence related to price, terms, and conditions, 3d, 4th sentences). | Mar. 3, 1919, ch. 100, §6, |
| 3112(b) | 31:767(last sentence). | |
| 31:767b. | Mar. 3, 1933, ch. 212, §1(last par. on p. 1492), |
|
| 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.
The First Liberty Bond Act, referred to in subsec. (b)(2), is act Apr. 24, 1917, ch. 4,
The Second Liberty Bond Act, referred to in subsec. (b)(2), is act Sept. 24, 1917, ch. 56,
The Third Liberty Bond Act, referred to in subsec. (b)(2), is act Apr. 4, 1918, ch. 44,
The Fourth Liberty Bond Act, referred to in subsec. (b)(2), is act July 9, 1918, ch. 142,
The Victory Liberty Loan Act, referred to in subsec. (b)(2), is act Mar. 3, 1919, ch. 100,
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,