77 STAT. ]
PUBLIC LAW 88-133-OCT. 5, 1963
221
be issued under the Second Liberty Bond Act, as amended, are hereby 40 Stat. 288. extended to authorize the issuance at par of special obligations exclu- ^^ "^^ ^^'*^^)sively to the Account. Such obligations issued for purchase by the Account shall have maturities fixed with due regard for the needs of the Account, and shall bear interest at a rate equal to the average market yield, computed as of the end of the calendar month next preceding the date of such issue, borne by all marketable interest-bearing obligations of the United States then forming a part of the public debt that are not due or callable until after the expiration of three years from the end of such calendar month, except that where such rate is not a multiple of one-eighth of 1 per centum, the rate of interest on such obligations shall be the multiple of one-eighth of 1 per centum nearest such rate: Provided, That the rate of interest on such obligations shall in no case be less than 3 per centum per annum. The Secretary of the Treasury may purchase other interest-bearing obligations of the United States, or obligations guaranteed as to both principal and interest by the United States, on original issue or at the market price only if he determines that such purchases are in the public interest, provided that the investment yield of such obligations shall not be less than the interest rate determined in accordance with the preceding sentence. If it is in the interest of the Account so to do, the Secretary of the Treasury may sell and dispose of obligations in the Account and he may sell obligations acquired by the Account (other than special obligations issued exclusively to the Account) at the market price. Special obligations issued exclusively to the Account shall, at the request of the Board, be redeemed at par plus accrued interest. All amounts credited to the Account shall be available for all purposes of the Account." (b) The Secretary of the Treasury is authorized to retire the special obligations held by the Account on the date of enactment of this Act and to issue in lieu thereof special obligations with an interest rate determined as provided for in section 15(b) of the Railroad Retirement Act of 1937 as amended by this Act. supra. SEC. 8. The provisions of sections 1, 2, 5, and 6 of this Act shall be Effective dates. effective with respect to annuities accruing and deaths occurring after the month in which this Act is enacted. The provisions of section 3 shall be effective with respect to annuities awarded on or after the date of enactment of this Act. The provisions of section 7(a) shall be effective on the date of the enactment of this Act. TITLE II — AMENDMENTS TO THE R A I L R O A D RETIREMENT T A X ACT SEC. 201. Sections 3201 and 3211 of the Railroad Retirement Tax Act are each amended by inserting before the colon the following: 73 Stat. 28,29. "before the calendar month next following the month in which this 32^1^^^ ^^°^' provision was amended in 1963, or $450 for any calendar month after the month in which this provision was so amended". SEC. 202. Sections 3202 and 3221(a) of the Railroad Retirement Tax Act are each amended by inserting after "$400" wherever it 68A Stat. 431, appears the following: "for any calendar month before the calendar "^^^^ Ifs^fio?' month next following the month in which this provision was amended 3221. in 1963, or $450 for any calendar month after the month in which this provision was so amended".
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