20 [CHAPTER 5.] AN ACT To amend the Second Liberty Bond Act, as amended, and for other purposes . Be it enacted by the Senate and House of Representatives of the Second Liberty
United Act; amendment .
States of America in Congress assembled, That the Second Vol . 40, pp. 288, 503; Liberty Bond Act, as amended, is further amended as follows U. S. C., p.1419. Bonds .
The first paragr aph of section 1 is amended to read as follows auhoZa, add itio nal 11 The Secretary of the Treasury, with the approval of the Presi- Vol.46,p.1506. dent, is hereby authorized to borrow, from time to time, on the credit 107s~st, pp . 622, ss s, of the U nited Stat es for the purpo ses of this Act, to p rovide for the purchase, redemption, or refunding, at or before maturity, of any outstanding bonds, notes, certificates of indebtedness, or Treasury bills of the United States, and to meet expenditures authorized for the national security and defense and other public purposes authorized by law, such sum or sums as in his judgment may be necessary, and to issue there for bonds of the United States : Provided, That the face amount of bonds issued under this section and section 22 of this Act shall not exceed in the aggregate $25,000,000,000 outstanding at any one time ." Certificates and of Tress-, SEC . 2 . The first sentence of subsection (a) of section 5 is amended ubb ill ss
to read as follows : " In addition to the bonds and notes authorized by Vol. 46, p. 19; u. S. Sections 1, 18, and 22 of this Act, as amended, the Secretary of the CVol. 409p . 1309
Post, Treas ury i s auth orize d, su bject to th e lim itati on imp osed by se ction 21 1) 21, 62° 2, 699, s.1 of this Act, to borrow from time to time, on the credit of the United sutborized . States, for the purposes of this Act, to provide for the purchase, redemption, or refunding, at or before maturity, of any outstanding bonds, notes, certificates of indebtedness or Treasury bills of the United States, and to meet public expenditures authorized by law, such sum or sum s as in his judgm ent may be necess ary, and to issue therefor (1) certificates of indebtedness of the United States at not less than par (except as provided in sectio n 20 of this Act, as amended) and at such rate or rates of interest, payable at such time or times as he may prescribe ; or, (2) Treasury bills on a discount basis and payable at maturity without interest ." Provision repealed .
SEC. 3. Section 5 is further amended by striking out the final sen- tenc e of subse ction (a) t hereo f, rea ding as fo llows
- "The sum of the
C Vol . 469p.20; U.S. par value of such certificates and Treasury bills outstanding here- under and under section 6 of the First Liberty Bond Act shall not at any one time exceed in the aggregate $10,000,000,000 ." SEC.4. Subsection (a) of section 18 is amended to read as follows
"In addition to the bonds and certificates of indebtedness and war- savings certificates authorized by this Act and amendments thereto, the Secretary of the Treasury, with the approval of the President, is authorized, subject to the limitation impos ed by section 21 of this Act, to borrow from time to time on the credit of the United States for the pur pose s of this Act , to prov ide for the p urch ase, rede mpti on, or refunding, at or before matu rity, of any outs tanding bonds, no tes, certificates of indebtedness, or Treasury bills of the United States, and to meet pub lic expenditures authorized by law , such sum or sum s as in his judgment may be necessary and to issue therefor notes of the United States at not less than par (except as provided in section 20 of this Act, as amended) in such form or forms and denomination or denominations, containing such terms and conditions, and at such rate or rates of interest, as the Secretary of the Treasury may pre- scribe, and each series of notes so issued shall be payable at such time not less than one year nor more than five years from the date of its issue as he may prescribe, and may be redeemable before maturity (at the option of the United States) in whole or in part, upon not more February 4, 1935 . [H. R.4304.] [Public, No. 3 .] Proviso. Maximum issue . Post, p. 21. Vol.48,p.343. United States notes . Issue of additional authorized . Vol. 40, p. 1309; Vol. 42,p.321. U. S. C., p. 1419. Pos t, pp . 622, 699, 1078 . Vol. 48, p. 343. Terms and condi- tions . Interest rate . Redemption . 74TH CONGRESS. SESS. I. CH. 5. FEBRUA RY 4, 1935 .
