31 U.S.C. § 3103 : US Code - Section 3103: Notes

Search 31 U.S.C. § 3103 : US Code - Section 3103: Notes

(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
notes of the Government for the amounts borrowed and may buy,
redeem, and make refunds under section 3111 of this title. The
Secretary may prescribe conditions under section 3121 of this
title. Notwithstanding section 3121(a)(5) of this title, the
payment date of each series of notes issued shall be at least one
year but not more than 10 years from the date of issue.
(b) The Government may redeem any part of a series of notes
before maturity by giving at least 4 months' notice but not more
than one year's notice.
(c) The holder of a note of one series issued under this section
with the same issue date as another series of notes issued under
this section may convert, at par value, a note of the holder for a
note of the other series.