33 U.S.C. § 985 : US Code - Section 985: Bonds; issuance; maturity; redemption; interest; purchase of obligations by Secretary of the Treasury

Search 33 U.S.C. § 985 : US Code - Section 985: Bonds; issuance; maturity; redemption; interest; purchase of obligations by Secretary of the Treasury

(a) To finance its activities, the Corporation may issue revenue
bonds payable from corporate revenue to the Secretary of the
Treasury. The total face value of all bonds so issued shall not be
greater than $140,000,000. Not more than fifty per centum of the
bonds may be issued during any one year. Such obligations shall
have maturities agreed upon by the Corporation and the Secretary of
the Treasury, not in excess of fifty years. Such obligations may be
redeemable at the option of the Corporation before maturity in such
manner as may be stipulated in such obligations, but the
obligations thus redeemed shall not be refinanced by the
Corporation. The Secretary of the Treasury is authorized and
directed to purchase any obligations of the Corporation to be
issued hereunder and for such purpose the Secretary of the Treasury
is authorized to use as a public debt transaction the proceeds from
the sale of any securities issued under chapter 31 of title 31, and
the purposes for which securities may be issued under chapter 31 of
title 31 are extended to include any purchases of the Corporation's
obligations hereunder.
(b) Effective as of October 21, 1970, the obligations of the
Corporation incurred under subsection (a) of this section shall
bear no interest, and the obligation of the Corporation to pay the
unpaid interest which has accrued on such obligations is
terminated.