Notes on 33 U.S.C. § 985 : US Code - Notes

Search Notes on 33 U.S.C. § 985 : US Code - Notes

(May 13, 1954, ch. 201, Sec. 5, 68 Stat. 94; Pub. L. 85-108, Sec.
1(4), July 17, 1957, 71 Stat. 307; Pub. L. 91-469, Sec. 43(a), Oct.
21, 1970, 84 Stat. 1038.)
CODIFICATION
In subsec. (a), "chapter 31 of title 31" substituted for "the
Second Liberty Bond Act, as amended" on authority of Pub. L. 97-
258, Sec. 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section
of which enacted Title 31, Money and Finance.
AMENDMENTS
1970 - Subsec. (a). Pub. L. 91-469, Sec. 43(a)(1), designated
existing provisions as subsec. (a) and struck out fourth, fifth,
and eighth sentences which provided for deferral, with approval of
Secretary of the Treasury, of interest payments on bonds but
required interest payments so deferred to bear interest after June
30, 1960; prohibited charging of deferred interest against debt
limitation of $140,000,000; and prescribed for each obligation a
rate of interest determined by the Secretary, taking into
consideration the current average rate on current marketable
obligations of the United States of comparable maturities as of the
last day of the month preceding the issuance of the obligation of
the Corporation.
Subsec. (b). Pub. L. 91-469, Sec. 43(a)(2), added subsec. (b).
1957 - Pub. L. 85-108 increased Corporation's borrowing authority
from $105,000,000 to $140,000,000; omitted first year bond issue
limitation, and raised limits of bond issues for any year from 40
to 50 per centum of total borrowing power; and authorized deferment
of interest payments on borrowings, excluding such deferred
interest charges from the debt limitation of $140,000,000.