§ 635d. — Issuance of debentures, bonds, etc.; obligations redeemable; payment of interest; obligations purchasable by Secretary of the Treasury; publicdebt transactions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC635d]
TITLE 12--BANKS AND BANKING
CHAPTER 6A--EXPORT-IMPORT BANK OF THE UNITED STATES
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 635d. Issuance of debentures, bonds, etc.; obligations
redeemable; payment of interest; obligations purchasable by
Secretary of the Treasury; public-debt transactions
The Export-Import Bank of the United States is authorized to issue
from time to time for purchase by the Secretary of the Treasury its
notes, debentures, bonds, or other obligations; but the aggregate amount
of such obligations outstanding at any one time shall not exceed
$6,000,000,000. Such obligations shall be redeemable at the option of
the bank before maturity in such manner as may be stipulated in such
obligations and shall have such maturity as may be determined by the
Board of Directors of the bank with the approval of the Secretary of the
Treasury. Each such Bank obligation issued to the Treasury after January
4, 1975, shall bear interest at a rate not less than the current average
yield on outstanding marketable obligations of the United States of
comparable maturity during the month preceding the issuance of the
obligation of the Bank as determined by the Secretary of the Treasury.
The Secretary of the Treasury is authorized and directed to purchase any
obligations of the Bank issued hereunder and for such purpose the
Secretary of the Treasury is authorized to use as a public-debt
transaction the proceeds of any securities issued after July 31, 1945,
under chapter 31 of title 31, and the purposes for which securities may
be issued under that chapter are extended to include such purpose.
Payment under this section of the purchase price of such obligations of
the Bank and repayments thereof by the Bank shall be treated as public-
debt transactions of the United States.
(July 31, 1945, ch. 341, Sec. 5, formerly Sec. 6, 59 Stat. 528; June 9,
1947, ch. 101, Sec. 2, 61 Stat. 131; Oct. 3, 1951, ch. 445, Sec. 1(a),
65 Stat. 367; Aug. 9, 1954, ch. 660, Sec. 3(a), 68 Stat. 678; Pub. L.
85-424, Sec. 1(1), May 22, 1958, 72 Stat. 133; Pub. L. 90-267,
Sec. 1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L. 93-646, Sec. 7, Jan. 4,
1975, 88 Stat. 2336; renumbered Sec. 5, Pub. L. 102-429, title I,
Sec. 121(c)(2), Oct. 21, 1992, 106 Stat. 2199.)
Codification
``Chapter 31 of title 31'' and ``that chapter'' substituted in text
for ``the Second Liberty Bond Act, as amended'' and ``that Act'',
respectively, 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.
Prior Provisions
A prior section 5 of act July 31, 1945, ch. 341, was classified to
section 635c of this title, prior to repeal by Pub. L. 102-429,
Sec. 121(c)(1).
Amendments
1975--Pub. L. 93-646 substituted provision making mandatory that
each Bank obligation bear interest at a rate not less than the current
average yield on outstanding obligations of comparable maturity, for
provision requiring that only the current average rate be taken into
consideration.
1968--Pub. L. 90-267 changed name of ``Export-Import Bank of
Washington'' to ``Export-Import Bank of the United States''.
1958--Pub. L. 85-424 substituted ``$6,000,000,000'' for
``$4,000,000,000''.
1954--Act Aug. 9, 1954, substituted ``$4,000,000,000'' for ``three
and one-half times the authorized capital stock of the Bank''.
1951--Act Oct. 3, 1951, substituted ``three and one-half'' for ``two
and one-half''.
1947--Act June 9, 1947, struck out ``and bear such rate of
interest'' before ``as may be determined'' in the second sentence and
added the third sentence relating to the rate of interest on
obligations.
Effective Date of 1954 Amendment
For effective date of amendment by act Aug. 9, 1954, see note set
out under section 635a of this title.
Board of Directors
A Board of Directors reestablished for the Export-Import Bank of
Washington, see note under section 635 of this title.
