§ 713a-4. — Obligations of Commodity Credit Corporation; issuance; sale; purchase; redemption; etc.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC713a-4]
TITLE 15--COMMERCE AND TRADE
CHAPTER 15--ECONOMIC RECOVERY
SUBCHAPTER I--GENERALLY
Sec. 713a-4. Obligations of Commodity Credit Corporation;
issuance; sale; purchase; redemption; etc.
With the approval of the Secretary of the Treasury, the Commodity
Credit Corporation is authorized to issue and have outstanding at any
one time, bonds, notes, debentures, and other similar obligations in an
aggregate amount not exceeding $30,000,000,000. Such obligations shall
be in such forms and denominations, shall have such maturities, shall
bear such rates of interest, shall be subject to such terms and
conditions, and shall be issued in such manner and sold at such prices
as may be prescribed by the Commodity Credit Corporation, with the
approval of the Secretary of the Treasury. Such obligations shall be
fully and unconditionally guaranteed both as to interest and principal
by the United States, and such guaranty shall be expressed on the face
thereof, and such obligations shall be lawful investments and may be
accepted as security for all fiduciary, trust, and public funds the
investment or deposit of which shall be under the authority or control
of the United States or any officer or officers thereof. In the event
that the Commodity Credit Corporation shall be unable to pay upon
demand, when due, the principal of, or interest on, such obligations,
the Secretary of the Treasury shall pay to the holder the amount thereof
which is authorized to be appropriated, out of any money in the Treasury
not otherwise appropriated, and thereupon to the extent of the amount so
paid the Secretary of the Treasury shall succeed to all the rights of
the holders of such obligations. The Secretary of the Treasury, in his
discretion, is authorized to purchase any obligations of the Commodity
Credit Corporation 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 hereafter issued under chapter
31 of title 31 and the purposes for which securities may be issued under
such chapter are extended to include any purchases of the Commodity
Credit Corporation's obligations hereunder. The Secretary of the
Treasury may at any time sell any of the obligations of the Commodity
Credit Corporation acquired by him under this section. All redemptions,
purchases, and sales by the Secretary of the Treasury of the obligations
of the Commodity Credit Corporation shall be treated as public-debt
transactions of the United States. No such obligations shall be issued
in excess of the assets of the Commodity Credit Corporation, including
the assets to be obtained from the proceeds of such obligations, but a
failure to comply with this provision shall not invalidate the
obligations or the guaranty of the same: Provided, That this sentence
shall not limit the authority of the Corporation to issue obligations
for the purpose of carrying out its annual budget programs submitted to
and approved by the Congress pursuant to chapter 91 of title 31. The
Commodity Credit Corporation shall have power to purchase such
obligations in the open market at any time and at any price.
(Mar. 8, 1938, ch. 44, Sec. 4, 52 Stat. 108; Mar. 4, 1939, ch. 5,
Sec. 1(d), 53 Stat. 511; Aug. 9, 1940, ch. 649, 54 Stat. 782; July 1,
1941, ch. 270, Sec. 3, 55 Stat. 498; July 16, 1943, ch. 241, Sec. 2, 57
Stat. 566; Apr. 12, 1945, ch. 54, Sec. 1, 59 Stat. 50; Oct. 31, 1949,
ch. 792, title IV, Sec. 410, 63 Stat. 1057; June 28, 1950, ch. 381,
Sec. 1, 64 Stat. 261; Mar. 20, 1954, ch. 102, Sec. 1(a), 68 Stat. 30;
Aug. 31, 1954, ch. 1172, Sec. 1, 68 Stat. 1047; Aug. 11, 1955, ch. 782,
Sec. 1, 69 Stat. 634; Aug. 1, 1956, ch. 815, Sec. 1(b), 70 Stat. 783;
Pub. L. 95-279, title III, Sec. 301(b), May 15, 1978, 92 Stat. 242; Pub.
L. 100-202, Sec. 101(k) [title I, Sec. 101], Dec. 22, 1987, 101 Stat.
1329-322, 1329-336.)
Codification
``Chapter 31 of title 31'' and ``such chapter'' substituted in text
for ``the Second Liberty Bond Act, as amended'' and ``such Act, as
amended,'', and ``chapter 91 of title 31'' substituted for ``the
Government Corporation Control Act (31 U.S.C., 1946 edition, sec. 841)''
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
1987--Pub. L. 100-202 substituted ``$30,000,000,000'' for
``$25,000,000,000''.
1978--Pub. L. 95-279 substituted ``$25,000,000,000'' for
``$14,500,000,000''.
1956--Act Aug. 1, 1956, substituted ``$14,500,000,000'' for
``$12,000,000,000''.
1955--Act Aug. 11, 1955, substituted ``$12,000,000,000 for
``$10,000,000,000''.
1954--Act Aug. 31, 1954, substituted ``$10,000,000,000'' for
``$8,500,000,000''.
Act Mar. 20, 1954, substituted ``$8,500,000,000'' for
``$6,750,000,000''.
1950--Act June 28, 1950, substituted ``$6,750,000,000'' for
``$4,750,000,000''.
1949--Act Oct. 31, 1949, inserted proviso in next to last sentence.
1945--Act Apr. 12, 1945, substituted ``$4,750,000,000'' for
``$3,000,000,000''.
1943--Act July 16, 1943, substituted ``$3,000,000,000'' for
``$2,650,000,000''.
1941--Act July 1, 1941, substituted ``$2,650,000,000'' for
``$1,400,000,000''.
1940--Act Aug. 9, 1940, substituted ``$1,400,000,000 for
``$900,000,000''.
1939--Act Mar. 4, 1939, substituted $900,000,000'' for
``$500,000,000''.
Effective Date of 1978 Amendment
Section 301(d) of Pub. L. 95-279 provided that: ``The provisions of
this section [amending this section and section 714b of this title and
enacting provision set out as a note under section 714b of this title]
shall become effective October 1, 1978.''
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of
Agriculture from transfer of functions to Secretary of Agriculture by
Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions
note set out under section 712a of this title.
Discharge of Indebtedness
Section 101 of act May 26, 1947, ch. 82, title I, 61 Stat. 109,
provided in part that on the date of enactment of that Act [May 26,
1947] the Secretary of the Treasury was authorized and directed to
discharge $641,832,080.64 of the indebtedness of the Commodity Credit
Corporation to the Secretary of the Treasury by canceling notes in such
amount issued by the Corporation to the Secretary of the Treasury
pursuant to section 4 of the Act of March 8, 1938, as amended [this
section].
Section Referred to in Other Sections
This section is referred to in sections 713a-5, 714e of this title.
