§ 398. — Sales of Government certificates to obtain funds for advances.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 43USC398]
TITLE 43--PUBLIC LANDS
CHAPTER 12--RECLAMATION AND IRRIGATION OF LANDS BY FEDERAL GOVERNMENT
SUBCHAPTER II--RECLAMATION FUND GENERALLY
Sec. 398. Sales of Government certificates to obtain funds for
advances
For the purpose of providing the Treasury with funds for the
advances to the reclamation fund, provided for in section 397 of this
title, the Secretary of the Treasury is authorized to issue certificates
of indebtedness of the United States in such form as he may prescribe
and in denominations of $50, or multiples of that sum; said certificates
to be redeemable at the option of the United States at any time after
three years from the date of their issue and to be payable five years
after such date, and to bear interest, payable semiannually, at not
exceeding 3 per centum per annum; the principal and interest to be
payable in gold coin of the United States. The certificates of
indebtedness herein authorized may be disposed of by the Secretary of
the Treasury at not less than par, under such rules and regulations as
he may prescribe, giving all citizens of the United States an equal
opportunity to subscribe therefor, but no commission shall be allowed
and the aggregate issue of such certificates shall not exceed the amount
of all advances made to said reclamation fund, and in no event shall the
same exceed the sum of $20,000,000. The certificates of indebtedness
herein authorized shall be exempt from taxes or duties of the United
States as well as from taxation in any form by or under State,
municipal, or local authority; and a sum not exceeding one-tenth of 1
per centum of the amount of the certificates of indebtedness issued
under this section is appropriated, out of any money in the Treasury not
otherwise appropriated, to pay the expense of preparing, advertising,
and issuing the same.
(June 25, 1910, ch. 407, Sec. 2, 36 Stat. 835.)
Section Referred to in Other Sections
This section is referred to in sections 391a-1, 400 of this title.
