Title 31 — Money and FinanceRelease 119-73not60
§3111 New Issue Used to Buy, Redeem, or Refund Outstanding Obligations
Title 31 › Subtitle SUBTITLE III— FINANCIAL MANAGEMENT › Chapter 31— PUBLIC DEBT › Subchapter I— BORROWING AUTHORITY › § 3111
Summary
The government can issue new debt to buy back or pay off existing Treasury securities, using the money from the sale and other Treasury funds under Treasury Secretary rules.
Full Legal Text
Title 31, §3111
Money and Finance — Source: USLM XML via OLRC
An obligation may be issued under this chapter to buy, redeem, or refund, at or before maturity, outstanding bonds, notes, certificates of indebtedness, Treasury bills, or savings certificates of the United States Government. Under regulations of the Secretary of the Treasury, money received from the sale of an obligation and other money in the general fund of the Treasury may be used in making the purchases, redemptions, or refunds.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 311131:754a.Sept. 24, 1917, ch. 56, 40 Stat. 288, § 19; added Jan. 30, 1934, ch. 6, § 14(a)(4), 48 Stat. 343; restated Mar. 28, 1942, ch. 205, § 4, 56 Stat. 189. The words “
Regulations
of” are substituted for “rules,
Regulations
, terms, and conditions . . . may prescribe” to eliminate unnecessary words.
Reference
Citations & Metadata
Citation
31 U.S.C. § 3111
Title 31 — Money and Finance
Last Updated
Apr 5, 2026
Release point: 119-73not60