US Code

Public Law 119-73 (01/23/2026)

46 U.S.C. § 53723

Payments by Secretary or Administrator and issuance of obligations

(a)

Cash Payment .—

Amounts required to be paid by the Secretary or Administrator under section 53721 or 53722 of this title shall be paid in cash.
(b)

Issuance of Obligations .—

section 53717 of this titleIf amounts in the appropriate account under are not sufficient to make a payment required under section 53721 or 53722 of this title, the Secretary or Administrator may issue obligations to the Secretary of the Treasury. The Secretary or Administrator, with the approval of the Secretary of the Treasury, shall prescribe the form, denomination, maturity, and other terms (except the interest rate) of the obligations. The Secretary of the Treasury shall set the interest rate for the obligations, considering the current average market yield on outstanding marketable obligations of the United States Government of comparable maturities during the month before the obligations are issued.
(c)

Purchase of Obligations .—

The Secretary of the Treasury shall purchase the obligations issued under this section. To purchase the obligations, the Secretary of the Treasury may use as a public debt transaction the proceeds from the sale of securities issued under chapter 31 of title 31. The purposes for which securities may be issued under that chapter are extended to include the purchase of obligations under this subsection. The Secretary of the Treasury may sell obligations purchased under this section. A redemption, purchase, or sale of the obligations by the Secretary of the Treasury is a public debt transaction of the Government.
(d)

Deposits and Redemptions .—

section 53717 of this titleThe Secretary or Administrator shall deposit amounts borrowed under this section in the appropriate account under and make redemptions of the obligations from that account.

Pub. L. 109–304, § 8(c)120 Stat. 1618Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(G)119 Stat. 3555Pub. L. 110–181, div. C, title XXXV, § 3522(a)(10)(B)122 Stat. 598(, , ; , , ; , (b), , .)

Historical and Revision Notes

Revised

Section

Source (U.S. Code)

Source (Statutes at Large)

53723

46 App.:1275(d).

June 29, 1936, ch. 858, title XI, § 1105(d), as added June 23, 1938, ch. 600, § 46, 52 Stat. 972; Aug. 15, 1953, ch. 513, § 3, 67 Stat. 626; Sept. 3, 1954, ch. 1265, § 5, 68 Stat. 1272; Aug. 7, 1956, ch. 1026, § 1(e)–(g), 70 Stat. 1087; Pub. L. 85–520, July 15, 1958, 72 Stat. 358; Pub. L. 91–469, § 33, Oct. 21, 1970, 84 Stat. 1035; restated Pub. L. 92–507, § 3, Oct. 19, 1972, 86 Stat. 914; Pub. L. 96–561, title II, § 220(4), Dec. 22, 1980, 94 Stat. 3294; Pub. L. 97–31, § 12(136), Aug. 6, 1981, 95 Stat. 166; Pub. L. 97–35, title XVI, § 1606(e), Aug. 13, 1981, 95 Stat. 752.

section 53717 of this titleIn subsections (b) and (d), the words “appropriate account under ” are substituted for “Federal Ship Financing Fund” because the accounts under section 53717 replace the Federal Ship Financing Fund. See the explanation for section 53717.

Editorial Notes

Amendments

Pub. L. 110–181, § 3522(b)Pub. L. 109–163, § 3507(a)(1)(G)2008—, repealed . See 2006 Amendment note below.

Pub. L. 110–181, § 3522(a)(10)(B)Pub. L. 109–163, § 3507(a)(1)(G)section 18(a) of Pub. L. 109–304section 101 of this titleSubsecs. (a), (b), (d). , incorporated the substance of the amendment by , into this section by inserting “or Administrator” after “Secretary” in section catchline and wherever appearing in text, except when followed by “of the Treasury”. See 2006 Amendment note below and , set out as a Legislative Purpose and Construction note preceding .

Pub. L. 109–163, § 3507(a)(1)(G)Pub. L. 110–181, § 3522(b)2006—, which directed the amendment of section 1275(d) of the former Appendix to this title from which this section was derived, was repealed by . See 2008 Amendment note for subsecs. (a), (b), (d) and Historical and Revision notes above.