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us/statute/42/1481 — Issuance of notes and obligations for loan funds; amount; limitation; security; form and denomination; interest; purchase and sale by Treasury; public debt transaction · Axiom

Issuance of notes and obligations for loan funds; amount; limitation; security; form and denomination; interest; purchase and sale by Treasury; public debt transaction

9 rules

Official source

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The Secretary may issue notes and other obligations for purchase by the Secretary of the Treasury for the purpose of making direct loans under this subchapter. The notes and obligations issued by the Secretary shall be secured by the obligations of borrowers and the Secretary’s commitments to make contributions under this subchapter and shall be repaid from the payment of principal and interest on the obligations of the borrowers and from funds appropriated hereunder. The notes and other obligations issued by the Secretary shall be in such forms and denominations, shall have such maturities, and shall be subject to such terms and conditions as may be prescribed by the Secretary with the approval of the Secretary of the Treasury. Each such note or other obligation shall bear interest at the average rate, as determined by the Secretary of the Treasury, payable by the Treasury upon its marketable public obligations outstanding at the beginning of the fiscal year in which such note or other obligation is issued, which are neither due nor callable for redemption for 15 years from their date of issue. The Secretary of the Treasury is authorized and directed to purchase any notes and other obligations of the Secretary issued hereunder and for such purpose is authorized to use as a public debt transaction the proceeds from the sale of any securities 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 such obligations. The Secretary of the Treasury may at any time sell any of the notes or obligations acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or obligations shall be treated as public debt transactions of the United States.

in view

Whole section

Encodings · 9

treasury_public_obligation_noncallable_redemption_horizon_years42 USC § 1481 · parameter

42 USC 1481

name: treasury_public_obligation_noncallable_redemption_horizon_years
kind: parameter
dtype: Count
source: 42 USC 1481
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us/statute/42/1481
          excerpt: neither due nor callable for redemption for 15 years
versions:
  - effective_from: '1994-01-01'
    formula: '15'

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secretary_direct_loan_obligation_issuance_authorized42 USC § 1481 · derived

42 USC 1481

name: secretary_direct_loan_obligation_issuance_authorized
kind: derived
entity: Asset
dtype: Judgment
period: Year
source: 42 USC 1481
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: predicate
        source:
          corpus_citation_path: us/statute/42/1481
versions:
  - effective_from: '1994-01-01'
    formula: |-
      obligation_is_note_or_other_obligation
      and obligation_is_issued_by_secretary
      and obligation_is_for_purchase_by_secretary_of_treasury
      and obligation_is_for_making_direct_loans_under_this_subchapter

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secretary_direct_loan_obligation_required_security_satisfied42 USC § 1481 · derived

42 USC 1481

name: secretary_direct_loan_obligation_required_security_satisfied
kind: derived
entity: Asset
dtype: Judgment
period: Year
source: 42 USC 1481
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us/statute/42/1481
versions:
  - effective_from: '1994-01-01'
    formula: >-
      obligation_secured_by_obligations_of_borrowers

      and
      obligation_secured_by_secretary_commitments_to_make_contributions_under_this_subchapter

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secretary_direct_loan_obligation_required_repayment_sources_satisfied42 USC § 1481 · derived

42 USC 1481

name: secretary_direct_loan_obligation_required_repayment_sources_satisfied
kind: derived
entity: Asset
dtype: Judgment
period: Year
source: 42 USC 1481
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us/statute/42/1481
versions:
  - effective_from: '1994-01-01'
    formula: |-
      obligation_repaid_from_borrower_principal_and_interest_payments
      and obligation_repaid_from_funds_appropriated_hereunder

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secretary_direct_loan_obligation_terms_prescribed_with_treasury_approval42 USC § 1481 · derived

42 USC 1481

name: secretary_direct_loan_obligation_terms_prescribed_with_treasury_approval
kind: derived
entity: Asset
dtype: Judgment
period: Year
source: 42 USC 1481
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us/statute/42/1481
versions:
  - effective_from: '1994-01-01'
    formula: |-
      obligation_form_and_denomination_prescribed_by_secretary
      and obligation_maturity_prescribed_by_secretary
      and obligation_terms_and_conditions_prescribed_by_secretary
      and secretary_of_treasury_approved_prescribed_terms

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secretary_direct_loan_obligation_interest_rate_basis_satisfied42 USC § 1481 · derived

42 USC 1481

name: secretary_direct_loan_obligation_interest_rate_basis_satisfied
kind: derived
entity: Asset
dtype: Judgment
period: Year
source: 42 USC 1481
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us/statute/42/1481
      - path: versions[0].formula
        kind: import
        import:
          target: >-
            us:statutes/42/1481#treasury_public_obligation_noncallable_redemption_horizon_years
          output: treasury_public_obligation_noncallable_redemption_horizon_years
          hash: sha256:local
versions:
  - effective_from: '1994-01-01'
    formula: >-
      interest_rate_is_average_rate_determined_by_secretary_of_treasury

      and
      average_rate_is_payable_by_treasury_on_marketable_public_obligations_outstanding_at_fiscal_year_start

      and
      treasury_public_obligations_neither_due_nor_callable_for_redemption_years
      == treasury_public_obligation_noncallable_redemption_horizon_years

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treasury_purchase_of_secretary_direct_loan_obligation_authorized42 USC § 1481 · derived

42 USC 1481

name: treasury_purchase_of_secretary_direct_loan_obligation_authorized
kind: derived
entity: Asset
dtype: Judgment
period: Year
source: 42 USC 1481
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: predicate
        source:
          corpus_citation_path: us/statute/42/1481
versions:
  - effective_from: '1994-01-01'
    formula: |-
      obligation_is_note_or_other_obligation
      and obligation_is_issued_by_secretary_under_this_section

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treasury_sale_of_acquired_secretary_obligation_authorized42 USC § 1481 · derived

42 USC 1481

name: treasury_sale_of_acquired_secretary_obligation_authorized
kind: derived
entity: Asset
dtype: Judgment
period: Year
source: 42 USC 1481
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: predicate
        source:
          corpus_citation_path: us/statute/42/1481
versions:
  - effective_from: '1994-01-01'
    formula: obligation_was_acquired_by_secretary_of_treasury_under_this_section

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treasury_obligation_transaction_treated_as_public_debt_transaction42 USC § 1481 · derived

42 USC 1481

name: treasury_obligation_transaction_treated_as_public_debt_transaction
kind: derived
entity: Asset
dtype: Judgment
period: Year
source: 42 USC 1481
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: predicate
        source:
          corpus_citation_path: us/statute/42/1481
versions:
  - effective_from: '1994-01-01'
    formula: |-
      transaction_is_redemption_purchase_or_sale_by_secretary_of_treasury
      and transaction_involves_note_or_obligation_issued_under_this_section

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▸rulespec code

Shown source

statutes/42/1481.yaml

Displaying the canonical repository encoding.

Rules

treasury_public_obligation_noncallable_redemption_horizon_years

Parameter

source: 42 USC 1481

- name: treasury_public_obligation_noncallable_redemption_horizon_years
  kind: parameter
  dtype: Count
  source: 42 USC 1481
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/42/1481
            excerpt: neither due nor callable for redemption for 15 years
  versions:
    - effective_from: '1994-01-01'
      formula: '15'

secretary_direct_loan_obligation_issuance_authorized

Derived

source: 42 USC 1481

- name: secretary_direct_loan_obligation_issuance_authorized
  kind: derived
  entity: Asset
  dtype: Judgment
  period: Year
  source: 42 USC 1481
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: predicate
          source:
            corpus_citation_path: us/statute/42/1481
  versions:
    - effective_from: '1994-01-01'
      formula: |-
        obligation_is_note_or_other_obligation
        and obligation_is_issued_by_secretary
        and obligation_is_for_purchase_by_secretary_of_treasury
        and obligation_is_for_making_direct_loans_under_this_subchapter

secretary_direct_loan_obligation_required_security_satisfied

Derived

source: 42 USC 1481

- name: secretary_direct_loan_obligation_required_security_satisfied
  kind: derived
  entity: Asset
  dtype: Judgment
  period: Year
  source: 42 USC 1481
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1481
  versions:
    - effective_from: '1994-01-01'
      formula: |-
        obligation_secured_by_obligations_of_borrowers
        and obligation_secured_by_secretary_commitments_to_make_contributions_under_this_subchapter

secretary_direct_loan_obligation_required_repayment_sources_satisfied

Derived

source: 42 USC 1481

- name: secretary_direct_loan_obligation_required_repayment_sources_satisfied
  kind: derived
  entity: Asset
  dtype: Judgment
  period: Year
  source: 42 USC 1481
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1481
  versions:
    - effective_from: '1994-01-01'
      formula: |-
        obligation_repaid_from_borrower_principal_and_interest_payments
        and obligation_repaid_from_funds_appropriated_hereunder

secretary_direct_loan_obligation_terms_prescribed_with_treasury_approval

Derived

source: 42 USC 1481

- name: secretary_direct_loan_obligation_terms_prescribed_with_treasury_approval
  kind: derived
  entity: Asset
  dtype: Judgment
  period: Year
  source: 42 USC 1481
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1481
  versions:
    - effective_from: '1994-01-01'
      formula: |-
        obligation_form_and_denomination_prescribed_by_secretary
        and obligation_maturity_prescribed_by_secretary
        and obligation_terms_and_conditions_prescribed_by_secretary
        and secretary_of_treasury_approved_prescribed_terms

secretary_direct_loan_obligation_interest_rate_basis_satisfied

Derived

source: 42 USC 1481

- name: secretary_direct_loan_obligation_interest_rate_basis_satisfied
  kind: derived
  entity: Asset
  dtype: Judgment
  period: Year
  source: 42 USC 1481
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1481
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/42/1481#treasury_public_obligation_noncallable_redemption_horizon_years
            output: treasury_public_obligation_noncallable_redemption_horizon_years
            hash: sha256:local
  versions:
    - effective_from: '1994-01-01'
      formula: >-
        interest_rate_is_average_rate_determined_by_secretary_of_treasury

        and
        average_rate_is_payable_by_treasury_on_marketable_public_obligations_outstanding_at_fiscal_year_start

        and treasury_public_obligations_neither_due_nor_callable_for_redemption_years ==
        treasury_public_obligation_noncallable_redemption_horizon_years

treasury_purchase_of_secretary_direct_loan_obligation_authorized

Derived

source: 42 USC 1481

- name: treasury_purchase_of_secretary_direct_loan_obligation_authorized
  kind: derived
  entity: Asset
  dtype: Judgment
  period: Year
  source: 42 USC 1481
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: predicate
          source:
            corpus_citation_path: us/statute/42/1481
  versions:
    - effective_from: '1994-01-01'
      formula: |-
        obligation_is_note_or_other_obligation
        and obligation_is_issued_by_secretary_under_this_section

treasury_sale_of_acquired_secretary_obligation_authorized

Derived

source: 42 USC 1481

- name: treasury_sale_of_acquired_secretary_obligation_authorized
  kind: derived
  entity: Asset
  dtype: Judgment
  period: Year
  source: 42 USC 1481
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: predicate
          source:
            corpus_citation_path: us/statute/42/1481
  versions:
    - effective_from: '1994-01-01'
      formula: obligation_was_acquired_by_secretary_of_treasury_under_this_section

treasury_obligation_transaction_treated_as_public_debt_transaction

Derived

source: 42 USC 1481

- name: treasury_obligation_transaction_treated_as_public_debt_transaction
  kind: derived
  entity: Asset
  dtype: Judgment
  period: Year
  source: 42 USC 1481
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: predicate
          source:
            corpus_citation_path: us/statute/42/1481
  versions:
    - effective_from: '1994-01-01'
      formula: |-
        transaction_is_redemption_purchase_or_sale_by_secretary_of_treasury
        and transaction_involves_note_or_obligation_issued_under_this_section