U.S. CODE
Rulings
AD/CVD
Notices
HTSUS
U.S. Code
Regs
More
Ports
About
Updates
Apps
Larger font
Smaller font
CustomsMobile Pro
beta now open!
Apply for a FREE beta account. Spaces are limited so apply today.
SIGNUP FOR BETA
SEARCH
Toggle Dropdown
Search US Code
Search Leg. Notes
Sort by Rank
Titles Ascending
Titles Descending
10 per page
25 Result/page
50 Result/page
U.S Code last checked for updates: Nov 22, 2024
All Titles
Title 39
Part III
Chapter 20
§ 2005. Obligations...
§ 2007. Public debt character of...
§ 2005. Obligations...
§ 2007. Public debt character of...
U.S. Code
Notes
§ 2006.
Relationship between the Treasury and the Postal Service
(a)
At least 15 days before selling any issue of obligations under section 2005 or 2011 of this title, the Postal Service shall advise the Secretary of the Treasury of the amount, proposed date of sale, maturities, terms and conditions, and expected maximum rates of interest of the proposed issue in appropriate detail and shall consult with him or his designee thereon. The Secretary may elect to purchase such obligations under such terms, including rates of interest, as he and the Postal Service may agree, but at a rate of yield no less than the prevailing yield on outstanding marketable Treasury securities of comparable maturity, as determined by the Secretary. If the Secretary does not purchase such obligations, the Postal Service may proceed to issue and sell them to a party or parties other than the Secretary upon notice to the Secretary and upon consultation as to the date of issuance, maximum rates of interest, and other terms and conditions.
(b)
Subject to the conditions of subsection (a) of this section, the Postal Service may require the Secretary of the Treasury to purchase obligations of the Postal Service under section 2005 in such amounts as will not cause the holding by the Secretary of the Treasury resulting from such required purchases to exceed $2,000,000,000 at any one time. This subsection shall not be construed as limiting the authority of the Secretary to purchase obligations of the Postal Service under section 2005 in excess of such amount.
(c)
Notwithstanding section 2005(d)(5) or 2011(e)(4)(E) of this title, obligations issued by the Postal Service shall be obligations of the Government of the United States, and payment of principal and interest thereon shall be fully guaranteed by the Government of the United States, such guaranty being expressed on the face thereof, if and to the extent that—
(1)
the Postal Service requests the Secretary of the Treasury to pledge the full faith and credit of the Government of the United States for the payment of principal and interest thereon; and
(2)
the Secretary, in his discretion, determines that it would be in the public interest to do so.
(
Pub. L. 91–375
,
Aug. 12, 1970
,
84 Stat. 741
;
Pub. L. 109–435, title IV, § 401(b)(4)
,
Dec. 20, 2006
,
120 Stat. 3225
.)
cite as:
39 USC 2006
.list_box li,p,.cm-search-info,.cm-search-detail,.abt span,.expand-collapse_top
Get the CustomsMobile app!