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Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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| LegalText | 12 U.S.C. § 2279aa–13 | Authority to issue obligations to cover guarantee losses of Corporation | us | united_states_code | code_section | 12 | BANKS AND BANKING | 23 | FARM CREDIT SYSTEM | 2279aa–13 | 12 U.S.C. § 2279aa–13 | current | 119-100 | 2026-06-26 | official | https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip | /us/usc/t12/s2279aa–13 | data/legal/raw/us/code/title-12/usc12.xml | c41efd619d06632bea512635f07f53bb33b6f7c8ab69b24fe6c1d7426ec2d281 | e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa | f5acbc7c87bb190f009c19135e8f12c12a6c3833d39cc47ec1b71ef3c8c77ef8 | 2026-07-04 | official |
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12 U.S.C. § 2279aa–13 - Authority to issue obligations to cover guarantee losses of Corporation
Text
(a) Sale of obligations to Treasury (1) In general Subject to the limitations contained in section 2279aa–10(c) of this title and the requirement of paragraph (2), the Corporation may issue obligations to the Secretary of the Treasury the proceeds of which may be used by the Corporation solely for the purpose of fulfilling the obligations of the Corporation under any guarantee provided by the Corporation under this subchapter.
(2) Certification The Secretary of the Treasury may purchase obligations of the Corporation under paragraph (1) only if the Corporation certifies to the Secretary that—
(A) the requirements of section 2279aa–10(c) of this title have been fulfilled; and
(B) the proceeds of the sale of such obligations are needed to fulfill the obligations of the Corporation under any guarantee provided by the Corporation under this subchapter.
(b) Expeditious transaction required Not later than 10 business days after receipt by the Secretary of the Treasury of any certification by the Corporation under subsection (a)(2), the Secretary of the Treasury shall purchase obligations issued by the Corporation in an amount determined by the Corporation to be sufficient to meet the guarantee liabilities of the Corporation.
(c) Limitation on amount of outstanding obligations The aggregate amount of obligations issued by the Corporation under subsection (a)(1) which may be held by the Secretary of the Treasury at any time (as determined by the Secretary) shall not exceed $1,500,000,000.
(d) Terms of obligation (1) Interest Each obligation purchased by the Secretary of the Treasury shall bear interest at a rate determined by the Secretary, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of such obligation.
(2) Redemption The Secretary of the Treasury shall require that such obligations be repurchased by the Corporation within a reasonable time.
(e) Coordination with title 31 (1) Authority to use proceeds from sale of Treasury securities For the purpose of purchasing obligations of the Corporation, the Secretary of the Treasury may use as a public debt transaction the proceeds from the sale by the Secretary 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 such purchases.
(2) Treatment of transactions All purchases and sales by the Secretary of the Treasury of obligations issued by the Corporation under this section shall be treated as public debt transactions of the United States.
(f) Authorization of appropriations There is authorized to be appropriated to the Secretary of the Treasury $1,500,000,000, without fiscal year limitation, to carry out the purposes of this subchapter.
(Pub. L. 92–181, title VIII, § 8.13, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1704; amended Pub. L. 104–105, title I, § 109(b)(2), Feb. 10, 1996, 110 Stat. 165.)
Notes
Editorial Notes
Amendments1996—Subsec. (a). Pub. L. 104–105 substituted “section” for “sections 2279aa–6(b) and” in pars. (1) and (2)(A).