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SEVENTY-FIRST CONGRESS, SEss . I. Cas. 26, 27. 1929 . Post, p.775, purchase or redemption before maturity of any certificates of indebtedness or Treasury bills issued hereunder, and to meet public expenditures authorized by law, such sum or sums as in his judgment Certificates to be is- 111ay be necessary, and to issue therefor (1) certificates of indebtedness sued at par, etc'
of the United States at not less than par and at such rate or rates of interest, payable at such time or times as he may prescribe ; or Sale of Treasury bills (2) Treasury bills on a discount basis and payable at maturity oncomp tit've basis at without interest. Treasury bills to be issued hereunder shall be offered for sale on a competitive basis, under such regulations and upon such terms and conditions as the Secretary of the Treasury Payment in not ex- may prescribe, and the decisions of the Secretary in respect of any ceeding one year . issue shall be final . Certificates of indebtedness and Treasury bills issued hereunder shall be in such form or forms and subject to such terms and conditions, shall be payable at such time not exceeding one ye ar from t he date of issue, an d may be redeemable before Bills not accepted for maturity upon such terms and conditions as the Secretary of the forei gn ind ebted ness Treasury may prescribe . Treasury bills issued hereunder shall not payments .
be acceptable before maturity in payment of interest or of principal on account of obligations of foreign governments held by the United lim ite d
par value States of America . The sum of the par value of such certificates Vol. 30, p. 291 . and Treasury bills outstanding hereunder and under section 6 of the First Liberty Bond Act shall not at any one time exceed in the aggre gate $ 10,00 0,000 ,000 . Tax exe mpt ion . "( b) All certificates of indebtedness and Treasury bills issued hereunder (after the date upon which this subdivision becomes law) ,,hall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority ; and the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest within the meaning of this subdivision . Cer tificates and "(c) Wherever the words `bonds and notes of the United States,' T reasu ry bil ls in cluded as G overnment bonds or ` bonds and notes of the Government of the United States,' or or notes .
`bonds or notes of the United States' are used in the Federal Reserve Act, as amended, they shall be held to include certificates of i ndebt ednes s and Treas ury b ills i ssued hereu nder ." Approved, June 17, 1929 . June 17, 1929. [H. R. 3317.1 CHAP. 27.-Ail Act To amend the Act entitled "An Act making appro- [Public, No. 12.] priations for the Department of the Interior for the fiscal year ending June 30, 1930, and for other purposes ." Be it enacted by the Senate and House o f Representatives o f the Mi lk Riv er ir rigati on United States o f America in Congress assembled, That the para- Vol . 45, p . 1591, graph of the Act entitled "An Act making appropriations for the amended . Department of the Interior for the fiscal year ending June 30, 1930, and for other purposes" (Public, Numbered 1033, Seventieth Con- gress), referring to the Milk River project, Montana, be amended to read as follows et Operating divisions, " Milk River project, Montana : For operation and maintenance, Chinook, Malta, and Glasgow divisions, $17,000 ; continuation of construction, $17,000 ; in all, $34,000 ." Approved, June 17, 1929 .
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