[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3111 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 3111

   To authorize the Secretary of the Treasury to issue 21st Century 
                      Independence Savings Bonds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 12, 2001

  Ms. Kaptur introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To authorize the Secretary of the Treasury to issue 21st Century 
                      Independence Savings Bonds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``21st Century Independence Savings 
Bonds Act of 2001''.

SEC. 2. AUTHORITY TO ISSUE BONDS.

    (a) In General.-- The Secretary of the Treasury, with the approval 
of the President, is authorized to issue, immediately and from time to 
time, through financial institutions and the Postal Service, special 
issue bonds of the United States to be known as ``21st Century 
Independence Savings Bonds''. The proceeds of 21st Century Independence 
Savings Bonds will be placed in a designated Treasury account for 
investment in United States Government supported energy independence 
projects, public infrastructure projects related to the September 11, 
2001, terrorist attacks on America, and any similar needs arising from 
subsequent incidents. The purpose of these investments shall be to 
secure America's future fuel self-sufficiency through the development 
of alternative domestically produced renewable or extractable 
nonpetroleum and nonnuclear sources as well as to provide supplemental 
sources of investment for restoration of public infrastructure. The 
various issues and series of the 21st Century Independence Savings 
Bonds shall be in such forms, shall be offered in such amounts, and 
shall be issued in such manner and subject to such terms and conditions 
with subsections (b) and (c) of this Act, and including any 
restrictions on their transfer, as the Secretary of the Treasury may 
from time to time prescribe.
    (b) Redemption.--Each 21st Century Independence Bond shall be 
issued on a discount basis to mature not less than ten nor more than 
thirty years from the date as of which the bond is used, and provision 
may be made for redemption before the maturity upon such terms and 
conditions as the Secretary of the Treasury may prescribe, except that 
the issue price of 21st Century Independence Savings Bonds and the 
terms upon which they may be redeemed prior to maturity shall be such 
as to afford an investment yield not in excess of the rate and 
conditions established for United States Savings Bonds per annum. The 
denominations of 21st Century Independence Savings Bonds shall be in 
terms of their maturity value, and shall not be less than $50. It shall 
not be lawful for any one person at any one time to hold 21st Century 
Independence Savings Bonds issued during any one calendar year in an 
aggregate amount exceeding $15,000 (maturity value).
    (c) Tax Treatment.--For the purposes of determining taxes and tax 
exemptions, the increment in value represented by the difference 
between the price paid and the redemption value received (whether at or 
before maturity) shall be considered as interest. The 21st Century 
Independence Savings Bonds shall not bear the circulation privilege.
    (d) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as may be necessary for all expenses under this 
Act. The Secretary of the Treasury is authorized to advance, from time 
to time, to the Postmaster General from such appropriation such sums as 
are shown to be required for the expenses of the Postal Service in 
connection with the handling of the bonds issued under this Act.
    (e) Withdrawal of Deposits.--The Board of Governors of the United 
States Postal Service is authorized to permit, subject to such 
regulations as it may from time to time prescribe, the withdrawal of 
deposits on less than sixty days' notice for the purposes of acquiring 
21st Century Independence Savings Bonds which may be offered by the 
Secretary of the Treasury; and in such cases to make a payment of 
interest to the date of withdrawal, whether or not a regular interest 
payment date.
    (f) Fiscal Agency Services.--At the request of the Secretary of the 
Treasury, the Postmaster General, under such regulations as the 
Postmaster General may prescribe, shall require employees of the Postal 
Service to perform, without extra compensation, such fiscal agency 
services as may be desirable and practicable in connection with the 
issue, delivery, safekeeping, redemption, and payment of the 21st 
Century Independence Savings Bonds.
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