Sec. 7. payment of subscriptions

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## Sec. 7 payment of subscriptions **[**[22 U.S.C. 286e](/us/usc/t22/s286e)**]** ###

(a)Subsection

(c)of section 10 of the Gold Reserve Act of 1934, as amended (U.S.C. title 31, sec. 822a), 13 is amended to read as follows: 13Public Law 97–258 recodified title 31, U.S.C., and sec. 822a became sec. 5302. Public Law 97–258, in redesignating sec. 822a as sec. 5302, also amended the text, and the amendment made to subsec.

(c)by this sec. was omitted. > > ### “(c) > > The Secretary of the Treasury is directed to use $1,800,000,000 of the fund established in this section to pay part of the subscription of the United States to the International Monetary Fund; and any repayment thereof shall be covered into the Treasury as a miscellaneous receipt.” > . ### (b)14 The Secretary of the Treasury is authorized to pay the balance of the subscription of the United States to the Fund not provided for in subsection

(a)and to pay the subscription of the United States to the Bank from time to time when payments are required to be made to the Bank. For the purpose of making these payments, the Secretary of the Treasury is authorized to use as a public-debt transaction $8,675,000,000 of the proceeds of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act are extended to include such purpose. Payment under this subsection of the subscription of the United States to the Fund or the Bank and repayments thereof shall be treated as public-debt transactions of the United States. 14Sec. 2. of Public Law 86–48 (73 Stat. 80), struck out the words “of $950,000,000” and substituted “$8,675,000,000” for “$4,125,000,000”. ###

(c)For the purpose of keeping to a minimum the cost to the United States of participation in the Fund and the Bank, the Secretary of the Treasury, after paying the subscription of the United States to the Fund, and any part of the subscription of the United States to the Bank required to be made under article II, section 7(i), of the Articles of Agreement of the Bank, is authorized and directed to issue special notes of the United States from time to time at par and to deliver such notes to the Fund and the Bank in exchange for dollars to the extent permitted by the respective Articles of Agreement. The special notes provided for in this subsection shall be issued under the authority and subject to the provisions of the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act are extended to include the purposes for which special notes are authorized and directed to be issued under the subsection, but such notes shall bear no interest, shall be non-negotiable, and shall be payable on demand of the Fund or the Bank, as the case may be. The face amount of special notes issued to the Fund under the authority of this subsection and outstanding at any one time shall not exceed in the aggregate the amount of the subscription of the United States actually paid to the Fund and the dollar equivalent of currencies and gold which the United States shall have purchased from the Fund in accordance with Articles of Agreement,15 and the face amount of such notes issued to the Bank and outstanding at any one time shall not exceed in the aggregate the amount of the subscription of the United States actually paid to the Bank under article II, section 7(i), of the Articles of Agreement of the Bank. 15The words beginning at “and” and ending at “Agreement” were added by sec. 2 of Public Law 87–490 (76 Stat. 105). ###

(d)Any payment made to the United States by the Fund or the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt.

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U.S. Code