ISSUANCE OF PHYSICAL DOCUMENTS IN THE FORM OF BONDS, NOTES, OR CERTIFICATES TO THE SOCIAL SECURITY TRUST FUNDS.

SEC. 301. ISSUANCE OF PHYSICAL DOCUMENTS IN THE FORM OF BONDS, NOTES, OR CERTIFICATES TO THE SOCIAL SECURITY TRUST FUNDS. (a) Requirement that Obligations Issued to the OASDI Trust Funds Be Evidenced by Paper Instruments in the Form of Bonds, Notes, or Certificates of Indebtedness Setting Forth Their Terms.— Section 201(d) of the Social Security Act (42 U.S.C. 401(d)) is amended by inserting after the fifth sentence the following new sentence: “Each obligation issued for purchase by the Trust Funds under this subsection shall be evidenced by a paper instrument in the form of a bond, note, or certificate of indebtedness issued by the Secretary of the Treasury setting forth the principal amount, date of maturity, and interest rate of the obligation, and stating on its face that the obligation shall be incontestable in the hands of the Trust Fund to which it is issued, that the obligation is supported by the full faith and credit of the United States, and that the United States is pledged to the payment of the obligation with respect to both principal and interest.”. (b) Payment to the OASDI Trust Funds from the General Fund of the Treasury of Interest on Obligations, and of Proceeds from the Sale or Redemption of Obligations, Required to Be in the Form of Checks.— Section 201(f) of such Act (42 U.S.C. 401(f)) is amended by adding at the end the following new sentence: “Payment from the general fund of the Treasury to either of the Trust Funds of any such interest or proceeds108 STAT. 1518 shall be in the form of paper checks drawn on such general fund to the order of such Trust Fund.”. (c) Effective Date.— (1) In general.— The amendments made by this section shall apply with respect to obligations issued, and payments made, after 60 days after the date of the enactment of this Act. (2) Treatment of outstanding obligations.— Not later than 60 days after the date of the enactment of this Act, the Secretary of the Treasury shall issue to the Federal Old- Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund, as applicable, a paper instrument, in the form of a bond, note, or certificate of indebtedness, for each obligation which has been issued to the Trust Fund under section 201(d) of the Social Security Act and which is outstanding as of such date. Each such document shall set forth the principal amount, date of maturity, and interest rate of the obligation, and shall state on its face that the obligation shall be incontestable in the hands of the Trust Fund to which it was issued, that the obligation is supported by the full faith and credit of the United States, and that the United States is pledged to the payment of the obligation with respect to both principal and interest.