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FE D E R A L R E SE R V E BANK O F N EW YORK
Fiscal Agent of the United States
!* C ir c u la r N o . 7 8
L
M a y 19, 1976
7 51
J
OFFERING OF TWO SERIES OF TREASURY BILLS
$2,500,000,000 of 91-Day Bills, Additional Amount, Series Dated February 26,1976, Due August 26, 1976
(To Be Issued May 27, 1976)
$3,600,000,000 of 183-Day Bills, Dated May 27, 1976, Due November 26, 1976
To
/w c c r /w a f f d
aw<% Truy?
CcMfffwfd, w ?Af
and
F^&ral B ^ r w DfjtrfcL*
Following is the text of a notice issued by the Treasury Department, released at 4 p.m. yesterday:
The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$6,100,000,000, or thereabouts, to be issued May 27, 1976, as fol
lows :
91-day bills (to maturity date) in the amount of
$2,500,000,000, or thereabouts, representing an additional
amount of bills dated February 26, 1976, and to mature
August 26, 1976 (CUSIP No. 912793 A63), originally
issued in the amount of $3,730,695,000, the additional
and original bills to be freely interchangeable.
183-day billsfor $3,600,000,000, or thereabouts, to be dated
May 27, 1976, and to mature November 26, 1976
(CUSIP No. 912793 C38).
The bills will be issued for cash and in exchange for Treasury
bills maturing May 27, 1976, outstanding in the amount of
$6,313,555,000, of which Government accounts and Federal Reserve
Banks, for themselves and as agents of foreign and international
monetary authorities, presently hold $2,677,485,000. These accounts
may exchange bills they hold for the bills now being offered at the
average prices of accepted tenders.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and
at maturity their face amount will be payable without interest.
They will be issued in bearer form in denominations of $10,000,
$15,000, $50,000, $100,000, $500,000 and $1,000,000 (maturity value)
and in book-entry form to designated bidders.
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, one-thirty p.m., Eastern Daylight
Saving time, Monday, May 24, 1976. Tenders will not be received
at the Treasury Department, Washington. Each tender must be
for a minimum of $10,000. Tenders over $10,000 must be in mul
tiples of $5,000. In the case of competitive tenders the price offered
must be expressed on the basis of 100, with not more than three
decimals, e.g., 99.925. Fractions may not be used. It is urged that
tenders be made on the printed forms and forwarded in the special
envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Banking institutions and dealers who make primary markets
in Government securities and report daily to the Federal Reserve
Bank of New York their positions with respect to Government
securities and borrowings thereon may submit tenders for account
of customers, provided the names of the customers are set forth in
such tenders. Others will not be permitted to submit tenders except
for their own account. Tenders will be received without deposit
from incorporated banks and trust companies and from responsible
and recognized dealers in investment securities. Tenders from others
must be accompanied by payment of 2 percent of the face amount of
Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Treasury Department of the
amount and price range of accepted bids. Only those submitting
competitive tenders will be advised of the acceptance or rejection
thereof. The Secretary of the Treasury expressly reserves the right
to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final. Subject to these
reservations, noncompetitive tenders for each issue for $500,000 or
less without stated price from any one bidder will be accepted in
full at the average price (in three decimals) of accepted competi
tive bids for the respective issues. Settlement for accepted tenders
in accordance with the bids must be made or completed at the
Federal Reserve Bank on May 27, 1976, in cash or other im
mediately available funds or in a like face amount of Treasury
bills maturing May 27, 1976. Cash and exchange tenders will
receive equal treatment. Cash adjustments will be made for differ
ences between the par value of maturing bills accepted in exchange
and the issue price of the new bills.
Under Sections 454(b) and 1221(5) of the Internal Revenue
Code of 1954, the amount of discount at which bills issued here
under are sold is considered to accrue when the bills are sold,
redeemed or otherwise disposed of, and the bills are excluded from
consideration as capital assets. Accordingly, the owner of Treasury
bills (other than life insurance companies) issued hereunder must
include in his income tax return, as ordinary gain or loss, the
difference between the price paid for the bills, whether on original
issue or on subsequent purchase, and the amount actually received
either upon sale or redemption at maturity during the taxable year
for which the return is made.
Treasury Department Circular No. 418 (current revision) and
this notice prescribe the terms of the Treasury bills and govern
the conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
This Bank will receive tenders for both series up to 1 :30 p.m., Eastern Daylight Saving time, Monday, May 24,
1976, at the Securities Department of its Head Office and at its Buffalo Branch. Tender forms for the respective
series are enclosed. Please use the appropriate forms to submit tenders and return them in the enclosed envelope marked
"Tender for Treasury Bills." Tenders not requiring a deposit may be submitted by telegraph, subject to written con
firmation; no tenders may be submitted by telephone.
j^or Troa^ary AfPy caMMof Ao niaofo Ay croafft tArotnyA
?Ao. Troa^ary Ta^r aa<7 Loaa Hoooaat.
WMjf Ao waafo fa cajA or otAor fwwocfiatoJy az/af/aA/o ^aacAy or fa
atafarfag' Tr^ajary Ai/P.
Results of the last weekly offering of Treasury bills (91-day bills to be issued May 20, 1976, representing an
additional amount of bills dated February 19, 1976, maturing August 19, 1976; and 182-day bills dated May 20, 1976,
maturing November 18, 1976) are shown on the reverse side of this circular.
r
PAUL A . VOLCKER,
1
Please note that the Treasury bills maturing November 26, 1976 will be 183-day bills.
(OVER)
RESULTS OF LAST W EEKLY OFFERING OF TR EA SUR Y BILLS
(TW O SERIES TO BE ISSUED M AY 20, 1976)
Range of Accepted Competitive Bids
pz-Day TTTajMfy BiRy
Afa^Wftp
zp, zpyd
98.683
98.667
98.673
High .........................................
Low ...........................................
Average ...................................
5.210%
5.273%
5.250%
z^^-Day Tz f a^ary Bf^y
Afa^zwp
z<3, zpyd
5.35%
5.42%
5.39%
97.122a
97.094
97.105
5.693%
5.748%
5.726%
5.94%
6.00%
5.98%
&Excepting one tender of $70,000.
I Equivalent coupon-issue yield.
(90 percent of the amount of 91-day bills
bid for at the low price was accepted.)
(3 percent of the amount of 182-day bills
bid for at the low price was accepted.)
Totai Tenders Received and Accepted (By Federal Reserve District)
pz-Day Tr^ajMzy Bi/L
Afa^aWap ^dapa^f zp, zpyd
Boston ......................... ............
New York .................. ............
Philadelphia................ ............
Cleveland .................... ............
Richmond .................... ............
Atlanta ........................ ............
Chicago ....................... ............
St. Louis ..................... ............
Minneapolis ................. ...........
Kansas City ................. ...........
Dallas ........................... ...........
San Francisco ............. .......
TO TAL
......................... ...........
$
42,510,000
3,752,280,000
48,750,000
32,835,000
38,455,000
34,630,000
283,515,000
45,050,000
27,295,000
93,250,000
38,600,000
185,110,000
$4,622,280,000
$
27,510,000,
2,046,605,000
48,750,000
32,835,000
28,455,000
32,330,000
56,515,000
33,050,000
12,295,000
91,050,000
21,600,000
69,110,000
$2,500,105,000^
b Includes $371,870,000 noncompetitive tenders from the public,
c Includes $169,500,000 noncompetitive tenders from the public.
z&?-Day T/ra^ary Bf//y
Afa^arfwp
z6*, zpyd
$
41,470,000
5,357,950,000
106,435,000
153,880,000
46,985,000
15,520,000
354,905,000
36,415,000
72,315,000
33,410,000
14,630,000
272,225,000
$6,506,140,000
$
22,330,000
2,936,740,000
71,435,000
114,480,000
35,285,000
13,020,000
99,205,000
19,415,000
27,915,000
24,625,000
12,630,000
123,945,000
$3,501,025,000'
(Closing date for receipt of this tender is Monday, May 24, 1976)
TENDER FOR 91-DAY TREASURY RILLS
Additional Amount, Series Dated February 26, 1976, Maturing August 26, 1976
(To Be Issued May 27, 1976)
To
Dated a t ......................................
FEDERAL RESERVE B A N K OF N E W Y O R K ,
Fiscal Agent of the United States
19.
Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi
sions of the public notice issued by the Treasury Department inviting tenders for the above-described
Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below,
and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below:
Do no? /iH in bof/t Gon^etitive and
Voncow^etitive tenders on on? /orw:
COMPETITIVE TENDER
$.......................................................... (maturity value)
or any lesser amount that may be awarded.
P rice: ....................................................per 100.
(Price wnyt be e^rejjed toitA not wore than Mr??
deciwoi /darer, /or e;raw/dg, 99.923)
NONCOMPETITIVE TENDER
$.......................................................... (maturity value)
(Wo? to exceed #300,000 /or one bidder tbroMpb aM ronrcee)
at the average price of accepted competitive bids.
Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
Pieces
Denomination
$
Maturity value
10,000
D 1. Deliver over the counter to the
undersigned
D 2. Ship to the undersigned
15,000
D 3. Hold in safekeeping (for mem
ber bank only) in—
50,000
Payment will be made as follows:
D By charge to our reserve account
n By cash or check in iwwediatety
available /wndi on delivery
(Payment cannot be wade tbroMpb
Treasury Pa^r and Loan /Iccownt)
D Investment Account
100,000
D S- Special instructions:
f"l General Account
500,000
D Trust Account
1,000,000
O 4. Allotment transfer (see list attached)
(Wo cban^e^ in delivery initrMction.f
tuiii be accepted)
Totals
The undersigned (member bank) hereby certifies that the Treasury bills which you are hereby instructed
to dispose of in the manner indicated in item 3 above are owned solely by the undersigned.
(Name of subscriber—please print or type)
Insert thts tender
in special envelope
ynar&ed 'Tender /or
Treasury Riffs"
(Address—inch City and State)
(Tel. No.)
(Signature of subscriber or authorized signature)
(Title of authorized signer)
(Banking institutions submitting tenders for customer account must list customers' names on lines below or on an attached rider)
(Name of customer)
(Name of customer)
INSTRUCTIONS:
1. No tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (maturity value).
2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank
their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in
doing so, they may consolidate competitive tenders of Me iawe />rice and may consolidate noncompetitive tenders, provided a
list is attached showing the name of each bidder and the amount bid for his account. Others will not be permitted to submit
tenders except for their own account.
3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation
authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a
representation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a
member of the hrm, who should sign in the form ".................................................................................................., a copartnership, by
............................................................................................, a member of the firm."
4. Tenders will be received without deposit from incorporated banks and trust companies and from responsible
and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment
by an incorporated bank or trust company. All checks must be drawn to the order of the Federal Reserve Bank of New
York; checks endorsed to this Bank will not be accepted.
5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury
is material, the tender may be disregarded.
Rtv. 3/76
[ 22 ]
!MPOR ! A!NT
(Loosing date for receipt of this tender is Monday, May 24, 1976)
Because the usua! Thursday maturity date of 6-month Treasury bills to be issued May 27, 1976
would fall on Thanksgiving Day, [November 25, 1976, such bills will mature Friday,
[November 26, 1976, and therefore be 183-day bills.
TENDER FOR 183-DAY TREASURY BILES
Dated May 27, 1976
To
FED ER A L R ESER V E B A N K
-T=*'E
O-G
YORK,
Fiscal Agent of the United Stages
Og)
LS 5
vS
OF N E W
Maturing [November 26, 1976
Dated a t ........................................................
..........................................................., 19___
Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi
sions of the public notice issued by the Treasury Department inviting tenders for the above-described
Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below,
and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below:
Do not /id in &o(A Competitive and
Noncompetitive tenders on on? /or?;:
COMPETITIVE TENDER
$.......................................................... (maturity value)
or any lesser amount that may be awarded.
Price : .................................................... per 100.
(Price mnrt be carprej^ed udtA no? more tAan tAree
decimal places, /or example, PP.P23)
G„
NONCOMPETITIVE TENDER
$.......................................................... (maturity value)
(Wo? to exceed
/or on? bidder tAron^A a// yonrcej)
at the average price of accepted competitive bids.
Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below
§8'
Pieces
Denomination
$
Maturity value
10,000
Q 1. Deliver over the counter to the
undersigned
D 2. Ship to the undersigned
15,000
^ w?
uS 3u g
v.t:
D 3. Hold in safekeeping (for mem
ber bank only) m—
50,000
D Investment Account
100,000
o^ 5
^ b*c
-^o.-o
O P
C7
O
VH
v*^3_
g'C c3
o*B ^
n" ^
5O^ G
eV) v
E-o
p.
E'E §
5 M
gn cc ^
E'E -g
E^ c
30=
3 G C
3 . 2 .O
Payment will be made as follows:
D By charge to our reserve account
D By cash or check in iwtHediafely
available /nndr on delivery
(Payment cannot be made tAron^A
Prea.fMry Fajr and Doan /Ifcowaf)
D 5. Special instructions:
n General Account
500,000
D Trust Account
1,000,000
D 4. Allotment transfer (see list attached)
(No cAanpey in delivery initmctions
toil/ be accented/
Totals
The undersigned (member bank) hereby certifies that the Treasury bills which you are hereby instructed
to dispose of in the manner indicated in item 3 above are owned solely by the undersigned.
Insert this tender
in special envelope
marked "Tender /or
Treasury Bdls"
(A d d r e ! s — in c !. C it y a n d S t a t e )
( T e l . N o .)
(Banking institutions submitting tenders for customer account must fist customers' names on fines befow or on an attached rider)
^ c3 tj
3*5 =3
o&! S
( N a m e o f c u s to m e r )
( N a m e o f c u s to m e r )
INSTRUCTIONS:
1. No tender for fess than $10,000 will be considered, and each tender must be for a multiple of $5,000 (maturity value).
2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank
their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in
doing so, they may consolidate competitive tenders at (ft? ^ame price and may consolidate noncompetitive tenders, provided a
list is attached showing the name of each bidder and the amount bid for his account. Others will not be permitted to submit
tenders except for their own account.
3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation
authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a
representation by him that he has been so authorized. It the tender is made by a partnership, it should be signed by a
member of the hrm, who should sign in the form ".................................................................................................. . a copartnership, by
............................................................................................ , a member of the firm."
4. Tenders will be received without deposit from incorporated banks and trust companies and from responsible
andrecognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment
by an incorporated bank or trust company. All checks must be drawn to the order of the Federal Reserve Bank of New
York; checks endorsed to this Bank will not be accepted.
5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury,
is material, the tender may be disregarded.
Rtv. 3/76
[ 22 ]
TENDER FOR 364-DAY TREASURY BILLS
Dated June 1,1976
To
FED ER AL R ESER V E B A N K
Due May 31,1977
OF N E W
Dated a t ........................................................
YORK,
Fiscal Agent of the United States
oE
is S
V iU
iS^;
CM
........................................................ , 19—
Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi
sions of the public notice issued by the Treasury Department inviting tenders for the above-described
Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below,
and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below:
Do not /if/ in AofA Cow^cfifirc and
COMPETITIVE TENDER
NONCOMPETITIVE TENDER
VcMcow^f fitiw fenders on on? form
-a S
M V
M
>
<
gu ob.
o<e
$.......................................................... (maturity value)
or any lesser amount that may be awarded.
-2*3
H iu
-aE
S 4^
at the average price of accepted competitive bids.
fPrice
& c^rc^icd wt'fA not wore fAan fAree
decimal /dacec, /or f-vatn/de, 99.923)
Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
^ *o
e
Pieces Denomination
$.......................................................... (maturity value)
(Wot to exceed ^3<?<?,0W /or one Aiddcr tArou^A ail jourcej)
P rice: ....................................................per 100.
$
Maturity value
Q 1. Deliver over the counter to the
undersigned
10,000
D 2. Ship to the undersigned
15,000
^2
^a
o 5'
D 3. Hold in safekeeping (for mem
ber bank only) in—
50,000
Payment will be made as follows:
D By charge to our reserve account
D By cash or check in immediately
available /undy on delivery
('Payment cannot A? made (AroupA
Treasury Pa^r and Loan .<4fcount)
n Investment Account
100,000
500,000
S 5'
Q Trust Account
O 4. Allotment transfer (see list attached)
("No cAanycj in dciirery injfrMCiiows
Toi/I A? accented)
1,000,000
gQ.
Q 5. Special instructions:
n General Account
Totals
The undersigned (member bank) hereby certifies that the Treasury bills which you are hereby instructed
to dispose of in the manner indicated in item 3 above are owned solely by the undersigned.
( N a m e o f s u b s c r ib e r — p le a s e p r in t o r t y p e )
Insert this tender
in special envelope
marhed "Tender /or
Treasury Riiis"
(A d d r e s s — in c !. C it y a n d S t a t e )
( T e l . N o .)
( S ig n a t u r e o f s u b s c r ib e r o r a u th o r iz e d s ig n a t u r e )
( T it l e o f a u th o r iz e d s ig n e r )
(Banking institutions submitting tenders for customer account must list customers' names on lines below or on an attached rider)
( N a m e o f c u s to m e r )
( N a m e o f c u s to m e r )
INSTRUCTIONS:
1. No tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (maturity value).
2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank
their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in
doing so, they may consolidate competitive tenders a? (Ac Janie /rice and may consolidate noncompetitive tenders, provided a
list is attached showing the name of each bidder and the amount bid for his account. Others will not be permitted to submit
tenders except for their own account.
3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation
authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a
representation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a
member of the firm, who should sign in the form ".................................................................................................. . a copartnership, by
............................................................................................ . a member of the firm."
4. Tenders will be received without deposit from incorporated banks and trust companies and from responsible
and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment
by an incorporated bank or trust company. All checks must be drawn to the order of the Federal Reserve Bank of New
York; checks endorsed to this Bank will not be accepted.
5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury,
is material, the tender may be disregarded.
Rev. 3 / 7 6
Tenders will be received without deposit from commercia! and other banks for their own account,
Federally-insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public
pension and retirement and other public funds, international organizations in which the United States holds
membership, foreign central banks and foreign States, dealers who make primary markets in Government
securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government
securities and borrowings thereon, Federal Reserve Banks, and Government accounts. Tenders from others must
be accompanied by payment of 5 percent of the face amount of notes applied for. However, bidders who submit
checks in payment on tenders submitted directly to a Federal Reserve Bank or the Treasury may find it
necessary to submit full payment for the notes with their tenders in order to meet the time limits pertaining to
checks as hereinafter set forth. Allotment notices will not be sent to bidders who submit noncompetitive tenders.
Payment for accepted tenders must be completed on or before Thursday, June 10, 1976. Payment must be
in cash, in other funds immediately available to the Treasury by the payment date or by check drawn to the
order of the Federal Reserve Bank to which the tender is submitted, or the United States Treasury if the tender
is submitted to it, which must be received at such Bank or at the Treasury no later than: (1) Monday, June 7,
1976, if the check is drawn on a bank in the Federal Reserve District of the Bank to which the check is
submitted, or the Fifth Federal Reserve District in case of the Treasury, or (2) Thursday, June 3, 1976, if the
check is drawn on a bank in another district. Checks received after the dates set forth in the preceding sentence
will not be accepted unless they are payable at a Federal Reserve Bank. Where full payment is not completed on
time, the allotment will be canceled and the deposit with the tender up to 5 percent of the amount of notes
allotted will be subject to forfeiture to the United States.
The official terms of the offering are set forth in Treasury Departm ent Circular No. 14-76, Public
Debt Series, dated May 19, 1976, a copy of which will be furnished upon request.
If payment for the notes is made by check, the check should be a certified personal check or an
official bank check, payable on its face to the Federal Reserve Bank of New York;
endorsed to ?/ns
u'*V/ no?
accepted.
Telephone inquiries regarding this offering may be made by calling Telephone No. 212-791-5823,
212-791-6616, or 212-791-5465.
PAUL A. VOLCKER,
Pre^/dcH?.
UNITED STATES OF AMERICA
T R EA SU R Y NO TES O F SE R IE S D-1980
Dated and bearing interest from June 10, 1976
D E P A R T M E N T C IR C U L A R
P u b lic D e b t S e r ie s —N o . 14 76
1. INVITATION FOR TENDERS
1. The Secretary of the Treasury, pursuant to the
authority of the Second Liberty Bond Act, as amended,
invites tenders on a yieid basis for $2,000,000,000, or
thereabouts, of notes of the United States, designated
Treasury Notes of Series D-1980. The interest rate for
the notes will be determined as set forth in Section Ml.
paragraph 3, hereof. Additiona! amounts of these notes
may be issued at the average price of accepted tenders to
Government accounts and to Federa! Reserve Banks for
themseives and as agents of foreign and internationa!
monetary authorities. Tenders wit! be received up to 1:30
p.m., Eastern Daylight Saving time, Thursday, June
3, 1976, under competitive and noncompetitive bidding,
as set forth in Section 111 hereof.
11. DESCRIPTION OF NOTES
1. The notes will be dated June 10, 1976, and will
bear interest from that date, payable on a semiannual
basis on December 31, 1976. and thereafter on June 30
and December 31 in each year until the principal amount
becomes payable. They will mature June 30, 1980, and
will not be subject to call for redemption prior to
maturity.
2. The income derived from the notes is subject to all
taxes imposed under the Internal Revenue Code of 1954.
The notes are subject to estate, inheritance, gift or other
excise taxes, whether Federa! or State, but are exempt
from all taxation now or hereafter imposed on the
principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing
authority.
3. The notes will be acceptable to secure deposits of
public moneys. They will not be acceptable in payment of
taxes.
4. Bearer notes with interest coupons attached, and
notes registered as to principal and interest, will be issued
in denominations of $1,000, $5,000, $10,000, $100,000
and $1,000,000. Book-entry notes will be available to
eligible bidders in multiples of those amounts. Inter
changes of notes of different denominations and of
Due June 30, 1980
D EPA R TM EN T O F TH E TR EA SU RY ,
Office of the Secretary,
W ashington, May 19, !976.
coupon and registered notes, and the transfer of regis
tered notes will be permitted.
5.
The notes will be subject to the general regulations
of the Department of the Treasury, now or hereafter pre
scribed. governing United States notes.
111. TENDERS AND ALLOTMENTS
1. l enders will be received at Federal Reserve Banks
and Branches and at the Bureau of the Public Debt,
Washington. D. C. 20226. up to the closing hour, 1:30
p.m.. Eastern Daylight Saving time. Thursday, June
3. 1976. Each tender must state the face amount of
notes bid for. which must be $ 1.000 or a multiple thereof,
and the yield desired, except that in the case of noncom
petitive tenders the term "noncompetitive" should be
used in lieu of a yield. In the case of competitive tenders,
the yield must be expressed in terms of an annual yield,
with two decimals, e.g., 7.11. Fractions may not be used.
Noncompetitive tenders from any one bidder may not
exceed $500,000.
2. Commercial banks, which for this purpose are
defined as banks accepting demand deposits, and dealers
who make primary markets in Government securities
and report daily to the Federa! Reserve Bank of New
York their positions with respect to Government securi
ties and borrowings thereon, may submit tenders for
account of customers provided the names of the
customers are set forth in such tenders. Others will not
be permitted to submit tenders except for their own
account. Tenders will be received without deposit from
banking institutions for their own account. Federallyinsured savings and loan associations, States, political
subdivisions or instrumentalities thereof, public pension
and retirement and other public funds, international
organizations in which the United States holds member
ship, foreign central banks and foreign States, dealers
who make primary markets in Government securities
and report daily to the Federal Reserve Bank of New
York their positions with respect to Government securi
ties and borrowings thereon, and Government accounts.
Tenders from others must be accompanied by payment
of 5 percent of the face amount of notes applied for.
(Over)
3.
Immediate!)' after the closing hour tenders will be
opened, following which public announcement will be
made by the Department of the Treasury of the amount
and yield range of accepted bids. Those submitting com
petitive tenders will be advised of the acceptance or re
jection thereof. In considering the acceptance of tenders,
those with the lowest yields will be accepted to the extent
required to attain the amount offered. Tenders at the
highest accepted yield will be prorated if necessary. After
the determination is made as to which tenders are
accepted, a coupon rate will be determined at a 1/8 of
one percent increment that translates into an average
accepted price close to 100.000 and a lowest accepted
price above 99.000. That rate of interest will be paid on
all of the notes. Based on such interest rate, the price on
each competitive tender allotted will be determined and
each successful competitive bidder will be required to
pay the price corresponding to the yield bid. Price calcu
lations will be carried to three decimal places on the basis
of price per hundred, e.g., 99.923. and the determina
tions of the Secretary of the Treasury shall be final. The
Secretary of the Treasury expressly reserves the right to
accept or reject any or all tenders, in whole or in part, in
cluding the right to accept tenders for more or less than
the $2,(XX),000,(XX) of notes offered, and his action in any
such respect shall be final. Subject to these reservations,
noncompetitive tenders for $500,000 or less without
stated yield from any one bidder will be accepted in full
at the average price' (in three decimals) of accepted
competitive tenders.
IV. PAYMENT FOR AND DELIVERY OF NOTES
1. Settlement for accepted tenders in accordance
with the bids must be made or completed on or before
June 10, 1976, at the Federal Reserve Bank or Branch or
at the Bureau of the Public Debt, Washington, D.C.
20226. Payment must be in cash, in other funds
immediately available to the Treasury by June 10. 1976,
or by check drawn to the order of the Federal Reserve
Bank to which the tender is submitted, or the United
States Treasury if the tender is submitted to it, which
must be received at such Bank or at the Treasury no later
than: (1) Monday, June 7, 1976, if the check is drawn on
a bank in the Federal Reserve District of the Bank to
! Average price may be a!, or more or tess than ! 00.000.
which the check is submitted, or the Fifth Federal
Reserve District in the case of the Treasury, or (2)
Thursday, June 3, 1976, if the check is drawn on a bank
in another district. Checks received after the dates set
forth in the preceding sentence will not be accepted
unless they are payable at a Federal Reserve Bank.
Payment will not be deemed to have been completed
where registered notes are requested if the appropriate
identifying number as required on tax returns and other
documents submitted to the Internal Revenue Service (an
individual's social security number or an employer
identification number) is not furnished. In every case
where full payment is not completed, the payment with
the tender up to 5 percent of the amount of notes allotted
shall, upon declaration made by the Secretary of the
Treasury in his discretion, be forfeited to the United
States.
2.
Delivery of notes in bearer form will be made on or
about June 16. 1976. Purchasers of bearer notes may
elect to receive interim certificates on June 10, 1976,
which will be exchangeable for the notes when available
at any Federal Reserve Bank or Branch or at the Bureau
of the Public Debt, Washington, D. C. 20226. The
interim certificates must be returned at the risk and
expense of the holder.
V. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal
Reserve Banks are authorized and requested to receive
tenders, to make such allotments as may be prescribed
by the Secretary of the Treasury, to issue such notices as
may be necessary, to receive payment for and make
delivery of notes on full-paid tenders allotted, and they
may issue interim receipts pending delivery of the
definitive notes.
2. The Secretary of the Treasury may at any time, or
from time to time, prescribe supplemental or amend
atory rules and regulations governing the offering, which
will be communicated promptly to the Federal Reserve
Banks.
WILLIAM E. SIMON,
.Secrefafy o/ f/?c Trea^a/y.
@FedFRASER