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FEDERAL RESERVE BANK OF DALLAS
F IS C A L A G E N T O F T H E U N IT E D S T A T E S
DALLAS, TEXAS
75222
Circular No. 7^-291
October 31? 197*+To All Banking Institutions and Others Concerned
in the Eleventh Federal Reserve District:
Enclosed are combination Treasury Department Circulars/tender
forms, Public Debt Series Nos. 13-7^-, l^+-7^> and 15-7^ relating to the
November refinancing.
AUCTION
SECURITIES OFFERED
Treasury Notes of Series E-1977
Treasury Notes of Series B-1981
8 l/2% Treasury Bonds of 199^-99
The coupon rates forthe two issues of notes will be determined by
the auctions for thesecurities.
CONDITIONS
1.
Noncompetitive tenders for $500,000 or less for each issue
will be accepted in full. Noncompetitive
bidders:
A. for thenotes will berequired to pay
the average
price of accepted competitive tenders; the price
will be 100.00 or less, and
B. for the bonds will be required to pay the average
price of all accepted competitive tenders; the price
may be 100.00, or more or less than 100.00.
2.
Competitive tenders:
A.
B.
3.
b.
for the notes must be expressed in terms of annual
yield in two decimal places, e.g., 7.91> and
for the bond must be expressed on the basis of
price with two decimals, e.g., 100.00.
The 3-year note of Series E-1977 is available in minimum
amounts of $5,000 or multiples thereof. The other two
securities are available in minimum amounts of $1,000 or
multiples thereof.
Payment as defined below should accompany the application.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
-2 -
PAYMENT
Payment in the form of cash, a cashier's check or federal funds
draft payable to this Bank, 5 3/*+% Treasury Notes of Series A-197*+> or
3 7/8% Treasury Bonds of 1§7*+ (which will be accepted at par) for the total
amount of notes and/or bonds applied for should accompany the tender. In
the event a down payment of 5% is submitted with the tender, and the
additional payment is to be made by a check drawn on a bank in this District,
it must be in our possession by Tuesday, November 12. Additional payments
after November 12 must be in cash or other immediately available funds. In
every case where payment is not completed as indicated, payment with the
application up to 5% of the amount of securities allotted may be forfeited
to the United States.
DELIVERY
Bearer securities (for the notes) will not be available for
delivery on the issue date. Those bidders who request bearer securities
will not be sent such securities until on or about November 25.
CLOSING HOUR
Tenders will be received up to the following times for each issue
as indicated:
Note, Series E-1977
Note, Series B-I98I
8 1/2 Bond of 199*+-99
12:30 p.m., C.S.T., Wednesday, November 6, 197*+
12:30 p.m., C.S.T., Thursday, November 7, 197*+
1:30 p.m., C.S.T., Thursday, November 7? 197*+
In each instance noncompetitive tenders will be considered timely received
if they are mailed under a postmark no later than November 5 for the Note
Series E-1977} November 6 for the Note Series B-I98I, and November 7 for
the bond.
Please note the appropriate closing times for each issue. Sub
scriptions and tenders will be received at this Bank and its Branches at
El Paso, Houston, and San Antonio, and should be submitted on the enclosed
forms. Additional circulars and forms will be furnished upon request.
Federal Reserve Bank of Dallas
Fiscal Agent of the United States
Enclosures
UNITED STATES OF AMERICA
.
-
TREASURY NOTES OF SERIES B-1981
Dated an d bearing interest from N ovem b er 15, 1974
Due N ovem ber 15, 1981
DEPARTMENT CIRCULAR
DEPARTMENT OF THE TREASURY
P u b lic D e b t S eries — No. 14-74
Office of th e S e c retary
W ashington, O ctob er 31, 1974
I.
I N V I T A T I O N FOR TENDERS
1. T h e S e c retary of th e T rea su ry , p u rs u a n t to th e a u th o rity of th e Second L ib e r ty B o nd Act, as a m e n d e d , in v ite s te n d e rs on a
yield basis for $1,750,000,000, o r th ere ab o u ts, of n otes of th e U n ited S tates, d esignated T re a su ry N otes of S eries B-1981. T h e in te re st
ra te for th e notes will b e d e te rm in e d as set forth in Section III, p a ra g ra p h 3, hereof. A n a d d itio n al a m o u n t of th e n otes m a y be a llo tte d
b y the S e c retary of th e T re a s u ry to G o v e rn m e n t acco unts a n d F e d e ra l R eserve B a n k s a t th e average price of a cc ep te d te n d e rs in
exchange for T re a s u ry securities m a tu rin g N o v e m b er 15, 1974. T e n d e r s will be received u p to 1 :3 0 p.m., E a s te rn S ta n d a rd tim e ,
T h u rsd ay , N o v e m b er 7, 1974, u n d e r c o m p e titiv e and n o n c o m p e titiv e bidding, as set fo rth in Sectio n I I I hereof. T h e 5 % p e rce n t
T re a su ry N otes of Series A-1974 a n d 3 7/s p e rc e n t T re a s u ry B onds of 1974 m a tu rin g N o v e m b e r 15, 1974, will b e a cc ep te d a t p a r in
p a ym en t, in w hole or in p a rt, to th e e x te n t ten d e rs a re a llo tte d b y th e T reasury .
II.
DE S C R IP TIO N O F NO TE S
1. T h e notes will be d a te d N o v e m b er 15, 1974, a n d w ill b e ar in te re s t from t h a t date, p a y ab le sem ia n n u a lly on M a y 15 a n d N o v e m
be r 15 in each y e ar u n til th e p rin cip a l a m o u n t becom es payable. T h e y w ill m a tu re N o v e m b er 15, 1981, a n d will n o t be su b je c t to call
for re d e m p tio n p rior to m atu rity .
2. T h e incom e d e rived from th e n otes is su b je ct to all taxes im p osed u n d e r th e In te rn a l R e v e n u e Code of 1954. 1 he notes are
su b ject to estate, in h eritan c e, g ift or o th e r excise taxes, w h e th er F e d e ral o r S ta te , b u t a re e x e m p t from a ll tax a tio n now or h e re a fte r im posed
on th e p rin cip a l o r in te re st th ere o f b y
a n y S ta te , or a n y o f th e possessions of th e U n ite d S tates, o r b y a n y local tax in g a u th o rity .
3. T h e notes will be a cc ep ta b le to secure deposits of p u b lic m oneys. T h e y
will n o t be a cc ep ta b le in p a y m e n t of taxes.
4. B e a re r notes w ith in te re st cou pon s a tta ch e d , a n d notes re g iste red as to p rin cip a l and in te re st, will be issued in d e n om inatio ns
of $1,000, $5,000, $10,000, $100,000 and $1,000,000.
B o o k -e n try n otes will be a v ailab le to eligible b id d ers in m u ltip les of those
am ounts. In terc h an g e s of notes of d ifferen t d e n om ination s a n d of cou pon a n d registered notes, a n d th e tra n sfe r of registered notes will
be p e rm itte d .
5. T h e notes will be su b je c t to th e general regulatio ns of th e D e p a rtm e n t of th e T re a su ry , now or h e re a fte r prescrib ed, governing
U n ite d S ta te s notes.
III.
TENDERS A N D A L L O T M E N T S
1. T e n d e rs will be received a t F e d e ra l R e se rv e B a n k s a n d B ra n c h e s a n d a t th e B u re a u of th e P u b lic D e b t, W ashington, D . C.
20226, u p to th e closing h o u r 1:3 0 p.m., E a s te rn S ta n d a rd tim e , T h u rsd a y , N o v e m b er 7, 1974. E ac h te n d e r m u st sta te th e face a m o u n t
of notes bid for, w hich m u st b e $ 1 , 0 0 0 or a m u ltip le thereo f, a n d th e yield desired, e x c e p t t h a t in th e case of n o nco m p etitive te n d e rs the
te rm “n o n c o m p e titiv e ” should be used in lieu of a yield. I n th e case of c o m p e titiv e tenders, the y ield m u st be expressed in te rm s of
an a n n u al yield, w ith tw o decim als, e.g., 7.91. F ra c tio n s m a v n o t b e used. N o n c o m p etitiv e te n d e rs from a n y one b id d er m ay n o t exceed
$500,000.
2. C om m ercial banks, w hich for th is p u rpose a re defined as b anks accep tin g d e m a n d deposits, a n d d e ale rs who m ak e p rim a ry
m ark e ts in G o v e rn m e n t securities and re p o rt d a ily to th e F e d e ral R e se rv e B a n k of N ew Y o rk th e ir positions w ith re sp e ct to G o v
e rn m e n t securities a n d borrow ings th ereo n , m a y su b m it te n d e rs for a cc o u n t of custo m ers p ro v id ed th e nam es o f th e custom ers are set
forth in such ten ders. O thers will n o t be p e r m itte d to su b m it te n d e rs except for th e ir ow n account. T e n d e rs will be received w itho ut
depo sit from b a n k in g in stitu tio n s for th e ir ow n account. F e d e rally -in su red savings and loan associations, S tates, political subdivisions or
in stru m e n talitie s thereof, p u b lic p ension a n d re tir e m e n t a n d o th e r p u blic funds, in te rn a tio n a l organizations in w hich th e U n ite d S ta te s
holds m em b ersh ip , foreign c en tral banks a n d foreign S tates, dealers w ho m ak e p rim a ry m a rk e ts in G o v e rn m en t secu rities a n d re p o rt
d a ily to th e F e d e ra l R eserve B a n k of N ew Y o rk th e ir po sitions w ith re sp e ct to G o v e rn m e n t securities a n d borrow ings thereon, a n d
G o v e rn m en t accounts. T e n d e rs from others m u st be acco m panied b y p a y m e n t ( i n cash or th e securities referred to in Section I w hich
will be a cc ep te d a t p a r ) of 5 p e rc e n t of th e face a m o u n t of notes a p p lie d for.
3. Im m e d ia te ly a f te r th e closing h o u r ten d e rs will be o p ened, follow ing w hich p u b lic a n n o u n ce m en t will b e m a d e by th e D e p a rtof th e T re a s u ry of th e a m o u n t a n d y ield range of a cc ep te d bids. T h o se su b m ittin g c o m p e titiv e te n d e rs will be ad v ised of the acceptan ce
or rejection thereof. In considering th e a ccep tan ce of tend ers, tho se w ith th e low est yields w ill be a cc ep te d to th e e x te n t re q u ire d to
a tta in th e a m o u n t offered. T e n d e rs a t th e highest a ccep ted yield will be p ro ra te d if necessary. A fte r th e d e te rm in a tio n is m ad e as
to which te n d e rs are accepted, a n in te re st ra te will be estab lished a t th e n e a re st Vs of one p e rc e n t n ecessary to m a k e th e average
a ccep ted price 100.00 or less. T h a t will be th e ra te of in te re st th a t will be p a id on a ll of th e notes. B a se d on such in te re st ra te , th e
price on each c o m p e titiv e te n d e r a llo tte d will be d e te rm in e d and each successful co m p etitiv e b id d er will be re q u ire d to p a y th e price
corresponding to th e yield bid. P ric e calculations will be carried to th ree decim al p laces on th e basis o f price p e r h u n d re d , e.g., 99.923,
a n d th e d e te rm in a tio n s of th e S e c retary of th e T re a su ry shall be final. T h e S e c retary of th e T re a s u r y expressly reserv es th e rig h t to
acc ep t or re je ct a n y or all tenders, in w hole or in p a rt, in clu ding th e rig h t to a cc ep t m o re or less th a n $1,750,000,000 of tenders, a n d
his a ction in a n y such re sp e ct shall be final. S u b je ct to these reservations, n onc o m p e titiv e te n d e rs for $500,000 or less w ith o u t sta te d
yield from a n y one b id d er will be a cc ep te d in full a t th e a v era g e p rice (in th re e d e cim als) of a cc ep te d c o m p e titiv e tenders.
4. All bid d ers are re q u ire d to agree n ot to p u rc h ase o r sell, or to m ak e a n y agreem ents w ith re sp e ct to th e purchase or sale or
oth er disposition of a n y notes of th is issue a t a specific ra te or price, u n til a fte r 1:30 p.m., E a s te rn S ta n d a rd tim e, T h u rsd a y ,
N o v e m b er 7, 1974.
5. C om m ercial b a n k s in su b m ittin g te n d e rs will be re q u ire d to c e rtify th a t th e y h a v e no beneficial in te re st in a n y of th e te n d e rs
th e y e n te r for th e accoun t of th e ir custom ers, a n d th a t th e ir cu stom ers have no beneficial in te re st in th e b a n k s’ ten d e rs for th e ir own
account.
IV .
P A Y M E N T FOR A N D DELIVER Y OF NOTES
1. S e ttle m e n t for a cc ep te d ten d e rs in acco rdance w ith th e bid s m u s t be m ad e or c o m p le te d on or b efore F rid a y , N o v e m b e r 15,
1974, a t th e F e d e ra l R e se rv e B a n k or B ranch o r a t the B u re a u of th e P u b lic D eb t. P a y m e n t m u st be in cash, securities re ferre d to in
Section I ( in te re st coupons d a te d N o v em b er 15, 1974, should be d e ta c h e d ), in o th er fun ds im m e d ia tely a vailable to th e T re a su ry by
N o v e m b er 15, or b y check draw n to th e o rd e r of th e F e d e ra l R e se rv e B a n k to w hich th e te n d e r is su b m itte d , o r th e U n ite d S tates
T re a su ry if th e te n d e r is su b m itte d to it, w hich m u st be received a t such b a n k or a t th e T re a su ry no la te r th a n : ( 1 ) T u esd ay , N o v em b er
12, 1974, if th e check is draw n on a b a n k in th e F e d e ra l R eserv e D is tr ic t of th e B a n k to w hich th e check is su b m itte d , or th e F if th
F e d e ral R e se rv e D istrict in case of th e T rea su ry , or ( 2 ) F rid a y , N o v e m b e r 8 , 1974, if th e check is d raw n on a b a n k in a n o th e r district.
C hecks received a fte r th e d a te s se t fo rth in th e pre ce d in g sen ten ce will n o t be a ccep ted unless th e y a re p a y ab le a t a F e d e ra l R e se rv e B ank.
W here full p a y m e n t is n o t c o m p le te d on tim e, th e a llo tm e n t will b e canceled and th e dep osit w ith th e te n d e r u p to 5 p e rc e n t o f th e
a m o u n t of notes a llo tte d will be su b je ct to fo rfeitu re to th e U n ite d States. P a y m e n t will not be deem ed to have been co m p leted w here
reg istered notes a re req u ested if th e a p p ro p ria te iden tify in g n u m b e r as re q u ire d on tax re tu rn s a n d o th e r do cu m en ts su b m itte d to th e
In te rn a l R e v en u e Service (a n in d iv id u a l’s social security n u m b e r o r a n e m p lo y e r identification n u m b e r) is n o t furnished. W h en p a y
m e n t is m ad e w ith securities, a cash a d ju s tm e n t will be m a d e to o r re q u ire d of th e b id d er for
a n y difference betw een th e face a m o u n t
of securities su b m itte d a n d th e a m o u n t p a y ab le on th e notes allotted.
2. D e liv e ry of notes in b e a re r form w ill be m a d e on or a b o u t N o v e m b er 25, 1974. P u rc h a se rs o f bearer notes m a y e le c t to receive
in te rim certificates on N o v em b er 15, 1974, w hich will be e x ch ang eable for th e notes w hen a v ailab le a t a n y F e d e ra l R eserve B a n k or
B ran ch or a t th e B u re a u of th e P u b lic D e b t, W ash ing ton, D. C. 20226. T h e in te rim certificates m u s t be re tu rn e d a t th e expense and
risk of th e holder.
V.
A S S I G N M E N T OF REGISTERED SECURITIES
1.
R e g iste re d securities te n d e re d as deposits a n d in p a y m e n t fo r n otes a llo tte d h e re u n d e r a re n o t req u ired to be assigned if th e notes
are to be registered in th e sam e n am es a n d form s as a p p e a r in th e re g istrations or assignm en ts of th e securities su rrendered. Specific
instru ctions for th e issuance a n d d elivery of th e notes, signed b y th e ow ner o r his a u th o riz ed re p rese n tativ e, m u st acc o m p an y th e secu
rities p resented. O therw ise, th e securities should b e assigned b y th e reg istered p ay ees o r assignees th e re o f in accordance w ith th e general
regu lations governing U n ite d S ta te s securities, as h e re in a fte r se t forth. N otes to be registered in n am es a n d form s d ifferent fro m those
in th e inscriptions or assignm ents of th e securities p re se n te d should be assigned to “T h e S e c re ta ry o f th e T re a s u ry for T re a s u r y N otes
of Series B-1981 in th e n a m e of (n a m e a n d tax p a y e r id en tify in g n u m b e r ) .” If no tes in cou pon form a re desired, th e assig n m en t should
be to “T h e S e c re ta ry of th e T re a su ry fo r coupon T re a s u ry N otes of S eries B-1981 to be deliv e red to___-______________ _______” S ecu
rities te n d e re d in p a y m e n t should be su rren dered to th e F e d e ra l R e se rv e B a n k or B ra n ch or to th e B u re au of th e P u b lic D e b t,
W ashington, D. C. 20226. T h e securities m u st be delivered a t th e expense a n d risk of th e holder.
V I.
G E N E R A L P R O V IS IO N S
1. As fiscal ag ents of th e U n ite d States, F e d e ra l R eserve B a n k s are au th o rized a n d re q u este d to receive ten ders, to m ak e such a llo t
m en ts as m ay b e p rescrib ed b y th e S e c re ta ry of th e T re a su ry , to issue such notices as m a y be necessary, to receive p a y m e n t fo r a n d
m ake d elivery of notes on full-paid te n d e rs a llo tte d , a n d th e y m a y issue in te rim re ce ip ts p e n d in g d e liv e ry o f th e definitive notes.
2. T h e S e c retary of th e T re a s u ry m ay a t a n y tim e, or from tim e to tim e, p rescrib e su p p le m e n tal or a m e n d a to ry rules a n d regula
tions governing th e offering, which will be co m m u n ica ted p ro m p tly to th e F e d e ra l F e d e ral R e se rv e Banks.
W illia m E . Sim on,
S ecretary o f th e T re a su ry.
(See reverse fo r te n d e r fo rm )
CLOSING
TIME
SECURITY
OFFERED
12:30 P.M. CENTRAL STANDARD TIME, THURSDAY, NOVEMBER 7, 1974
TREASURY NOTES OF SERIES B-1981
Dated and bearing interest from November 15,1974
Maturing November 15,1981
Pursuant to the provision of Treasury Department Circular, Public Debt Series No. 14-74, as shown on the reverse
side, the undersigned offers to purchase Treasury notes in the amount shown below, and agrees to pay for the amount
allotted, on or before the issue date, by the method and a t the rate indicated.
Q
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M
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O
W
&
NONCOMPETITIVE TENDER $_
JSTOT TO EXCEED $500,000
Noncompetitive tenders for $500,000 or less from any one bidder, without stated yield, will be accepted in full at the
average price (in three decimals) of accepted competitive tenders.
!
COMPETITIVE TENDERS { $!
1
I.
$i
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(n)
(i
(a)
$
.. $
BANKS ONLY:
OTHER THAN BANKS:
H
Y ields m u st be ex
pressed in terms of an
annual yield, with two
decim als, e.g., 7.91.
Fractions m ust not be
used.
$
$
(a)
£
W
□
s
By Cashier’s Check
□
By Certified Personal Check
frl
□
By Federal Funds D raft
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□
By Securities Submitted
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2
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W
S
CA
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□
By charge to our reserve account on payment
date
□
By draft enclosed.
□
By charge to our correspondent:
(A written authorization for such charge should
be provided from your correspondent.)
(Description)
ALL CHECKS MUST BE PAYABLE TO
THE FEDERAL RESERVE BANK
□
Bearer Securities (will be shipped to address below unless
indicated otherw ise):
□
Registered Securities (Fill out below)
Send to:_
$1,000
$5,000
$10,000
$100,000
$1 Mil.
Total
O
56
B
(Name*)
S o cia l S e c u r i ty N o .
( S e c o n d N a m e * —- i f m o r e than, o n e )
03
B
( S tr e e t A d d ress)
><
OS
w
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-
w
Q
( C ity , S ta t e , Z ip C o de)
If more than one
nam e indicated,
check one of these
blocks:
□ W ith rights of
survivorship
□ Without rights
of survivorship
ABOVE ADDRESS WILL BE USED IN THE MAILING
OF INTEREST CHECKS.
*Please note use of initials only should be avoided, and a
married woman’s own given name must be used.
£
o
H
C
N
E
O
S3
H
P
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tn
(Name of Subscriber)
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TOTAL $_
FEDERAL RESERVE BANK ONLY:
COST:
(Street Address)
H
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O
PS
Ed
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□ -------------- -----------------
CERTIFICATION BY COMMERCIAL BANKS
We hereby certify that we have received tenders from our customers in the amounts set opposite the customers’
names on the list which is made a part of this tender; that there has been paid to us by each such customer as required by
the official offering circular, not subject to withdrawal until after allotment, not less than 5 percent of the amount bid
for; that we have not made unsecured loans, or loans collateralized in whole or in part by the notes bid for, to supply the
amounts of such payments to any of such customers; that we have no beneficial interest in the tenders of such customers;
and that none of our customers has any beneficial interest in the amount bid for our own account.
We further certify that tenders received by us, if any, from the other commercial banks for their own account and for
the account of their customers have been entered with us under the same conditions, agreements and certifications as
set forth in this form.
CERTIFICATION BY ALL SUBSCRIBERS
We certify that all subscribers listed hereon have agreed not io purchase or to sell, or to make any agreements
with respect to the purchase or sale or other disposition of any of the notes of this issue at a specific rate or price, until
after 1:30 p.m., Eastern Standard time, Thursday, November 7, 1974.
PLEASE PRINT OR TYPE (The information below
will be used in delivery of securities.)
H
Book-entry (Banks only — indication of pieces not
necessary)
□ 01 General Account
$-------------------------------□ 02 Treasury Tax and
Loan Collateral
-------------------------------□ 04 Pledged to Secretary
of Treasury
-------------------------------□ 12 Investment Account --------.----------- -------- -—
□ 13 Trust Account
--------------------------------
DEPOSIT:
(City, State, Zip Code)
(Signature and title, if applicable)
DUE TO SUBSCRIBER:
BANKS ONLY:
For the account of,
if tender is for
another subscriber
DUE FROM SUBSCRIBER:
UNITED STATES OF AMERICA
TREASURY NOTES OF SERIES E-1977
D ated^ m d bearing interest from N ovem b er 15, 1974
Due N ovem b er 15, 1977
DEPARTMENT CIRCULAR
DEPARTMENT OF THE TREASURY
P u b lic D e b t Series — No. 13-74
Office of th e S ecretary
W ashington, O cto b er 31, 1974
1.
IN V IT A T IO N FOR TENDERS
1. T h e S e c retary of th e T rea su ry , p u rsu a n t to th e a u th o rity of th e Second L ib e rty B o nd Act, as am ended, in vites ten d e rs on a yield
basis for $2,500,000,000, or th ere ab o u ts, of notes of th e U n ite d S tates, desig nated T re a su ry N otes of Series E -1977. T h e in te re st ra te for
th e notes w ill be d e te rm in e d as se t forth in Section III, p a ra g ra p h 3, hereof. A n a d d itio n al a m o u n t of th e notes m a y be a llo tte d b y th e
S e c retary of th e T re a su ry to G o v e rn m e n t accou nts a n d F e d e ra l R e se rv e B a n k s a t th e a v erage p rice of a cc ep te d te n d e rs in exchange for
securities m a tu rin g N o v em b er 15, 1974. T e n d e rs will be received u p to 1:3 0 p.m., E a s te rn S ta n d a rd tim e, W ednesday, N o v e m b er 6 ,
1974, u n d e r c o m p e titiv e a n d non c o m p e titiv e bidding, as set fo rth in Section I I I hereof. T h e 5 % % T re a su ry N otes of Series A-1974 and
3 % % T re a su ry B onds of 1974, m atu rin g N o v e m b er 15, 1974, will b e a cc ep te d a t p a r in p a y m e n t, in w hole or in p a rt, to th e e x te n t
te n d e rs a re a llo tte d by th e T reasu ry .
II.
DESCRIPTON OF NOTES
1. T h e n otes w ill b e d a te d N o v e m b er 15, 1974, a n d will b e ar in te re st from th a t date, p a y ab le sem ia n n u a lly on M a y 15 a n d N o v e m
b e r 15 in each y e a r u n til th e p rin cip a l a m o u n t becom es p a yable. T h e y will m a tu re N o v e m b er 15, 1977, a n d will n o t b e su b je ct to call
for re d em p tio n p rio r to m atu rity .
2. T h e incom e d e rived from th e notes is su b je ct to all tax es im posed u n d e r th e In te rn a l R e v en u e Code of 1954. T h e notes a re
su b je ct to estate, inh eritance, gift or o th e r excise taxes, w h e th e r F e d e ra l or S ta te , b u t are e x em p t fro m all tax a tio n now h e re a fte r im posed
on th e p rin cip a l or in te re st th e re o f by a n y S ta te , or a n y of th e possessions of th e U n ite d S tates, or b y a n y local taxing auth ority.
3. T h e notes w ill be a c c ep ta b le to secure d eposits of p u b lic m oneys. T h e y w ill n o t be a cc ep ta b le in p a y m e n t of taxes.
4. B e a re r no tes w ith in te re st coupons a tta ch e d , a n d notes registered as to p rin cip a l a n d interest, will be issued in denom inations
of $5,000, $10,000, $100,000 a n d $1,000,000. B o ok-en try notes will be a v ailab le to eligible b id d ers in m u ltip les of those am ounts. I n te r
changes of no tes of different den o m in a tio n s a n d of coupon a n d re g iste red notes, a n d th e tra n sfe r of re g iste red n otes will be p e rm itte d .
5. T h e notes will b e su b je ct to th e general regulatio ns of th e D e p a rtm e n t of th e T rea su ry , now or h e re a fte r p rescribed, governing
U n ite d S ta te s notes.
III.
TENDERS A N D ALLOTMENTS
1. T e n d e rs will b e received a t F e d e ra l R e se rv e B a n k s a n d B ra n ch e s a n d a t th e B u re a u of th e P u b lic D e b t, W ashington, D. C. 20226,
u p to th e closing hour, 1 :3 0 p.m., E a s te rn S ta n d a rd tim e, W edn esday, N o v e m b er 6 , 1974. E a c h te n d e r m u st sta te th e face a m o u n t of
notes bid for, w hich m u st be $5,000 or a m u ltip le thereof, a n d th e yield desired, ex cept th a t in th e case of no nc o m p e titiv e ten d e rs the
te rm “n o n c o m p e titiv e ” should be used in lieu of a yield. In th e case of c o m p e titiv e tend ers, th e y ield m u st be expressed in te rm s of an
a n n u al yield, w ith tw o decim als, e.g., 7.91. F ra c tio n s m ay n o t be used. N o n c o m p etitiv e ten d e rs from a n y one b id d e r m ay n o t exceed
$500,000.
2. C om m ercial banks, w hich fo r th is p u rpo se a re defined as b an ks accep tin g d e m a n d deposits, a n d d ealers who m a k e p rim a ry
m a rk e ts in G o v e rn m e n t securities a n d re p o rt d aily to th e F e d e ra l R e se rv e B a n k of N ew Y ork th e ir positions w ith re sp e ct to G o v e rn
m e n t securities a n d borrow ings th ereon, m a y su b m it te n d e rs for a ccoun t of cu stom ers p ro v id ed th e nam es of th e cu stom ers a re set
fo rth in such tend ers. O th ers will n o t b e p e rm itte d to su b m it te n d e rs ex cept for th e ir own account. T e n d e rs will be received w ithou t
d e p o sit from b a n k in g in stitu tio n s for th e ir own account, F ederally -insu red savings a n d loan associations, States, p olitical subdivisions
or in stru m e n talitie s thereof, p u b lic p e n sion a n d r e tire m e n t a n d o th e r p u b lic funds, in te rn a tio n a l organizations in w hich th e U n ite d
S ta te s holds m em b ersh ip , foreign c en tral b a n k s a n d foreign S tates, d ealers who m a k e p rim a ry m a rk e ts in G o v e rn m en t secu rities and
re p o rt daily to th e F e d e ra l R eserv e B a n k of N ew Y o rk th e ir p osition s w ith re sp e ct to G o v e rn m e n t securities a n d borrow ings thereon ,
a n d G o v e rn m e n t accounts. T e n d e rs from oth ers m u st be a cc o m p an ied b y p a y m e n t ( in cash, or th e securities re ferre d to in Section
I w hich will be a cc ep te d a t p a r ) of 5 p e rc e n t of th e face a m o u n t of no tes a p p lie d for.
3. Im m e d ia te ly a fte r th e closing ho ur te n d e rs will be opened, follow ing w hich p u b lic a n n o u n ce m en t w ill b e m a d e b y th e D e p a rt
m e n t of th e T re a s u ry of th e a m o u n t a n d yield ran ge of a cc ep te d bids. T h o se su b m ittin g c o m p e titiv e te n d e rs will be advised of th e
accep tance or re je ctio n thereof. In considering th e acceptance of ten d e rs, those w ith th e lowest yields will b e a cc ep te d to th e e x te n t
re q u ire d to a tta in th e a m o u n t offered. T e n d e rs a t th e h ig hest a cc ep te d yield will be p ro ra te d if necessary. A fte r th e d e te rm in a tio n
is m ad e as to w hich te n d e rs a re accep ted, a n in te re st r a te will be e stablished a t th e n e a re st Vs of o ne p e rce n t necessary to m a k e th e
a verage a cc ep te d p rice 100.00 or less. T h a t w ill b e th e ra te of in te re s t th a t will b e p a id on all of th e notes. B ased on such in te re st
rate, th e p rice on each c o m p e titiv e te n d e r a llo tte d will b e d e te rm in e d a n d each successful c o m p e titiv e b id d e r will be re q u ire d to pay
th e p rice correspo ndin g to th e y ield bid. P ric e calculations w ill b e c arried to th re e d ecim al places on th e basis of p rice p e r hun dred ,
e.g., 99.923, a n d th e d e te rm in a tio n s of th e S e c re ta ry of th e T re a s u ry shall be final. T h e S e c retary of th e T re a su ry expressly reserves
th e rig h t to a c c e p t or re je c t a n y or all tend ers, in w hole or in p a rt, including th e rig h t to a c c e p t m ore or less th a n $2,500,000,000 of
tend ers, a n d his a ctio n in a n y such re sp e ct shall be final. S u b je ct to th ese reservations, n o n c o m p e titiv e te n d e rs for $500,000 or less
w ith o u t sta te d y ield from a n y one b id d e r w ill be a cc ep te d in full a t th e av erage p rice (in th re e d ecim als) of a cc ep te d c o m p e titiv e tenders.
4. All b id ders a re re q u ire d to agree n o t to p u rchase or sell, or to m ak e a n y a g ree m e n ts w ith re sp e c t to th e p u rchase or sale or other
disposition of a n y notes of th is issue a t a specific ra te or price, u n til a fte r 1 :3 0 p.m., E a s te rn S ta n d a rd tim e, W ednesday , N o v em b er
6 , 1974.
5. C om m ercial b a n k s in su b m ittin g te n d e rs will b e re q u ire d to c e rtify t h a t th e y h a v e no beneficial in te re st in a n y of th e ten d e rs
t h e y e n te r for th e a ccoun t of th e ir custom ers, a n d t h a t th e ir custom ers have no beneficial in te re st in th e b a n k s’ te n d e rs for th e ir own
account.
IV .
PAYMENT FOR A N D DELIVERY OF NOTES
1. S e ttle m e n t for a ccep ted te n d e rs in accordance w ith th e b id s m u st be m ad e o r c o m p le te d on or before N o v e m b er 15, 1974, a t th e
F e d e ra l R e se rv e B a n k or B ra n ch or a t th e B u re a u of th e P u b lic D e b t, W ashington, D . C. 20226. P a y m e n t m u st b e in cash, securities
re ferre d to in Section I ( in te r e s t coupons d a te d N o v e m b er 15, 1974, should be d e ta c h e d ), in o th er funds im m e d ia te ly a v ailab le to
th e T re a su ry b y N o v e m b er 15, or by check draw n to th e order o f th e F e d e ra l R e se rv e B a n k to w hich th e te n d e r is su b m itte d , or
th e U n ite d S ta te s T re a su ry if th e te n d e r is su b m itte d to it, w hich m u st be received a t such B a n k or a t th e T re a su ry no la te r th a n :
( 1 ) T u esday, N o v e m b er 12, 1974, if th e check is d raw n o n a b a n k in th e F e d e ra l R e se rv e D istric t of th e B a n k to w hich th e check
is su b m itte d , o r th e F if th F e d e ra l R e se rv e D istric t in th e case of th e T rea su ry , or (2 ) F rid a y , N o v e m b er 8 , 1974, if th e check is draw n
on a b a n k in a n o th e r district. C hecks received a fte r th e d ates se t fo rth in th e p re ce d in g sentence will n o t be a ccepted unless th e y are
p a y a b le a t a F e d e ra l R e se rv e B ank. P a y m e n t will n o t b e d e em e d to h a v e been co m p leted w here re g iste red n otes a re re q u este d if the
a p p ro p ria te iden tify in g n u m b e r as re q u ire d on ta x re tu rn s a n d o th e r do cu m en ts su b m itte d to th e In te rn a l R e v en u e Service (an in d i
v id u a l’s social secu rity n u m b e r or a n e m p lo yer identification n u m b e r) is n o t furnished. In every case w here full p a y m e n t is n o t com pleted,
th e p a y m e n t w ith th e te n d e r u p to 5 p e rc e n t of th e a m o u n t of notes a llo tte d shall, u p o n d ecla ra tio n m a d e b y th e S e c retary of th e T rea su ry
in his discretion, be fo rfeited to th e U n ite d States. W h en p a y m e n t is m ad e w ith m a tu rin g securities, a cash a d ju s tm e n t will b e m ad e to
or re q u ire d of th e b id d e r for a n y difference b e tw ee n th e face a m o u n t of securities su b m itte d a n d th e a m o u n t p a y a b le on th e notes
allotted.
2. D e liv e ry of n otes in b e a re r form will b e m a d e on o r a b o u t N o v e m b er 25, 1974. P u rc h a se rs of b e a re r no tes m ay elect to receive
in te rim certificates on N o v e m b er 15, 1974, w hich will be exch ang eable for th e notes w hen av ailab le a t a n y F e d e ra l R e se rv e B a n k or
B ra n c h or a t th e B u re a u of th e P u b lic D e b t, W ashington, D. C. 20226. T h e in te rim certificates m u st be r e tu rn e d a t th e risk a n d expense
of th e holder.
V.
ASSIGNMENT OF REGISTERED SECURITIES
1.
R e g is te re d securities te n d e re d as dep osits a n d in p a y m e n t for notes a llo tte d h e re u n d e r a re n o t re q u ire d to be assigned if the
n otes are to be reg istered in th e sam e n am es a n d form s as a p p e a r in th e re g istrations or assignm en ts of th e securities surrendered. S p e
cific in stru ctio n s for th e issuance a n d delivery of th e notes, signed b y th e ow ner or his a u th o riz ed re p rese n tativ e, m u st accom pany
th e secu rities presen ted . O therw ise, th e securities should b e assigned b y th e reg istered p ay ees o r assignees th ere o f in accordance w ith
th e general reg ulations governing U n ite d S ta te s securities, as h e re in a fte r se t forth. N otes to be reg istered in n am es a n d form s different
from those in th e inscriptions or assign m ents of th e securities p re se n te d should b e assigned to “T h e S e c retary of th e T re a su ry for
T re a su ry N otes of Series E -1977 in th e n a m e of (n am e a n d tax p a y e r iden tify in g n u m b e r ) .” If n otes in coupon form a re desired, th e
a ssig n m en t should be to “T h e S e c retary of th e T re a su ry for coup on T re a su ry N o tes of Series E -197 7 to be delivered to____________
--------------------------------------- ” Securities ten d e red in p a y m e n t should be su rren d ered to th e F e d e ral R eserve B a n k or B ran ch or to th e B u re au
of th e P u b lic D e b t, W ashington, D. C. 20226. T h e securities m u st b e delivered a t th e expense an d risk of th e holder.
V I.
GENERAL PROVISIONS
1. As fiscal agents of th e U n ited States, F e d e ra l R eserv e B a n k s are a u th o rized a n d req u ested to receive tenders, to m a k e such
a llo tm e n ts as m ay b e p rescrib ed b y th e S ecretary of th e T rea su ry , to issue such notices as m a y b e necessary, to receive p a y m e n t for
a n d m ak e d elivery of notes on full-paid ten d e rs allotted, an d th e y m ay issue in terim receip ts p en d in g delivery of th e definitive notes.
2. T h e S e c retary of th e T rea su ry m ay a t a n y tim e, or from tim e to tim e, p rescrib e su p p lem en tal or a m e n d a to ry rules a n d regu
lations governing th e offering, w hich will b e co m m u n icated p ro m p tly to th e F e d e ra l R eserve Banks.
W illia m E . Sim on,
S e cre tary o f th e T reasury.
(See reverse fo r te n d e r fo rm )
CLOSING
TIME
SECURITY
OFFERED
12:30 P.M. CENTRAL STANDARD TIME, WEDNESDAY, NOVEMBER 6, 1974
TREASURY NOTES OF SERIES E-1977
Maturing November 15,1977
Dated and bearing interest from November 15,1974
Pursuant to the provision of Treasury Department Circular, Public Debt Series No. 13-74, as shown on the reverse
side, the undersigned offers to purchase Treasury notes in the amount shown below, and agrees to pay for the amount
allotted, on or before the issue date, by the method and a t the rate indicated.
g
3
NONCOMPETITIVE TENDER $_
fa
Noncompetitive tenders for $500,000 or less from any one bidder, without stated yield, will be accepted in full at the
average price (in three decimals) of accepted competitive tenders.
O
w
cu
JNOT TO EXCEED $500,000
fri)
(n)
(a)
(a)
COMPETITIVE TENDERS
OTHER THAN BANKS:
Y ields m ust be e x
pressed in terms of an
annual yield, with two
d e c im a ls , e.g., 7.91.
Fractions must not be
used.
%
%
%
$
...
BANKS ONLY:
£
fa
s
><
fa
fa
o
Q
O
a
H
o
HH
H
U
S
By Cashier’s Check
By Certified Personal Check
□
By Federal Funds D raft
□
By Securities Submitted
( D e s c r ip t io n )
ALL CHECKS MUST BE PAYABLE TO
THE FEDERAL RESERVE BANK
fa
co
□
□
□
Bearer Securities (will be shipped to address below unless
indicated otherwise):
□
Registered Securities (Fill out below)
(Name*)
£
HH
( S tre e t A d d ress)
( C ity , S t a t e , Z ip C o d e)
If more than one
nam e indicated,
check one of these
blocks:
□ With rights of
survivorship
□ Without rights
of survivorship
HH
hJ
fa
Q
ABOVE ADDRESS WILL BE USED IN THE MAILING
OF INTEREST CHECKS.
*Please note use of initials only should be avoided, and a
married woman’s own given name must be used.
£
O
C
s
i
HH
PS
o
S3
H
P
<
Q
□
By draft enclosed
□
By charge to our correspondent:
(A written authorization for such charge should
be provided from your correspondent.
Send to:_
10,000
□ ----TOTAL $_
CERTIFICATION BY COMMERCIAL BANKS
We hereby certify that we have received tenders from our customers in the amounts set opposite the customers’
names on the list which ismade a part of this tender; that therehas been paid tous by each such customer as required by
the official offering circular, not subject to withdrawal until after allotment, not less than 5 percent of the amount bid
for; that we have not made unsecured loans, or loans collateralized inwhole or inpart by the notes bid for,to supply the
amounts of such payments to any of such customers; that we have no beneficialinterest inthe tenders of such customers;
and that none of our customers has any beneficial interest in theamount bid forour own account.
We further certify that tenders received by us, if any, from theother commercial banks for theirown account and for
the account of their customers have been entered with us under the same conditions, agreements and certifications as
set forth in this form.
CERTIFICATION BY ALL SUBSCRIBERS
We certify that all subscribers listed hereon have agreed not to purchase or to sell or to make any agreements
with respect to the purchase or sale or other disposition of any of thenotes of thisissue at a specificrate or price, until
after 1:30 p.m., Eastern Standard time, Wednesday, November 6,1974.
PLEASE PRINT OR TYPE (The information below
will be used in delivery of securities.)
£
( N a m e of S u b s c r ib e r )
O
HH
H
<
V
( S tr e e t A d d ress)
f
a
HH
( C it y , S t a t e , Z ip C o d e)
FEDERAL RESERVE BANK ONLY:
COST:
DEPOSIT:
HH
fa
1,000,000
Book-entry (Banks only — indication of pieces not
necessary)
□ 01 General Account
?-------------------------------□ 02 Treasury Tax and
Loan C o l l a t e r a l ------------------------------- □ 04 Pledged to Secretary
of T r e a s u r y -------------------------------□ 12 Investment Account -------------------------------□ 13 Trust Account
--------------------------------
02
H
C2
100,000
Social Security No.
(S econd N am e * — if m o re th a n o n e)
>
1
X
fa
By charge to our reserve account on payment
date
5,000
OS
Eh
C/2
□
( S i g n a t u r e a n d title , if a p p l ic a b le )
u
DUE TO SUBSCRIBER:
BANKS ONLY:
F o r th e a c c o u n t o f, }
i f te n d e r is f o r
£
a n o t h e r s u b s c r ib e r )
DUE FROM SUBSCRIBER:
8
UNITED STATES OF AMERICA
V2 PERCENT TREASURY BONDS OF 1994-99
D ated M a y ^ 5 , 1974, with interest from N ov e m b e r 15, 1974
Due M a y 15, 1999
* "
REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR A N D ACCRUED
INTEREST O N A N D AFTER M A Y 15, 1994
DEPARTMENT OF THE TREASURY
DEPARTMENT CIRCULAR
Office of the Secretary
Washington, October
P ublic D e b t Series
No. 15-74
31, 1974
I.
IN V IT A T IO N FOR TENDERS
1. T h e S e c re ta ry of th e T re a su ry , p u rs u a n t to th e a u th o rity of th e Second L ib e rty B o n d Act, as a m e n d e d , in vites ten d e rs a t a
price n o t less th a n 94.01 p e rc e n t of th e ir face value fo r $600,000,000, or th ereab o u ts, of bonds of th e U n ite d S tates, d esig n ated 8 V2 p e r
c e n t T re a s u ry B ond s of 1994-99. A n a d d itio n al a m o u n t of th e bonds m a y be a llo tte d by th e S e c re ta ry o f th e T re a su ry to G o v e rn m en t
a ccounts a n d F e d e ra l R eserve B a n k s a t th e average p rice of a cc ep te d te n d e rs in exchange for T re a s u ry securities m a tu rin g N o v em b er
IS, 1974. T e n d e rs will be received u p to 2 :3 0 p.m., E a s te rn S ta n d a rd tim e, F rid a y , N o v e m b er 8 , 1974, u n d e r c o m p e titiv e a n d no n
c o m p e titiv e bidding, a s se t fo rth in Section I I I hereof. T h e 53A p e rce n t T re a su ry N otes of S eries A - 1974 a n d 3 % p e rc e n t T re a s u ry B onds
of 1974 m atu rin g N o v e m b er 15, 1974, will be a cc ep te d a t p a r in p a y m e n t, in w hole or in p a rt, to th e e x te n t te n d e rs a re a llo tte d b y th e
T reasury.
2. D e fe rre d p a y m e n t for fifty p e rc e n t of th e a m o u n t of bonds a llo tte d m a y be m ade as p ro v id e d in S ectio n IV hereof. D e liv e ry of
b e are r bonds will be m ad e on N o v e m b er 15, 1974, ex cept t h a t d e liv e ry of th e bo nds on w hich a p o rtio n of th e p a y m e n t is d e fe rre d w ill
be m a d e on D e c e m b e r 3, 1974.
II.
DESCRIPTION OF BONDS
1. T h e bonds now offered will be id en tica l in all respects w ith th e 8 V2 p e rc e n t T re a su ry B onds of 1994-99 issued p u r s u a n t to
D e p a rtm e n t C ircular, P u b lic D e b t Series — No. 7-74, d a te d
M a y 2, 1974, e x ce p t t h a t in te re st will accrue from N o v e m b er 15, 1974.
W ith th is ex cep tio n th e bonds are described in th e following q u o tatio n from D e p a rtm e n t C ircu lar No. 7-74:
“ 1 . T h e bonds will be d a te d M a y 15, 1974, and will b e a r in te r e s t from t h a t d a te a t th e ra te of 8 V2 p e rc e n t p e r a n n u m , p a y ab le
se m ia n n u a lly on N o v e m b er 15, 1974, a n d th e re a fte r on M a y 15, a n d N o v e m b er 15 in each year u n til th e p rin cip a l a m o u n t becom es
payable. T h e y will m a tu re M a y 15, 1999, b u t m ay be red ee m e d a t th e o p tio n of th e U n ite d S ta te s on a n d a fte r M a y 15, 1994 in
w hole or in p a rt, a t p a r a n d a ccru ed in te re st o n a n y in te re st d a y o r days, on 4 m o n th s’ notice o f re d em p tio n given in such m a n n e r as
th e S ecretary of th e T re a su ry shall prescribe. In case of p a rtia l re d em p tio n , th e bonds to be re d ee m e d will be d e te rm in e d b y such
m eth o d as m ay be p rescrib ed b y th e S e c re ta ry of th e T rea su ry . F r o m th e d a te of re d e m p tio n d esign ated in a n y such notice, in te re st on
th e bonds called for re d em p tio n shall cease.
“2. T h e incom e d eriv ed fro m th e bonds is su b je c t to all taxes im p osed u n d e r th e I n te rn a l R e v en u e Code of 1954. T h e bonds are
su b je ct to estate, in h eritan c e, g ift or o th e r excise taxes, w h e th e r F e d e ra l or State, b u t are e x e m p t from a ll ta x a tio n now or h e rea fte r
im posed on th e p rin cip a l o r in te re st th e re o f b y a n y S ta te , o r a n y of th e possessions of th e U n ite d S tates, o r b y a n y local taxing
a uth ority.
“ 3. T h e bonds will be a cc ep ta b le to secure deposits of p u b lic m oneys. T h e y will n o t b e a cc ep ta b le in p a y m e n t of taxes.
“4. B e are r bonds w ith in te re st coupons a tta ch e d , a n d bonds re g iste red a s to p rin cip a l a n d interest, will be issued in d e n om in ation s
of $1,000, $5,000, $10,000, $100,000 and $1,000,000. P rovision will be m a d e for th e in te rc h an g e of b ond s of differen t d e n om in ation s
a n d of coupon a n d registered bonds, a n d for th e tra n s fe r of re g iste red bonds, u n d e r rules and regu lations p rescrib ed b y th e S e c re ta ry of
th e T reasu ry .
“ 5. T h e bonds will b e su b je ct to th e general regu latio ns of t h e D e p a rtm e n t of th e T re a su ry , now o r h e re a fte r prescrib ed, govern
ing U n ited S ta te s bonds.”
I I I.
TENDERS A N D ALLOTMENTS
_
„
0
_
1. T e n d e rs will be received a t F e d e ra l R e se rv e B an ks a n d B ra n ch e s a n d a t th e B u re a u of th e P u b lic D e b t, W ashington, D . C.
20226, up to th e closing h our, 2 :3 0 p.m., E a s te rn S ta n d a rd tim e , F rid a y , N o v em b er 8 , 1974. E a c h te n d e r m u st sta te th e face a m o u n t of
bonds bid for, w hich m u st be $ 1 , 0 0 0 or a m u ltip le thereof, a n d th e price offered, except th a t in th e case of n o ncom petitive ten d e rs the
te rm “ non c o m p e titiv e ” should be
used in lieu of a price. In th e case of co m p etitiv e tenders, th e
p rice m u s t be
expressed on th e basis of
100, w ith two decim als, e.g., 100.00. T e n d e rs a t a price less th a n 94.01 will n o t be accepted. F ra c tio n s m a y n o t be used. N o n c o m p etitiv e
ten d e rs from a n y one b id d er m a y n o t exceed $500,000.
2 . C om m ercial banks, w hich for th is p u rpose are defined as b a n k s a cc ep tin g d e m a n d deposits, a n d de ale rs who m a k e p rim a ry
m ark e ts in G o v e rn m en t securities a n d re p o rt d aily to th e F e d e ral R e se rv e B a n k of N ew Y ork th e ir positions w ith respect to Gov
e rn m e n t secu rities a n d borrowings th ere o n , m a y su b m it te n d e rs for a cc o u n t of custom ers p ro v id ed th e n am es of th e custom ers are
set forth in such tenders. O th e rs will n o t be p e rm itte d to su b m it te n d e rs e x ce p t for th e ir ow n account. T e n d e rs will be received w ith
out dep osit from b a nk ing in stitu tio n s for th e ir ow n accou nt, F ed e rally -in su red savings a n d loan associations, S ta te s, p olitical su bdivi
sions or in stru m e n ta litie s thereof, p u b lic pen sion a n d re tire m e n t and o th e r p u b lic funds, in te rn a tio n a l organizations in w hich th e U n ite d
S ta te s holds m em b e rsh ip , foreign c en tral b a n k s a n d foreign S tates, d e ale rs who m ak e p rim a ry m a rk e ts in G o v e rn m e n t securities an d
re p o rt daily to the F e d e ra l R eserv e B a n k of N ew Y ork th e ir p osition s w ith resp ect to G o v e rn m e n t securities a n d borrow ings th ere o n , a n d
G o v e rn m en t accounts. T e n d e rs from o th ers m u st b e a ccom panied by p a y m e n t (in cash or th e securities re ferre d to in S ection I w hich
will be accepted a t p a r) of 5 p e rc e n t of th e face a m o u n t of bonds a p p lie d for.
3. Im m e d ia te ly a fte r th e closing h o u r te n d e rs will b e opened, follow ing which p u b lic a n n o u n c e m e n t will be m a d e b y th e D e p a rt
m e n t of th e T re a su ry of th e a m o u n t a n d p ric e range of a cc ep te d bids. T h o se su b m ittin g te n d e rs will be advised of th e a ccep tan ce or
rejectio n thereof. In co nsideratin g th e acceptance of ten d e rs, tho se a t th e h ig h est prices will be a ccep ted to th e e x te n t re q u ire d to a tta in
th e a m o u n t offered. T e n d e rs a t th e lowest a cc ep te d price will be p ro ra te d if necessary. T h e S e c retary of the T re a su ry expressly reserves
th e rig h t to a ccept or re je ct a n y or all tend ers, in whole or in p a rt, in clu ding th e rig h t to a c c e p t less th a n $600,000,000 of ten ders, a n d his
actio n in a n y such re sp e ct shall be final. S u b je ct to th ese reservations, n o n c o m p e titiv e te n d e rs for $500,000 or less w ith o u t sta te d price
from a n y one b id d er will be a cc ep te d in full a t th e a verage p ric e 1 ( i n tw o d e cim als) of a ccep ted co m p etitiv e tenders.
4. All bidd ers are re q u ire d to agree n o t to p u rc h ase or sell, or to m ak e a n y agreem ents w ith respect to th e p u rchase o r sale or other
disposition of any bonds of th is issue a t a specific ra te or price, u n til a fte r 2 :3 0 p.m., E a s te rn S ta n d a rd tim e, F rid a y , N o v e m b er 8 , 1974.
5. C om m ercial b ank s in su b m ittin g te n d e rs will be req u ired to c ertify th a t th e y have no beneficial in te re st in a n y of th e ten ders
th e y e n te r for th e a ccou nt of th e ir custom ers, a n d th a t th e ir c u sto m e rs h a v e no beneficial in te re st in th e b a n k s' te n d e rs for t h e ir own
account.
IV .
PAYMENT
1. S e ttle m e n t for a ccepted te n d e rs in acco rdance w ith th e b id s m u st be m a d e or c o m p le te d o n o r before N o v e m b er 15, 1974, a t
th e F e d e ra l R e se rv e B a n k o r B ra n c h or a t th e B u re au of th e P u b lic D e b t, e x ce p t t h a t a b id d e r m a y ele c t to defer p a y m e n t for n o t m ore
th a n 50 p e rc e n t of th e a m o u n t of bonds a llo tte d u n til D e c em b er 3, 1974. P a y m e n t m u st be in cash, securities re ferre d to in Sectio n I
( in te re st coupons d a te d N o v e m b er 15, 1974, should be d e ta c h e d ) , in o th e r funds im m e d ia te ly a v ailab le to th e T re a s u ry b y th e p a y m e n t
date, or by check draw n to th e ord er of th e F e d e ra l R e se rv e Bank, to w hich th e te n d e r is su b m itte d , o r th e U n ite d S ta te s T re a s u ry if
th e te n d e r is su b m itte d to it, w hich m u st be received a t such b a n k o r a t th e T re a su ry no late r th a n : ( 1 ) T u esd ay , N o v e m b er 12, 1974,
if the check is draw n on a b a n k in th e F e d e ra l R eserve D istric t of th e B a n k to w hich th e check is su b m itte d , o r th e F if th F e d e ra l
R eserve D istric t in case of th e T rea su ry , o r ( 2 ) F rid a y , N o v em b er 8 , 1974, if th e check is d raw n o n a b a n k in a n o th e r district. C hecks
received a fte r th e dates set fo rth in th e pre ce d in g sentence w ill n o t be a ccep ted unless th e y are p a y ab le a t a F e d e ra l R e se rv e B ank.
A ccrued in te re st from N o v e m b er 15 to D e c e m b e r 3, 1974, will be c h arg e d on th e face a m o u n t of bo nds on w hich p a y m e n t is deferred,
a t th e ra te of $4.22652 p e r $1,000. W h ere p a rtia l p a y m e n t for bonds a llo tte d is to be deferred, d e liv e ry of 5 p e rc e n t o f th e to ta l par
a m o u n t of bonds a llo tte d , a d ju s te d to th e n e x t h ig her $ 1 ,0 0 0 , will b e w ith h eld from all b id d ers re q u ire d to su b m it a 5 p e rc e n t p a y m e n t
w ith tenders, u n til p a y m e n t for th e to ta l a m o u n t a llo tte d has b e en com pleted. P a y m e n t will n o t be d eem ed t o have b e en c om pleted
w here reg istered bonds are re q u este d if th e a p p ro p ria te id e n tify in g n u m b er as re q u ire d on ta x re tu rn s a n d o th e r do cu m en ts su b m itte d to
th e In te rn a l R e v en u e Service ( a n in d iv id u a l’s social security n u m b e r or a n em p lo y er identification n u m b e r) is n o t furnished. W h ere
full p a y m e n t is n o t co m p leted b y th e dates shown above, th e p a y m e n t w ith th e te n d e r u p to 5 p e rc e n t of th e a m o u n t of b on ds a llo tte d
shall, upon decla ra tio n m ade b y th e S e c retary of th e T re a s u ry in his discretion, be fo rfeited to th e U n ite d States. W h en p a y m e n t is m ade
w ith m a tu rin g securities, a cash a d ju s tm e n t will be m a d e to o r re q u ire d of th e b id d e r for a n y difference betw een th e face a m o u n t of
securities su b m itte d and th e a m o u n t p a y ab le on th e b ond s allotted.
V.
ASSIG NMENT OF REGISTERED SECURITIES
1. R eg istered securities te n d e re d as deposits and in p a y m e n t for bonds a llo tte d h e reu n d e r are n o t re q u ire d to b e assigned if th e bonds
are to be registered in th e sam e nam es a n d form s as a p p e a r in th e re g istra tio n s o r assign m ents o f th e secu rities surrend ered . Specific
instruction s for th e issuance a n d d eliv ery of th e bonds, signed b y th e ow ner o r his a u th o riz ed re p rese n tativ e, m u st acc o m p an y th e secu
rities presented. O therw ise, th e securities should be assigned b y th e re g iste red p a y ee s o r assignees th e re o f in accordan c w ith th e general
regulations governing U n ite d S ta te s securities, as h e re in a fte r se t forth. B onds to be re g iste red in n a m e s a n d form s different from tho se
in th e inscription s or assignm ents of th e securities p re se n te d should be assigned to “T h e S e c retary of the T re a s u ry for 8 V2 p e rc e n t T re a su ry
B onds of 1994-99 in th e n a m e of (n a m e a n d tax p a y e r id en tify in g n u m b e r ) ,” If bonds in c o upo n form are desired, th e assig n m en t should
be to “T h e S e c retary of th e T re a su ry for 8 V2 p e rc e n t coup on T re a su ry B onds of 1994-99 to be d eliv ered to _________________________ w
Securities ten d e red in p a y m e n t should b e su rre n d ere d to th e F e d e ra l R e se rv e B a n k or B ra n ch or to th e B u re au of th e P u b lic D e b t,
W ashington, D. C. 20226. T h e securities m u st be delivered a t th e expense a n d risk of th e holder.
V I.
GENERAL PROVISIONS
1. As fiscal agents of th e U n ite d S tates, F e d e ra l R e se rv e B a n k s a re a u th o riz ed a n d req u ested t o receive ten ders, to m a k e such a llo t
m ents as m a y be prescribed b y th e S e c re ta ry of th e T rea su ry , to issue such notices as m a y b e necessary, to receive p a y m e n t for a n d
m ak e d eliv ery of bonds on full-pa id te n d e rs allotted , and th e y m a y issue in te rim receip ts p e n d in g d e liv e ry of th e definitive bonds.
2. T h e S e c re ta ry of th e T re a su ry m a y a t a n y tim e , o r from tim e to tim e, p rescrib e su p p le m e n tal or a m e n d a to ry rules a n d regulations
governing th e offering, w hich will be c o m m u n ica ted p ro m p tly to th e F e d e ra l R eserve B anks.
W illiam E. Sim on,
S ecretary o f th e T re a su ry.
3A verage price m a y be at, or m ore or less th a n
1 0 0 .0 0 .
(See reverse fo r te n d e r fo rm )
CLOSING
TIME
SECURITY
OFFERED
1:30 P.M. CENTRAL STANDARD TIME,
FRIDAY, NOVEMBER
8,
1974
TENDER FOR ADDITION TO
8V2% TREASURY BONDS OF 1994-99
M a tu rin g M a y 15, 1999
Dated M a y 15, 1974, w ith interest from N ovem b er 15, 1974
Pursuant to the provision of Treasury Department Circular, Public Debt Series No. 15-74, as shown on the reverse
side, the undersigned offers to purchase Treasury bonds in the amount shown below, and agrees to pay for the amount
allotted, on or before the issue date, by the method and a t the rate indicated.
_NOT TO EXCEED $500,000
Q
NONCOMPETITIVE TENDER $_
PQ
Noncompetitive tenders for $500,000 or less from any one bidder, without stated yield, will be accepted in full at the
average price (in two decimals) of accepted competitive tenders.
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Prices should be ex
pressed on the basis of
price, with two deci
(CD
$
mals, e.g., 100.00. Tend
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COMPETITIVE TENDERS / s$
ers at a price less than
94.01 will n o t be a c
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cepted. Fraction must
not be used.
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BANKS ONLY:
OTHER THAN BANKS:
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By Cashier’s Check
□
By Certified Personal Check
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□
By Federal Funds D raft
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By Securities Submitted
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Bearer Securities (will be shipped to address below unless
indicated otherw ise):
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Registered Securities (Fill out below)
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(S e c o n d N a m e * — i f m o r e t h a n o n e )
( S tr e e t A d d ress)
( C it y , S t a t e , Z ip C o d e)
If more than one
nam e indicated,
check one of these
blocks:
□ With rights of
survivorship
□ Without rights
of survivorship
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ABOVE ADDRESS WILL BE USED IN THE MAILING
OF INTEREST CHECKS.
*Please note use of initials only should be avoided, and a
married woman’s own given name must be used.
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By charge to our correspondent:
Send to:_
$5,000
$10,000
$100,000
$1 Mil.
Book-entry (Banks only — indication of pieces not
necessary)
□ 01 General Account
$-------------------------------□ 02 Treasury Tax and
Loan Collateral
_____________________
□ 04 Pledged to Secretary
of Treasury
_____________________
□ 12 Investment Account _______________ ______
□ 13 Trust Account
_____________________
□ --------------- -----------------TOTAL $_
CERTIFICATION BY COMMERCIAL BANKS
We hereby certify that we have received tenders from our customers in the amounts set opposite the customers’
names on the list which is made a part of this tender; that there has been paid to us by each such customer as required by
the official offering circular, not subject to withdrawal until after allotment, not less than 5 percent of the amount bid
for; that we have not made unsecured loans, or loans collateralized in whole or in part by the bonds bid for, to supply the
amounts of such payments to any of such customers; that we have no beneficial interest in the tenders of such customers;
and that none of our customers has any beneficial interest in the amount bid for our own account.
We further certify that tenders received by us, if any, from the other commercial banks for their own account and for
the account of their customers have been entered with us under the same conditions, agreements and certifications as
set forth in this form.
CERTIFICATION BY ALL SUBSCRIBERS
We certify that all subscribers listed hereon have agreed not to purchase or to sell, or to make any agreements
with respect to the purchase or sale or other disposition of any of the bonds of this issue at a specific rate or price, until
after 1:30 p.m., Central Standard time, Friday, November 8, 1974.
§
PLEASE PRINT OR TYPE (The information below
will be used in delivery of securities.)
cc
(Name of Subscriber)
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(Street Address)
SJ
HH
(City, State, Zip Code)
FEDERAL RESERVE BANK ONLY:
COST:
DEPOSIT:
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(Signature and title, if applicable)
DUE TO SUBSCRIBER:
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Total
S o cia l S e c u r i ty N o .
(N am e*)
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By draft enclosed,
$1,000
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ALL CHECKS MUST BE PAYABLE TO
THE FEDERAL RESERVE BANK
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By charge to our reserve account on payment
date
(A written authorization for such charge should
be provided from your correspondent.)
(Description)
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□
BANKS ONLY:
For the account of, }
if tender is for
,
another subscriber 1
DUE FROM SUBSCRIBER:
@FedFRASER