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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 71-103 April 29, 1971 EXCHANGE OFFERING To All Banking Institutions and Others Concerned In the Eleventh Federal Reserve District: Enclosed are Treasury Department Circulars, Public Debt Series Nos. 3-71 and 4-71, and subscription forms relating to the May re funding of various Treasury securities. SECURITIES OFFERED 5$ Treasury Notes of Series E-1972 5 3/4$ Treasury Notes o f S eries A-1974 SECURITIES ELIGIBLE FOR EXCHANGE 5 1/4$ Treasury Notes of Series A-1971, Due May 15, 1971 8% Treasury Notes o f S eries E-1971? Due May 15, 1971 PAYMENT Payment in the form of the eligible securities should be made before 6:00 p.m., May 5> 1971? and where possible, the securities should accompany the subscriptions. However, where this is not possible the securities should be received no later than May 10. Payment may not be made by cash. CLOSING OF SUBSCRIPTION BOOKS The subscription books will be open until 6:00 p.m., Central Daylight Savings Time, Wednesday, May 5? 1971? except subscriptions placed in the mail must be postmarked before midnight, Tuesday, May 4, 1971? to be considered timely. Subscriptions 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. Yours very truly, P. E. Coldwell President Enclosures This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) UNITED STATES OF AMERICA 5 PERCENT TREASURY NOTES OF SERIES E-1972 Dated and bearing interest from M a y 15, 1971 Due August 15, 1972 D EPA R T M E N T OF T H E TRE A SU R Y Office of the Secretary Washington, April 29, 1971 DEPARTMENT CIRCULAR Public D ebt Series No. 3-71 I. OFFERING OF NOTES 1. T he Secretary of the Treasury, pursuant to the authority of the Second L iberty Bond Act, as amended, offers notes of the U nited States, designated 5 percent Treasury N otes of Series E -1972, at par, in exchange for the follow ing securities maturing M ay 15, 1971: ( 1 ) 5Vn percent Treasury N otes of Series A-1971; or ( 2 ) 8 percent Treasury N o tes of Series E-1971. T h e am ount of this offering w ill be lim ited to the am ount of eligible securities tendered in exchange. T h e books w ill be open until 6:00 p.m., local time, M a y 5, 1971, for the receipt of subscriptions. 2. In addition, holders of the securities enum erated in Paragraph 1 of this section are offered the privilege of exchanging all or any part of them for 5 3 percent Treasury N otes of Series A -1974 ,w hich offering is set A forth in D epartm ent Circular, P ublic D eb t Series N o. 4-71, issued sim ultaneously w ith this circular. II. DESCRIPTION OF NOTES 1. T h e notes w ill be dated M a y 15, 1971, and w ill bear interest from that date at the rate of 5 percent per annum, payable on a sem iannual basis on August 15, 1971, and February 15 and August 15, 1972. T h ey w ill m ature August 15, 1972, and w ill not be subject to call for redem ption prior to maturity. 2. T h e incom e derived from the notes is subject to all taxes im posed under the Internal R evenue Code of 1954. T h e notes are subject to estate, inheritance, gift or other excise taxes, w hether Federal or State, but are exem pt from all taxation now or hereafter im posed on the principal or interest thereof b y any State, or any of the possessions of the U nited States, or by any local taxing authority. 3. T h e notes w ill be acceptable to secure deposits of public m oneys. T h ey w ill not b e acceptable in paym ent of taxes. 4. B earer notes with interest coupons attached, and notes registered as to principal and interest, w ill be issued in denom inations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision w ill be m ade for the interchange of notes of different denom inations and of coupon and registered notes, and for the transfer of registered notes, under rules and regulations prescribed b y the Secretary of the Treasury. 5. T h e notes w ill be subject to the general regulations of the D epartm ent of th e Treasury, now or here after prescribed, governing U nited States notes. III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions accepting the offer m ade b y this circular w ill be received at the Federal R eserve B anks and Branches and at the Office of the Treasurer of the U nited States, W ashington, D . C. 20220. Banking institutions generally m ay subm it subscriptions for account of customers, but only the Federal R eserve Banks and the D epartm ent of the Treasury are authorized to act as official agencies. 2. U nder the Second Liberty B ond Act, as amended, the Secretary of the Treasury has the authority to reject or reduce any subscription, and to allot less than the am ount of notes applied for w hen he deem s it to be in the public interest; and any action h e m ay take in these respects shall be final. Subject to the exercise of that authority, all subscriptions w ill be allotted in full. IV. PAYMENT 1. P aym en t for the face am ount of notes allotted hereunder must be m ade on or before M ay 17, 1971, or on later allotm ent, and m ay be m ade only in a like face am ount of securities of the issues enum erated in Paragraph 1 of Section I hereof, w hich should accom pany the subscription. Paym ent w ill not be deem ed to have been com pleted where registered notes are requested if the appropriate identifying number as required on tax returns and other docum ents subm itted to the Internal R evenue Service (an individual’s social security number or an em ployer identification num ber) is not furnished. W hen paym ent is m ade w ith securities in bearer form, coupons dated M ay 15, 1971, should be d e ta c h e d and cashed when due. W hen paym ent is m ade w ith registered securities, the final interest due on M ay 15, 1971, will be paid by issue of interest checks in regular course to holders of record on April 15, 1971, the date the transfer books closed. V. ASSIGNMENT OF REGISTERED SECURITIES 1. R egistered securities tendered in paym ent for notes offered hereunder should be assigned b y the registered payees or assignees thereof, in accordance with the general regulations of the D epartm ent of the T reasury governing assignm ents for transfer or exchange, in one of the forms hereafter set forth, and thereafter should be surrendered w ith the subscription to a Federal R eserve Bank or Branch or to the Office of the Treasurer of the U nited States, W ashington, D. C. 20220. T h e securities m ust be delivered at the expense and risk of the holder. If the notes are desired registered in th e same nam e as the securities surrendered, the assignm ent should be to “T he Secretary of the Treasury for exchange for 5 percent Treasury N otes of Series E -1972”; if the notes are desired registered in another name, the assignm ent should be to “T h e Secretary of the Treasury for exchange for 5 percent Treasury N otes of Series E-1972 in the nam e of_______________________ _____ ______________________ if notes in coupon form are desired, the assignm ent should be to “T he Secretary of the Treasury for exchange for 5 percent Treasury N otes of Series E-1972 in coupon form to be delivered VI. GENERAL PROVISIONS 1. As fiscal agents of the U nited States, Federal R eserve Banks are authorized and requested to receive subscriptions, to m ake such allotm ents as m ay be prescribed b y the Secretary of the Treasury, to issue such notices as m ay be necessary, to receive paym ent for and m ake delivery of notes on full-paid subscriptions allotted, and th ey m ay issue interim receipts pending delivery of the definitive notes. 2. T h e Secretary of the Treasury m ay at any time, or from tim e to time, prescribe supplem ental or am endatory rules and regulations governing the offering, which w ill be com m unicated prom ptly to the Federal R eserve Banks. C H A R LS E. W A LK ER, Acting Secretary of the Treasury. UNITED STATES OF AMERICA 5% PERCENT TREASURY NOTES OF SERIES A -1974 Dated November 15, 1967, with interest from M ay 15, 1971 Due November 15, 1974 D EPA R TM EN T OF T H E TREASU RY Office of the Secretary Washington, April 29, 1971 DEPARTMENT CIRCULAR Public D ebt Series No. 4-71 I. OFFERING OF NOTES 1. T h e Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, offers notes of the U n ited States, designated 5 3 percent Treasury N otes of Series A -1974, at 99.60 percent A of their face value, in exchange for the follow ing securities maturing M ay 15, 1971: ( 1 ) 5 Vi percent Treasury N o tes of Series A-1971; or ( 2 ) 8 percent Treasury N otes of Series E-1971. Cash paym ents due subscribers w ill be m ade as set forth in Section IV hereof. T h e am ount of this offering w ill be lim ited to the am ount of eligible securities tendered in exchange. T h e books w ill be open until 6:00 p.m., local time, M ay 5, 1971, for the receipt of subscriptions. 2. In addition, holders of the securities enum erated in Paragraph 1 of this section are offered the privilege of exchanging all or any part of them for 5 percent Treasury N otes of Series E-1972, which offering is set forth in D epartm ent Circular, P ub lic D eb t Series No. 3-71, issued sim ultaneously w ith this circular. II. DESCRIPTION OF NOTES 1. T h e notes now offered w ill be identical in all respects w ith the 5 3 percent Treasury N otes of Series A A-1974 issued pursuant to D epartm ental Circular, P ublic D eb t Series N o. 10-67, dated October 26, 1967, except that interest w ill accrue from M ay 15, 1971. W ith this exception the notes are described in the following quotation from D epartm ent Circular N o. 10-67: “1. T h e notes w ill be dated N ovem ber 15, 1967, and w ill bear interest from that date at the rate of 5 3 percent per annum, payable sem iannually on M ay 15 and N ovem ber 15 in each year until A the principal am ount becom es payable. T h ey w ill mature N ovem ber 15, 1974, and w ill not be subject to call for redem ption prior to maturity. “2. T he incom e derived from the notes is subject to all taxes im posed under the Internal R evenue Code of 1954. T h e notes are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exem pt from all taxation now or hereafter im posed on the principal or interest thereof b y any State, or any of the possessions of the U nited States, or by any local taxing authority. “3. T h e notes w ill be acceptable to secure deposits of public m oneys. T h ey w ill not be acceptable in paym ent of taxes. “4. Bearer notes with interest coupons attached, and notes registered as to principal and interest, w ill be issued in denom inations of $1,000, $5,000, $10,000, $100,000, $1,000,000, $100,000,000 and $500,000,000. Provision w ill be m ade for the interchange of notes of different denom inations and of coupon and registered notes, and for the transfer of registered notes, under rules and regulations prescribed by the Secretary of the Treasury. “5. T h e notes w ill be subject to the general regulations of th e Treasury D epartm ent, now or hereafter prescribed, governing U nited States notes.” III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions accepting the offer m ade b y this circular w ill be received at the Federal R eserve Banks and Branches and at the Office of the Treasurer of the U nited States, W ashington, D . C. 20220. Banking institutions generally m ay subm it subscriptions for account of customers, but only the Federal R eserve Banks and the D epartm ent of the Treasury are authorized to act as official agencies. 2. U nder the Second L iberty B ond Act, as am ended, the Secretary of the Treasury has the authority to reject or reduce any subscription, and to allot less than the am ount of notes applied for w hen he deem s it to be in the public interest; and any action he m ay take in these respects shall be final. Subject to the exercise of that authority, all subscriptions w ill be allotted in full. IV. PAYMENT 1. P aym en t for the face am ount of notes allotted hereunder m ust be m ade on or before M ay 17, 1971, or on later allotm ent, and m ay be m ade only in a like face am ount of securities of the issues enum erated in Paragraph 1 of Section I hereof, w hich should accom pany the subscription. P aym ent w ill not be deem ed to have been com pleted where registered notes are requested if the appropriate identifying num ber as required on tax returns and other docum ents subm itted to the Internal R evenue Service (a n individual’s social security num ber or an em ployer identification num ber) is not furnished. A cash paym ent of $4.00 per $1,000 w ill be m ade to subscribers on account of the issue price of the notes. T he paym ent w ill be m ade by check or by credit in any account m aintained by a banking institution with the Federal R eserve Bank of its District, follow ing acceptance of the maturing securities. In the case of registered securities, the paym ent w ill be m ade in accordance with the assignm ents thereon. W hen paym ent is m ade w ith securities in bearer form, coupons dated M ay 15, 1971, should be d e ta c h e d and cashed w hen due. W hen paym ent is m ade w ith registered securities, the final interest due on M ay 15, 1971, w ill be paid by issue of interest checks in regular course to holders of record on April 15, 1971, the date the transfer books closed. V. ASSIGNMENT OF REGISTERED SECURITIES 1. R egistered securities tendered in paym ent for notes offered hereunder should be assigned by the registered payees or assignees thereof, in accordance with the general regulations of the D epartm ent of the T reasury governing assignm ents for transfer or exchange, in one of the forms hereafter set forth, and there after should be surrendered with the subscription to a Federal R eserve B ank or Branch or to the Office of the Treasurer of the U nited States, W ashington, D. C. 20220. T h e securities m ust be delivered at th e expense and risk of the holder. If the notes are desired registered in the same nam e as the securities surrendered, the assignm ent should be to “T he Secretary of the Treasury for exchange for 5 3 percent Treasury N otes of A Series A -1974”; if the notes are desired registered in another name, the assignm ent should be to “T h e Secretary of the Treasury for exchange for 5 3 percent Treasury N otes of Series A -1974 in the nam e of__________________ A _____________________________”; if notes in coupon form are desired, the assignm ent should be to “T h e Secretary of the Treasury for exchange for 5 3 percent Treasury N otes of Series A -1974 in coupon form to be delivered A VI. GENERAL PROVISIONS 1. A s fiscal agents of the U nited States, Federal R eserve Banks are authorized and requested to receive subscriptions, to m ake such allotm ents as m ay be prescribed by the Secretary of the Treasury, to issue such notices as m ay be necessary, to receive paym ent for and make delivery of notes on full-paid subscriptions allotted, and th ey m ay issue interim receipts pending delivery of the definitive notes. 2. T he Secretary of the Treasury m ay at any tim e, or from tim e to tim e, prescribe supplem ental or am endatory rules and regulations governing the offering, w hich w ill be com m unicated prom ptly to the Federal R eserve Banks. CH A R LS E. W A LK ER , Acting Secretary of the Treasury. EXCHANGE SUBSCRIPTION for Additional Issue of 5%% Treasury Notes of Series A-1974 At $99.60 Dated November 15,1967 with interest from May 15, 1971 Due November 15, 1974 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The — - .............................................................. ... Branch E l P uio 79999 Houston 77001 San A ntonio 78206 EACH SUBSCRIPTION TO THIS ISSUE MUST BE IN A MULTIPLE OF $1,000 P ursuant to the provisions of Treasury D epartm ent Circular, Public Debt S e ries No. 4-71, dated April 29, 1971, the undersigned hereby subscribes for $_________________ 5% % Treasury Notes of Series A-1974, dated November 15, 1967, m aturing November 15, 1974, and tenders the following securities in paym ent: Face Amount 5%% Treasury Notes of Series A-1971 8% Treasury Notes of Series E-1971 Cash Adjustment To be paid to Subscriber $4.00 $_______________________ $._________ _____________ - TO T A L Securities Tendered N et Cash Adjustm ent* (per $1,000 face amount) Payable to Subscriber $_____________ — — ---------- $_____________________$4.00 $_____________________ *See official circular fo r details M ETH O D OF P A Y M E N T FOR A D JU S TM E N T: □ Reserve account.. □ Cashier’s check . . . □ O therw ise._________ __________ _______________ _____________ ____ ____ ____ The securities to be applied in payment should be listed on the reverse side and should accompany this subscription. I f the securities do not accompany this subscription, please attach a letter giving complete information regarding their location and approximate date of surrender. S C H ED U LE FOR IS S U E O F B EA RER S E C U R IT IE S F ill in N um ber Num ber o f Pieces of INSTRUCTIONS FOR DELIVERY OF NEW SECURITIES Pieces by Denom ination D O N O T U S E T H IS C O L U M N At A m ount □ Custody — Member bank fo r own account $------------ □ As collateral — Treasury Tax and Loan account (Bank’s own securities) □ In jo int safekeeping fo r own account and ------------ $1,000 <5,000 $------------ $ - $10,000 D eliver to. $100,000 $ - $1,000,000 (S tate whether free or against funds) TO TA L $ SCHEDULE FOR ISSUE OF REGISTERED SECURITIES Name or names in which securities are to be registered, tax account number of owner and m ailing address fo r interest checks. ______ _ _ Denominations Desired No. of Pieces D enom ination Am ount or Social Security N o. Em ployer Id en tificatio n N o. Face A m o u n t.................. $- We hereby certify that at the time this subscription was entered the above-described securities surrendered or to be surrendered in connection with this exchange were owned and delivery accepted by the subscriber, or were contracted for purchase for value by the subscriber for delivery to the subscriber prior to the closing of the subscription books. □ This is an original subscription □ This is a confirmation (N am e o f subscriber) (Addrebd) By...... lA vitboiizea ■ igroatim Dated. P LEA SE F IL L IN T H E FORM BELOW W H IC H W IL L BE R E T U R N E D TO YO U AS A N A C K N O W LE D G M E N T OF YO U R SU B SC R IP TIO N (O V E R ) 71-103 This acknowledges your subscription for 5% % Treasury Notes of Series A-1974. F.R.B. Subscription No. IM P O R T A N T — Please use the above number in all matters — w h eth er paym ent or correspondence — relating to this subscription. MAIL TO SSr1 Name Address The Federal Reserve Bank or Branch w ill acknowledge by stamping below. Please list name and address of each subscriber, indicating by num ber in the first column the class of investor, in accordance with the following schedule: INVESTOR CLASSES AND NUMBERS 1. 2. 3. 4. 5. 6. Individuals, partnerships and personal trust accounts M utual savings banks Insurance companies Dealers and brokers Pension and retirem ent funds of State and local governments Other pension and retirem ent funds 7. State and local government funds other than pension and retirem ent 8. Commercial banks 9. Corporations other than banks and insurance companies 10. Savings and building and loan associations 11. A ll others LIST OF SUBSCRIBERS lnirw t*r O m N A M E OF SUBSCRIBER ADDRESS - ii T~ia=»a=i AMOUNT DO N O T U SE Our own subscription --- TO TA L $ LIST OF SECURITIES SURRENDERED IN PAYMENT (C O U P O N S M A T U R IN G M A Y IB , 1971 M U S T B E D E T A C H E D ) Description No. Pieces Denomination Serial Nos. Location Amount EXCHANGE SUBSCRIPTION 5% Treasury Notes of Series E-1972 At Par Dated and bearing interest from May 15,1971 Due August 15,1972 To: Federal Reserve Bank, Station K , Dallas, Texas 75222 or — The......................................................................... .......................... Branch E l Paso 79999 Honston 77001 San A nton io 78206 EACH SUBSCRIPTION TO THIS ISSUE MUST BE IN A MULTIPLE OF $1,000 P ursuant to th e provisions of T reasury D epartm ent Circular, Public Debt Series No. 3-71, dated April 29, 1971, the undersigned hereby subscribes for $______ __ ___________ 5% Treasury Notes of Series E-1972, dated May 15, 1971, m aturing A ugust 15, 1972, and tenders th e following securities in paym ent: Securities Tendered 5% % Treasury Notes of Series A-1971 Face Amount $------------------------------------ 8% Treasury Notes of Series E-1971 $_____________________ The securities to be applied in payment should be listed on the reverse side and should accompany this subscription. I f the securities do not accompany this subscription, please attach a letter giving complete inform ation regarding th eir loc tion and approximate date of surrender. S C H ED U LE FOR IS S U E O F BEA RER S E C U R IT IE S INSTRUCTIONS FOR DELIVERY OF NEW SECURITIES F ill in N um ber o f Pieces by Denom ination Num ber of Pieces DO N O T U S E T H IS C O L U M N At A m ount □ Custody — Member bank fo r own account $l_ □ As collateral — Treasury Tax and Loan account (Bank’s own securities) □ In jo in t safekeeping fo r own account and _ )1 ,» N 96,606 1 910.066 ..... D eliver to_ 9166.666 ‘ 91,606.666 $- ......... (S tate whether free or against funds) TO TA L 9 SCHEDULE FOR ISSUE OF REGISTERED SECURITIES Name or names in which securities are to be registered, t^-r account number of owner and m ailing address fo r interest checks. Denominations Desired if.° °B x160C* D enom ination A m ount ((fi * - - _J or Social Security N o. - $ $ ? | Bmployor Id en tification No. - Face A m o u n t.................. $----------------- -— — We hereby certify that at the time this subscription was entered the above-described securities surrendered or to be surrendered n connection with this exchange were owned and delivery accepted by the subscriber, or were contracted for purchase for value by the subscriber for delivery to the subscriber prior to the closing of the subscription books. □ This is an original subscription □ This is a confirmation (K am o o f subscriber) (Address) B y _ .......................................................................... -............................................ (A uthorised sign ature) ______________________________ Dated............................— .................................................................................... PLEA SE F IL L IN T H E FORM BELOW W H IC H W IL L BE R E TU R N E D TO YO U AS A N A C K N O W LE D G M E N T OF YO U R SU B SC R IPTIO N (O V E R ) 71-103 This acknowledges your subscription for 5% Treasury Notes of Series E-1972. F.R.B. Subscription No. IM P O R T A N T — Please use the above number in all m atters — w hether paym ent or correspondence — relating to this subscription. MAIL TO Name Address The Federal Reserve Bank or Branch w ill acknowledge by stamping below. Please list name and address of each subscriber, indicating by num ber in the first column the class of investor, in accordance w ith the following schedule: INVESTOR CLASSES AND NUMBERS 1. 2. 3. 4. 5. 6. Individuals, partnerships and personal trust accounts M utual savings banks Insurance companies Dealers and brokers Pension and retirem ent fundsof State and local governments Other pension and retirem ent funds 7. State and local government funds other than pension and retirem ent 8. Commercial banks 9. Corporations other than banks and insurance companies 10. Savings and building and loan associations 11. A ll others LIST OF SUBSCRIBERS ImtltM CtM N A M E OF SUBSCRIBER AMOUNT ADDRESS DO N O T USE Our own subscription TO TA L % LIST OF SECURITIES SURRENDERED IN PAYMENT (C O U P O N S M A T U R IN G M A Y 15, 1971 M U S T B E D E T A C H E D ) Description No. Pieces Denomination Serial Nos. Location Amount
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