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federal r eserve 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 7 5 2 2 2 Circular No. 73-276 October 2 5 , 1973 To A l l Banking I n s t i t u t i o n s and O th ers Concerned i n t h e E le v e n t h F e d e r a l R e se r v e D i s t r i c t : E n c lo s e d ar e c o m b in a tio n T r e a su r y Departm ent C i r c u l a r s / s u b s c r i p t i o n fo rm s, P u b li c Debt S e r i e s N o s. 8 - 7 3 , 9 - 7 3 > and 1 0 -7 3 r e l a t i n g t o t h e November r e f i n a n c i n g . AUCTION SECURITIES OFFERED Treasury Notes of Series H-1975 Treasury Notes of Series C-1979 7 1/2$ Treasury Bonds of 1988-93 The coupon rates for the two issues of notes will be announced on Monday, October 29. CONDITIONS 1. Tenders at prices less than the following amounts will not be accepted: 99.51 - for Treasury Notes of Series H-1975 98.51 - for Treasury Notes of Series C-1979 95.30 - for 7 l/2$ Treasury Bonds of 1988-93• 2. Noncompetitive tenders for $500,000 or less for each issue of notes will be accepted in full at the average price (in two decimals) of accepted competitive tenders. Noncompeti tive tenders for $250,000 or less (and accepted competitive tenders) for the bonds will be awarded at the price of the lowest accepted bid. 3. Tenders must be accompanied by a payment of at least 5$ of the amount of notes and/or bonds applied for. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) - 2 - U. Payment for accepted tenders on bonds must include accrued interest from August 15 to November 15, 1973? in the amount of $18.75 per $1,000. PAYMENT Payment in the form ofcash,a cashier's check or federal funds draft payable to this Bank, or k l/SfJo Treasury Bonds of 1973 "which will be accepted at par, for the total amount of notes and/or bonds applied for (including accrued interest on bonds) should accompany the tender. In the event a down payment of 5$ is submitted with the tender, the remaining pay ment must be completed in cash or other immediately available funds by Thursday, November 15, 1973- In every case where payment is not completed, payment with the application up to 5°lo of the amount of securities allotted may be forfeited to the United States. CLOSING HOUR Tenders will be received up until the following times for each issue as indicated: Note, Series C-1979 Note, Series H-1975 7 1/2 Bond of 1988-93 12:30p.m., C.S.T., Tuesday, October 30, 1973 12:30p.m., C.S.T., Wednesday, October 31, 1973 12:30p.m., C.S.T., Wednesday, October 31, 1973 In each instance noncompetitive tenders will be considered timely received if they are mailed under a postmark no later than October 29 for the Note Series C-1979, and October 30 for the other two issues. * * * 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. Y ours v e r y t r u l y , P. E. C o ld w e ll P re sid e n t Enclosures UNITED STATES OF AMERICA TREASURY NOTES OF SERIES H -1975 D ated an d bearing interest from N ovem b er 15, 1973 Due Decem ber 3 1 , 1975 D EPA RTM EN T OF T H E TREA SURY Office of th e Secretary W ashington, O ctober 25, 1973 DEPARTMENT CIRCULAR Public D ebt Series — No. 8-73 PLEASE OBSERVE CLOSING TIM O 12:30 P.M., CENTRAL E F STANDARD TIME, WEDNESDAY, OCTOBER 31,1973 I. OFFERING OF NOTES 1. T he Secretary of th e T reasury, pursuant to th e au thority of th e Second L iberty Bond Act, rr amended, invites tenders at a price not less than 99.51 percent of their face value for $1,500,000,000, or thereabouts, of notes of the U nited Slates, designated Treasury Notes of Series H-1975. T h e interest rate for the notes will be publicly announced by the Secretary of th e T reasury on October 29, 1973. An additional am ount of th e notes m ay be allotted by th e Secretary of th e T reasury to G overnm ent accounts and Federal R eserve Banks a t the average price of accepted tenders in exchange for T reasury bonds m aturing Novem ber 15, 1973. T enders will be received up to 1:30 p.m., E astern Standard time, W ednesday, O ctober 31, 1973, under com petitive and noncom petitive bidding, as set fortn in Section III hereof. T he 4 Vs p ercent T reasury Bonds of 1973, m aturing Novem ber 15, 1973, will be accepted a t p ar in paym ent, in whole or in p art, to th e extent tenders are allotted by th e Treasury. II. DESCRIPTION OF NOTES 1. T he notes will be dated N ovem ber 15, 1973, and will bear interest from th a t date, payable on a sem iannual basis on June 30 and D ecem ber 31, 1974, and Ju n e 30 and D ecem ber 31, 1975. T h ey will m ature D ecem ber 31, 1975, an d will not be subject to call for redem ption prior to m aturity. 2. T h e income derived from the notes is subject to all taxes imposed under th e In tern al R evenue Code of 1954. T he notes are subject to estate, inheritance, gift or other excise taxes, w hether F ederal or State, b u t are exem pt from all taxation now or hereafter im posed on the principal or interest thereof by any State, or any of th e possessions of th e U nited States, or by any local taxing authority. 3. T h e notes will be acceptable to secure deposits of public moneys. T h ey will n o t be acceptable in paym ent of taxes. 4. B earer notes w ith interest coupons attached, and notes registered as to principal and interest, will be issued in denom inations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision will be m ade for th e interchange of notes of different denom inations and of coupon and registered notes, and for th e transfer of registered notes, under rules an d regulations prescribed by the Secretary of the T reasury. 5. T h e notes will be subject to th e general regulations of th e D ep artm en t of th e T reasury, now or hereafter prescribed, governing U nited States notes. III. TENDERS AND ALLOTMENTS 1. T enders will be received a t Federal R eserve B anks and Branches and a t th e Office of th e T reasurer of th e U nited States, W ashington, D. C. 20222, up to th e closing hour, 1:30 p.m., E astern S tandard Tim e, W ednesday, O ctober 31, 1973. E ach tender m ust state the face am ount of notes bid for, which m ust be $1,000 or a m ultiple thereof, and the price offered, except th a t in the case of noncom petitive tenders th e term “noncom petitive” should be used in lieu of a price. In the case of com petitive tenders, th e price m ust be expressed on the basis of 100, with two decimals, e.g., 100.00. T enders a t a price less th a n 99.51 will not be accepted. Fractions may not be used. N oncom petitive tenders from any one bidder m ay not exceed $500,000. 2. Comm ercial banks, which for this purpose are defined as banks accepting dem and deposits, m ay subm it tenders for account of customers provided th e nam es of the customers are set forth in such tenders. O thers th an com mercial banks will not be perm itted to subm it tenders except for th e ir own account. T enders will be received w ithout deposit from banking institutions for th e ir own account, Federally-insured savings and loan associations, States, political subdivisions or instrum entalities thereof, public pension and retirem ent and other public funds, international organizations in which th e U nited States holds m em bership, foreign central banks and foreign States, dealers who m ake prim ary m arkets in G overnm ent securities and rep o rt daily to th e Federal R eserve B ank of New Y ork their positions w ith respect to G overnm ent securities and borrowings thereon, and G overnm ent accounts. T enders from others m ust be accom panied by paym ent (in cash or th e 4 Vs p ercent T reasury Bonds of 1973 which will be accepted a t p a r) of 5 percent of th e face am ount of notes applied for. 3. Im m ediately after th e closing hour tenders will be opened, following which public announcem ent will be m ade by th e D epart m ent of the T reasury of the am ount and price range of accepted bids. Those subm itting tenders will be advised of th e acceptance or rejection thereof. In considering th e acceptance of tenders, those a t th e highest prices will be accepted to th e extent required to attain the am ount offered. T enders a t th e lowest accepted price will be prorated if necessary. T h e Secretary of th e T reasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, including the right to accept less than $1,500,000,000 of tenders, and his action in any such respect shall be final. Subject to these reservations, noncom petitive tenders for $500,000 or less w ithout stated price from any one bidder will be accepted in full a t th e average price* (in two decim als) of accepted com petitive tenders. 4. All bidders are required to agree n o t to purchase or sell, or to m ake any agreem ents w ith respect to th e purchase or sale or other disposition of any notes of this issue a t a specific rate or price, until after 1:30 p.m., E astern S tandard tim e, W ednesday, October 31, 1973. ' 5. Commercial banks in subm itting tenders will be required to certify th a t th ey have no beneficial interest in any of the tenders they enter for the account of th e ir customers, and th a t th e ir customers have no beneficial interest in th e banks’ tenders for th eir own account. IV. PAYMENT 1. S ettlem ent for accepted tenders in accordance w ith th e bids m ust be m ade or com pleted on or before N ovem ber 15, 1973, a t the Federal R eserve B ank or B ranch or a t the Office of the T reasurer of th e U nited States, W ashington, D. C. 20222, in cash, 4Va percent T reasury Bonds of 1973 (in terest coupons dated N ovem ber 15, 1973, should be detached) or other funds im m ediately available by th a t date. P aym ent will not be deem ed to have been com pleted w here registered notes are requested if th e appropriate identifying num ber as required on tax returns and other docum ents subm itted to th e In tern al Revenue Service (an individual’s social security num ber or an em ployer identification num ber) is not furnished. In every case where full paym ent is not com pleted, th e paym ent w ith th e tender up to 5 percent of the am ount of notes allotted shall, upon declaration m ade by th e Secretary of the T reasury in his discretion, be for feited to the U nited States. W hen paym ent is m ade w ith securities, a cash adjustm ent will be m ade to or required of the bidder for any difference betw een th e face am ount of securities subm itted and th e am ount payable on th e notes allotted. V. ASSIGNMENT OF REGISTERED SECURITIES 1. R egistered securities tendered as deposits and in paym ent for notes allotted hereunder are not required to be assigned if the notes are to be registered in the same nam es and forms as appear in th e registrations or assignments of th e securities surrendered. Specific instructions for th e issuance and delivery of the notes, signed by the owner or his authorized representative, m ust accom pany the securities presented. Otherwise, the securities should be assigned by th e registered payees or assignees thereof in accordance w ith the general regulations governing U nited States securities, as hereinafter set forth. Notes to be registered in nam es and forms different from those in the inscriptions or assignments of th e securities presented should be assigned to “T h e Secretary of the T reasury for T reasury N otes of Series H-1975 in th e nam e of (nam e and taxpayer identifying n u m b er).” If notes in coupon form are desired, the assignm ent should be to “T h e Secretary of th e T reasury for coupon T reasury Notes of Series H-1975 to be delivered to __________________________ _________________________________________ .” Securities tendered in paym ent should be surrendered to th e Federal R eserve B ank or B ranch or to th e Office of the T reasurer of th e U nited States, Securities Division, W ashington, D. C. 20222. T h e securities m ust be delivered a t the expense and risk of th e holder. VI. GENERAL PROVISIONS 1. As fiscal agents of th e U nited States, F ederal R eserve B anks are authorized and requested to receive tenders, to m ake such allotm ents as m ay be prescribed by th e Secretary of the T reasury, to issue such notices as m ay be necessary, to receive paym ent for and m ake delivery of notes on full-paid tenders allotted, and th ey m ay issue interim receipts pending delivery of th e definitive notes. 2. T h e Secretary of th e T reasury m ay a t any tim e, or from tim e to tim e, prescribe supplem ental or am endatory rules and regula tions governing the offering, which will be com m unicated prom ptly to th e F ederal R eserve Banks. GEORGE P. SHULTZ, Secretary of the Treasury *A verage price m ay be at, or m ore or less th a n 100.00. (See reverse for tender form) TENDER FOR TREASURY NOTES OF SERIES H-1975 Maturing December 31, 1975 Dated and bearing interest from November 15, 1973 T o: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The__________________________ Branch El Paso 79999 Houston 77001 San Antonio 78295 (D ate) Pursuant to the provision of Treasury Department Circular, Public Debt Series No. 8-73, 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 at the rate indicated. NONCOMPETITIVE TENDER $_________________________________________ NOT TO EXCEED $500,000 /(j. ® 1 $ r $ $ $ COMPETITIVE TENDERS $ 1 $ () a @ $ Prices should be ex pressed on the basis of 100, with two decimals, e. g., 100.00. Tenders at a price less than 99.51 w ill n ot be accepted. Fractions must not be used. - $ METHOD OF PAYMENT Denominations Desired N u m b er of Pieces □ Payment to be made by------------------------ □ By charge to our reserve account on payment date. □ By draft enclosed (effectual delivery of enclosed draft shall be on latest day which will permit presentment in order to obtain irrevocably collected funds on payment date). M atu rity V alue m $ 1,000 $ $ 5,000 $ 10,000 $ (a) ? m $ 100,000 $ <> $1 ,000,000 $ 5 SCHEDULE FOR ISSUE OF REGISTERED SECURITIES Name or names in which securities are to be registered, tax account number of owner and mailing address for interest checks. Denominations Desired Pieces D enom ination A m ount Social Secu rity N o. $ (a) ■ o ■ (a) $ ■ Please Observe Closing Time of 12:30 P.M., Central Standard Time, Wednesday, October 31,1973 Noncompetitive tenders for $500,000 or less from any one bidder, without stated price, will be accepted in full at the average price (in two decimals) of accepted competitive bids. $ if Amount E m p loyer Id e n tifica tio n Mo. . S 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 to 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, Wednesday, October 31, 1973. Delivery Instructions: ----------- □ □ Hold in Custody — Investment Ac count □ Hold in Custody — Trust Account □ Pledge Pledge to secure Treasury Tax and Loan i Account (S u b sc rib e r’s fu ll n am e o r c o rp o ra te title ) Hold in Custody — General Account □ (A ddress) By- (A u th o rized official s ig n a tu re a n d title ) (F o r th e a cc o u n t of, if te n d e r is f o r a n o th e r su b scrib er) Other. (Address) (See reverse for announcement) UNITED STATES OF AMERICA TREASURY NOTES OF SERIES C -1979 Dated and bearing interest from November 15,1973 Due November 15,1979 D EPA R T M E N T OF T H E TREASU RY Office of th e Secretary W ashington, O ctober 25, 1973 DEPARTMENT CIRCULAR Public D ebt Series — No. 9-73 PLEASE OBSERVE CLOSING TIM O 1 2 :30 P.M., CENTRAL E F STANDARD TIME, TUESDAY, OCTOBER 30, 1973 I. OFFERING OF NOTES 1. T he Secretary of the T reasury, pursuant to the authority of th e Second L iberty Bond Act, as am ended, invites tenders at a price not less th an 98.51 percent of their face value for $2,000,000,000, or thereabouts, of notes of the U nited States, designated T reasury N otes of Series C-1979. T h e interest rate for th e notes will be publicly announced by th e Secretary of the T reasury on O ctober 29, 1973. An additional am ount of th e notes m ay be allotted by the Secretary of the T reasury to G overnm ent accounts and Federal Reserve Banks a t the average price of accepted tenders in exchange for T reasury bonds m aturing Novem ber 15, 1973, T enders will be received up to 1:30 p.m., E astern S tandard time, Tuesday, O ctober 30, 1973, under com petitive and noncom petitive bidding, as set forth in Section III hereof. T he 4 Vs percent T reasury Bonds of 1973, m aturing November 15, 1973, will be accepted a t p ar in paym ent, in whole or in part, to the extent tenders are allotted by th e Treasury. II. DESCRIPTION OF NOTES 1. T he notes will be dated N ovem ber 15, 1973, and will bear interest from th a t date, payable sem iannually on M ay 15 and November 15 in each year until th e principal am ount becomes payable. T h ey will m ature N ovem ber 15, 1979, and will not be subject to call for redem ption prior to m aturity. 2. T h e income derived from the notes is subject to all taxes imposed under th e In tern al R evenue Code of 1954. T he notes are subject to estate, inheritance, gift or other excise taxes, w hether F ederal or State, b u t are exem pt from all taxation now or hereafter im posed on the principal or interest thereof by any State, or any of th e possessions of th e U nited States, or by any local taxing authority. 3. T he notes will be acceptable to secure deposits of public moneys. T h ey will not be acceptable in paym ent of taxes. 4. B earer notes w ith interest coupons attached, and notes registered as to principal and interest, will be issued in denom inations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision will be m ade for th e interchange of notes of different denom inations and of coupon and registered notes, an d for th e transfer of registered notes, under rules an d regulations prescribed by th e Secretary of th e Treasury. 5. T h e notes will be subject to th e general regulations of th e D ep artm en t of th e T reasury, now or hereafter prescribed, governing U nited States notes. III. TENDERS AND ALLOTMENTS 1. T enders will be received a t Federal R eserve B anks and Branches and a t th e Office of th e T reasurer of th e U nited States, W ashington, D. C. 20222, up to th e closing hour, 1:30 p.m., E astern Standard Tim e, Tuesday, O ctober 30, 1973. E ach tender m ust state the face am ount of notes bid for, which m ust be $1,000 or a m ultiple thereof, and th e price offered, except th a t in th e case of non com petitive tenders the term “noncom petitive” should be used in lieu of a price. In th e case of com petitive tenders, the price m ust be expressed on th e basis of 100, w ith two decimals, e.g., 100.00. T enders a t a price less th a n 98.51 will not be accepted. Fractions m ay not be used. N oncom petitive tenders from any one bidder may not exceed $500,000. 2. Commercial banks, which for this purpose are defined as banks accepting dem and deposits, m ay subm it tenders for account of customers provided th e nam es of th e customers are set forth in such tenders. O thers th a n com mercial banks will n o t be perm itted to subm it tenders except for th e ir own acco u n t T enders will be received w ithout deposit from banking institutions for th e ir own account, Federally-insured savings and loan associations, States, political subdivisions or instrum entalities thereof, public pension and retirem ent and other public funds, international organizations in which th e U nited States holds m em bership, foreign central banks and foreign States, dealers who m ake prim ary m arkets in G overnm ent securities and rep o rt daily to th e Federal R eserve B ank of New Y ork th eir positions w ith respect to G overnm ent securities and borrowings thereon, and G overnm ent accounts. T enders from others m ust be accom panied by paym ent (in cash or th e 4 V a percent T reasury Bonds of 1973 which will be accepted a t p a r) of 5 p ercent of th e face am ount of notes applied for. 3. Im m ediately a fter th e closing hour tenders will be opened, following which public announcem ent will be m ade by th e D epart m ent of th e T reasury of th e am ount and price range of accepted bids. Those subm itting tenders will be advised of th e acceptance or rejection thereof. In considering th e acceptance of tenders, those a t th e highest prices will be accepted to th e extent required to attain th e am ount offered. T enders a t th e lowest accepted price will be p rorated if necessary. T h e Secretary of th e T reasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, including the right to accept less th an $2,000,000,000 of tenders, and his action in any such respect shall be final. Subject to these reservations, noncom petitive tenders for $500,000 or less w ithout stated price from any one bidder will be accepted in full a t th e average price* (in two decim als) of accepted com petitive tenders. 4. All bidders are required to agree not to purchase or sell, or to m ake any agreem ents w ith respect to th e purchase or sale or other disposition of any notes of this issue a t a specific rate o r price, u n til after 1:30 p.m., E astern S tandard tim e, Tuesday, O ctober 30, 1973. 5. Comm ercial banks in subm itting tenders will be required to certify th a t th ey have no beneficial interest in any of th e tenders they enter for the account of th e ir customers, and th a t th e ir customers have no beneficial interest in th e banks’ tenders for th e ir own account. IV. PAYMENT 1. S ettlem ent for accepted tenders in accordance w ith th e bids m ust be m ade or com pleted on or before N ovem ber 15, 1973, a t the Federal R eserve B ank or B ranch or a t the Office of th e T reasurer of th e U nited States, W ashington, D. C. 20222, in cash, 4Vs percent T reasury Bonds of 1973 (in terest coupons dated N ovem ber 15, 1973, should be detached) or other funds im m ediately available by th a t date. Paym ent will not be deem ed to have been com pleted w here registered notes are requested if th e appropriate identifying num ber as required on tax returns and other docum ents subm itted to the In tern al R evenue Service (a n individual’s social security num ber or an em ployer identification num ber) is not furnished. In every case where full paym ent is not com pleted, th e paym ent w ith th e tender up to 5 percent of the am ount of notes allotted shall, upon declaration m ade by the Secretary of the T reasury in his discretion, be for feited to the U nited States. W hen paym ent is m ade w ith securities, a cash adjustm ent will be m ade to or required of the bidder for any difference between th e face am ount of securities subm itted and th e am ount payable on th e notes allotted. V. ASSIGNMENT OF REGISTERED SECURITIES 1. R egistered securities tendered as deposits and in paym ent for notes allotted hereunder are not required to be assigned if the notes are to be registered in the same names and forms as appear in th e registrations or assignments of th e securities surrendered. Spe cific instructions for the issuance and delivery of the notes, signed by th e owner or his authorized representative, m ust accom pany the securities presented. Otherwise, th e securities should be assigned by th e registered payees or assignees thereof in accordance w ith the general regulations governing U nited States securities, as hereinafter set forth. N otes to be registered in nam es and forms different from those in the inscriptions or assignments of th e securities presented should be assigned to “T h e Secretary of th e T reasury for T reasury N otes of Series C-1979 in the nam e of (nam e and taxpayer identifying n u m b e r).” If notes in coupon form are desired, the assignm ent should be to “T he Secretary of th e T reasury for coupon T reasury Notes of Series C-1979 to be delivered to__________________ ________ ___________________________ ” Securities tendered in paym ent should be surrendered to th e Federal R eserve B ank or Branch or to the Office of the T reasurer of th e U nited States, Securities Division, W ashington, D. C. 20222. T h e securities m ust be delivered a t th e expense and risk of the holder. VI. GENERAL PROVISIONS 1. As fiscal agents of th e U nited States, F ederal R eserve B anks are authorized and requested to receive tenders, to m ake such allotm ents as m ay be prescribed by the Secretary of th e T reasury, to issue such notices as m ay be necessary, to receive paym ent for and m ake delivery of notes on full-paid tenders allotted, and th ey m ay issue interim receipts pending delivery of th e definitive notes. 2. T h e Secretary of th e T reasury m ay a t any tim e, or from tim e to tim e, prescribe supplem ental or am endatory rules and regula tions governing th e offering, which will be com m unicated prom ptly to th e Federal R eserve Banks. GEORGE P. SHULTZ, Secretary of the Treasury "’A verage price m ay be at, or m ore or less th an 100.00. (See reverse for tender form) TENDER FOR TREASURY NOTES OF SERIES C-1979 Maturing November 15, 1979 Dated and bearing interest from November 15, 1973 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The_________________________Branch E l P aso 79999 H ouston 77001 San A ntonio 78295 (Date) P u rsu an t to th e provision o f T reasu ry D epartm ent C ircular, Public D ebt Series No. 9-73, as shown on th e reverse side, the undersigned offers to purchase T reasury n otes in the am ount show n below, and a g rees to p ay fo r th e amount allotted, on or before th e issu e date, by th e m ethod and a t th e rate indicated. NONCOMPETITIVE TENDER $_______________________________________ NOT TO EXCEED $500,000 Please Observe Closing Time of 12:30 P.M., Central Standard Time, Tuesday, October 30,1973 N oncom petitive tenders for $500,000 or le ss from any one bidder, w ithout stated price, w ill be accepted in fu ll a t the average price (in tw o decim als) o f accepted com petitive bids. a ^ ________ $ _______________________ g ^ ________ $ _______________________ )$- COMPETITIVE TENDERS <$^ )$- $ 3- Prices should be expressed on th e b asis of 100, w ith tw o decim als, e. g., 100.00. Tenders at a price less th an 98.51 w ill n o t b e a c c e p te d . F ractions m u st not be used. M ETHOD O F PA Y M E N T D enom inations D esired □ N um ber of Pieces P aym ent to be m ade by------------------------- □ B y charge to our reserve account on paym ent date. □ B y d raft enclosed (effectual d elivery o f enclosed draft shall be on la te st day w hich w ill perm it presentm ent in order to obtain irrevocably collected funds on paym ent d a te). Maturity Value (5) $ <> $ 5 1,000 $ 5,000 $ 10,000 $ $ 100,000 $ (5) $L,000,000 $ <> $ 5 SCHEDULE FOR ISSUE OF REGISTERED SECURITIES N am e or nam es in which securities are to be registered, ta x account number o f owner and m ailin g address fo r in terest checks._____________________ _____ D enom inations D esired jNo. of Pieces Denomination Amount $E m ployer Id e n tifica tio n No. Social Security No. F ace A m ount C ERTIFICATION BY COMMERCIAL B A N K S W e hereby certify th at w e have received tenders from our custom ers in th e am ounts se t opposite the custom ers' nam es on the list which is made a part o f th is tender; th at there has been paid to us by each such custom er a s required by the official offering circular, not subject to w ithdraw al until after allotm ent, not le ss than 5 percent o f the amount bid for; that w e have not m ade unsecured loans, or loans collateralized in whole or in part by the n otes bid for, to supply the am ounts o f such paym ents to any o f such custom ers; that w e have no beneficial in terest in the tenders o f such custom ers; and that none o f our custom ers has any beneficial in terest in the amount bid for our ow n account. We further certify that tenders received by us, if any, from the other com m ercial banks for their ow n account and for the account o f their custom ers have been entered w ith us under the sam e conditions, agreem ents and certifications as se t forth in this form. C ER TIFICA TIO N BY A LL SU B SC R IB E R S W e certify that all subscribers listed hereon have agreed not to purchase or to sell, or to m ake any agreem ents w ith respect to the purchase or sa le or other disposition o f any o f the notes o f th is issu e a t a specific rate or price, until after 1:30 p.m., E astern Standard Time, Tuesday, October 30, 1973. Delivery Instructions: (Subscriber’s full name or corporate title) □ Hold in Custody — General Account □ Hold in Custody — Investment Ac count □ Hold in Custody — Trust Account □ Pledge to secure Treasury Tax and Pledge Loan Account i Other. □ (Address) By_ (Authorized official signature and title) (!For the account of, if tender is for another subscriber) (Address) (See reverse for announcement) UNITED STATES OF AMERICA 7 'h PERCENT TREASURY BONDS OF 1988-93 D ated August 15, 1973 w ith interest from N ovem b er 15, 1973 Due August 15, 1993 REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR A N D ACCRUED INTEREST O N A N D AFTER AUGUST 15, 1988 DEPARTMENT CIRCULAR D EPA R T M E N T OF T H E TREA SURY Public D eb t Series — No. 10-73 Office of th e Secretary W ashington, O ctober 25, 1973 I. OFFERING OF BONDS PLEASE OBSERVE CLOSING TIM E O 12:30 P.M., CENTRAL F STANDARD TIME, WEDNESDAY, OCTOBER 31, 1973 1. T he Secretary of the T reasury, pursuant to the authority of the Second L iberty Bond Act, as am ended, invites tenders a t a price not less than 95.30 percent of their face value for $300,000,000, or thereabouts, of bonds of the U nited States, designated I V l percent Treasury Bonds of 1988-93. An additional am ount of the bonds may be allotted by the Secretary of th e Treasury to G overnm ent accounts and F ederal R eserve Banks in exchange for T reasury bonds m aturing N ovem ber 15, 1973. T enders on d com petitive or noncom petitive basis will be received up to 1:30 p.m., E astern S tandard time, W ednesday. October 31, 1973. T he pricft for the bonds will be established as set forth in Section III hereof. T h e 4Vs percent T reasury Bonds of 1973, m aturing N ovem ber 15, 1973, will be accepted a t par in paym ent, in whole or in part, to the extent tenders are allotted by th e T reasury. II. DESCRIPTION OF BONDS 1. T he bonds now offered will be identical in all respects w ith th e I V z p ercent T reasury Bonds of 1988-93 issued pursuant to D epartm ent Circular, Public D ebt Series — No. 6-73, dated Ju ly 26, 1973, except th a t interest will accrue from N ovem ber 15, 1973. W ith this exception the bonds are described in the following quotation from D epartm ent C ircular No. 6-73: “ 1. T he bonds will be dated August 15, 1973, and will bear interest from th a t d ate a t th e rate of 7V2 percent per annum , payable sem iannually on F ebruary 15 and August 15 in each year u n til th e principal am ount becomes payable. T hey will m ature August 15, 1993, b u t may be redeem ed a t the option of the U nited States on and a fter A ugust 15, 1988, in whole or in part, a t par and accrued interest on any interest day or days, on 4 m onths’ notice of redem ption given in such m anner as the Secretary of the T reasury shall proscribe. In case of partial redem ption, th e bonds to be redeem ed will be determ ined by such m ethod as may be prescribed by the Secretary of the Treasury. F rom th e date of redem ption designated in any such notice, interest on the bonds called for redem ption shall cease. “2. T h e income derived from th e bonds is subject to all taxes im posed under th e Internal R evenue Code of 1954. T he bonds are subject to estate, inheritance, gift or other excise taxes, w hether Federal or State, b u t are exem pt from all taxation now or hereafter imposed on th e principal or interest thereof by any State, or any of th e possessions of th e U nited States, or by any local taxing authority. “3. T h e bonds will be acceptable to secure deposits of public moneys. T h ey will not be acceptable in p aym ent of taxes. “4. B earer bonds w ith interest coupons attached, and bonds registered as to principal and interest, will be issued in denom inations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision will be m ade for th e interchange of bonds of different denom inations and of coupon and registered bonds, and for th e transfer of registered bonds, under rules and regulations pre scribed by the Secretary of the Treasury. “5. T he bonds will be subject to th e general regulations of th e D ep artm en t of th e T reasury, now or hereafter prescribed, governing U nited States bonds.” III. TENDERS AND ALLOTMENTS 1. T ender? will be received a t Federal R eserve Banks and Branches and a t th e Office of th e T reasurer of th e U nited States, W ashington, D. C. 20222, up to th e closing hour. 1:30 p.m., E astern Standard tim e, W ednesday, O ctober 31, 1973. E ach tender m ust sta‘e the face am ount of bonds bid for, which m ust be $1,000 or a m ultiple thereof, and th e price offered except th a t in the case of noncom petitive tenders the term “noncom petitive” should be used in lieu of a price. In th e case of com petitive tenders, the price m ust be expressed on the basis of 100, with two decimals in a m ultiple of .05, e.g., 100.10, 100.05, 100.00, 99.95, etc. F ractions m ay not be used. 2. Commercial banks, which for this purpose are defined as banks accepting dem and deposits, m ay subm it tenders for account of customers provided the names of Lhe customers are set forth in such tenders. O thers th a n com mercal banks will n o t be perm itted to subm it tenders except for th e ir own account. T enders will be received w ithout deposit from banking institutions for th eir own account, Federally-insured savings and loan associations, States, political subdivisions or instrum entalities thereof, public pension and retirem ent and other public funds, international organization? in which the U nited States holds m em bership, foreign central banks and foreign States, dealers who m ake prim ary m arkets in G overnm ent securities and report daily to th e Federal R eserve B ank of New Y ork their positions w ith respect to G overnm ent securities and borrowings thereon, and G overnm ent accounts. T enders from others m ust be accom panied by paym ent (in cash or 4 Vs p ercent T reasury Bonds of 1973 which will be accepted a t p a r) of 5 p ercent of th e face am ount of bonds applied for. 3. In considering th e acceptance of tenders, those a t th e highest prices will be accepted in full to th e extent required to a tta in the am ount offered; provided, however th a t tenders a t the lowest of such accepted prices will be prorated if necessary. All tenders so accepted will be allotted a t the price of th e lowest accepted tender. Those subm itting tenders will be advised of th e acceptance, and awarded price, or the rejection of their bids. T h e Secretary of the T reasury expressly reserves th e right to accept or reject any or all tenders, in whole or in part, including the right to accept less than $300,000,000 of tnnders, and his action in any such respect shall be final. Subject to these reservations noncom pctitive tenders for S250.000 or less will be accepted in full a t the sam e price as accepted com petitive tenders. T he price m ay be 100.00 or more or less than 100.00. 4. All bidders are required to agree not to purchase or to sell, or to m ake any agreem ents w ith respect to th e purchase or sale or other disposition of any bonds of this issue a t a specific rate or price, until after 1:30 p.m., E astern S tandard tim e, W ednesday, October 31, 1973. 5. Commercial banks in subm itting tenders will be required to certify th a t they have no beneficial interest in any of the tenders they enter for the account of th e ir customers, and th a t th e ir customers have no beneficial interest in th e banks’ tenders for th e ir own account. IV. PAYMENT 1. S ettlem ent for accepted tenders a t th e price established by the auction plus $18.75 p er $1,000 for accrued interest from August 15 to Novem ber 15, 1973, m ust be m ade or com pleted on or before N ovem ber 15, 1973, a t th e F ederal R eserve B ank or Branch or a t the Office of the T reasurer of the U nited States, W ashington, D. C. 20222, in cash, 4 V s percent T reasury Bonds of 1973 (interest coupons dated N ovem ber 15, 1973, should be detached) or other funds im m ediately available by th a t date. P ay m ent will not be deem ed to have been com pleted where registered bonds are requested if th e appropriate identifying num ber as required on tax returns and other docum ents subm itted to the Internal R evenue Service (an individual’s social security num ber or an em ployer identification num ber) is not furnished. In every case where full paym ent is not com pleted, th e paym ent w ith th e ten d er up to 5 p ercent of the am ount of bonds allotted shall, upon declaration m ade by th e Secretary of th e T reasury in his discretion, be forfeited to th e U nited States. W hen paym ent is m ade w ith securities, a cash adjustm ent will be m ade to or required of th e bidder for any difference betw een th e face am ount of securities subm itted and th e am ount payable on th e bonds allotted. V. ASSIGNMENT OF REGISTERED SECURITIES 1. R egistered securities tendered as deposits and in paym ent for bonds allotted hereunder are n o t required to be assigned if the bonds are to be registered in th e same nam es and forms as appear in th e registration or assignments of th e securities surrendered. Specific instructions for th e issuance and delivery of th e bonds, signed by th e owner or his authorized representative, m ust accompany the securities presented. Otherwise, the securities should be assigned by th e registered payees or assignees thereof in accordance with the general regulations governing U nited States securities, as hereinafter set forth. Bonds to be registered in nam es and forms different from those in the inscriptions or assignments of th e securities presented should be assigned to “T h e Secretary of th e T reasury for 7% percent T reasury Bonds of 1988-93 in th e nam e of (nam e and taxpayer identifying n u m b e r).” If bonds in coupon form are desired, the assignm ent should be to “T h e Secretary of th e T reasury for 7V2 p ercent coupon T reasury Bonds of 1988-93 to be delivered to ----------------------------------------------------- - ---- Securities tendered in paym ent should be surrendered to th e F ederal R eserve B ank or Branch or to th e Office of th e T reasurer of th e U nited States, Securities Division, W ashington, D. C. 20222. T h e securities m ust be delivered a t the expense and risk of th e holder. VI. GENERAL PROVISIONS 1. As fiscal agents of th e U nited States, Federal R eserve B anks are authorized and requested to receive tenders, to m ake such allotm ents as m ay be prescribed by th e Secretary of th e T reasury, to issue such notices as m ay be necessary, to receive paym ent for and make delivery of bonds on full-paid tenders allotted, and they m ay issue interim receipts pending delivery of th e definitive bonds. 2. T h e Secretary of th e T reasury m ay a t any tim e, or from tim e to tim e, prescribe supplem ental or am endatory rules and regulations governing th e offering, which will be com m unicated prom ptly to th e F ederal R eserve Banks. G E O R G E P . SH U L T Z , Secretary of the Treasury (See reverse for tender form) TENDER FOR ADDITION TO 7%% TREASURY BONDS OF 1988-93 Dated August 15, 1973, with interest from November 15, 1973 Maturing August 15, 1993 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The__________________________Branch El Paso 79999 Houston 77001 San Antonio 78295 _______________________________________________ (D ate) Pursuant to the provision of Treasury Department Circular, Public Debt Series No. 10-73, 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 at the rate indicated. NONCOMPETITIVE TENDER $________________________________________ NOT TO EXCEED $250,000 Prices should be ex pressed on the basis of 100, with two decimals in a multiple of .05, e.g. 100.10, 100.05, 100.00, 99.95, etc. Tenders at a price le s s than 95.30 w ill n ot be accep ted . Fractions must not be used. I $----------------------------- @ --------------------$ )$------------- @ --------- $ COMPETITIVE TENDERS < $________________ @___________ $ ’ h --------------------@------------- $ @-------------- $ All accepted competitive tenders will be awarded at the price of the lowest accepted bid. METHOD OF PAYMENT Denominations Desired N um ber of Pieces Payment must include accrued interest from August 15 to November 15, 1973 at the rate of $18.75 per $1,000 allotted. M a tu rity V alu e -------------@ $ 1,000 $ -------------@ $ 5,000 $. -------------@ $ -------------@ $ □ Payment to be made by............................................................. 10,000 $. □ By charge to our reserve account on payment date. 100,000 $. □ By draft enclosed (effectual delivery of enclosed draft shall be on latest day which will permit presentment in order to obtain irrevocably collected funds on payment date). ________ @ $1,000,000 $. SCHEDULE FOR ISSUE OF REGISTERED SECURITIES Name or names in which securities are to be registered, tax account number of owner and mailing address for interest checks. Denominations Desired Pieces D enom ination A m ount Soicnl S ecu rity N o. $ $ $ (5) 1 0 > 1 ■ ® $ ■ Please Observe Closing Time of 12:30 P.M., Central Standard Time, Wednesday, October 31,1973 Noncompetitive tenders for $250,000 or less from any one bidder, without stated price, will be accepted in full at the price of the lowest accepted bid (in two decimals). E m ployer Identification No. F a r f i A m o u n t ..................... $ 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 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., Eastern Standard Time, Wednesday, October 31, 1973. Delivery Instructions: (S u b sc rib e r’s fu ll n am e o r c o rp o ra te title ) □ Hold in Custody — General Account □ Hold in Custody — Investment Ac count □ Hold in Custody — Trust Account □ Pledge to secure Treasury Tax and Loan Account □ Other.__________ __________ ._____________ (A ddress) By. (A u th o rized official s ig n a tu re a n d title ) (F o r th e a cc o u n t of, if te n d e r is f o r a n o th e r su b scrib er) (Address) (See reverse for announcement)
