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federal Reser ve Bank of Da l l a s 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 D A L L A S ,T E X A S 75222 Circular No. 7^-212 Aiigust 1, 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. 8-7^, 9-7^s and 10-7^- relating to the August refinancing. AUCTION SECURITIES OFFERED Treasury Notes of Series D-1977 Treasury Notes of Series B-I98O 8 l/2$ Treasury Bonds of 199^-99 The coupon rates for the two issues of notes will be announced on Friday, August 2. CONDITIONS 1. Tenders at prices less than the following amounts will not be accepted: 99.51 - for Treasury Notes of Series D-1977 98.51 - for Treasury Notes of Series B-I98O 9^.01 - for 8 l/2$ Treasury Bonds of 199^-99• 2. Noncompetitive tenders for $500,000 or less for each issue (including the bonds) will be accepted in full at the average price (in two decimals^ of accepted competitive tenders. Prices may be 100.00, or more or less than 100.00. 3. Tenders must be accompanied by a payment of at least 5°o ! of the amount of notes and/or bonds applied for. U. Payment for accepted tenders on bonds must include accrued interest from May 15 to August 15, 197^, in the amount of $21.25 per $1,000. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) -2- PAYMENT Payment in the form of cash, a cashier's check or federal funds draft payable to this Bank, or 5 5/8$ Treasury Notes of Series B-197^ (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, the remaining payment must be completed in cash or other immediately available funds by Thursday, August 15, 197^. In every case where payment is not completed, payment with the application up to % of the amount of securities allotted may be forfeited to the United States. Payments accompanying noncompetitive tenders for the bonds should be in the amount of $1,021.25 per $1,000 (see number 4 above). CLOSING HOUR Tenders will be received up until the following times for each issue as indicated: Note, Series D-1977 Note, Series B-I98O 8 1/2 Bond of 199^-99 12:30 p.m., C.D.S.T., Tuesday, August 6, 197^12:30 p.m., C.D.S.T., Wednesday, August 7, 197^+ 12:30 p.m., C.D.S.T., Thursday, August 8, 197^ In each instance noncompetitive tenders will be considered timely received if they are mailed under a postmark no later than August 5 for the Note Series D-1977, August 6 for the Note Series B-I98O, and August 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. Yours very truly, P. E. Coldwell President Enclosures The below statement was issued by the Treasury Department yesterday pertaining to the weekly offering of Treasury bills covered by our Circular Nos. 7^-206 and 71+-207 dated July 30, 197k. AMENDMENT TO TREASURY’S WEEKLY BILL OFFERING The Treasury Department, by this public notice, amends its invitiation for tenders dated July 30, 197*+, for weekly Treasury bills. The aggregate amount of tenders invited for the two series shall be $U,700,000,000 in place of the $^,500,000,000 invited in the July 30 announcement. The amount of tenders invited for 91-day bills shall be $2, 700,000,000, or thereabouts, instead of $2,600,000,000 and the amount of tenders invited for the l82-day bills shall be $2,000,000,000, or thereabouts, instead of $1,900,000,000. This amendment will conform the invitation to the Treasury's announcement today that $200 million would be added to the bills to be auctioned on August 5* TENDER FOR TREASURY NOTES O F SERIES D-1977 Dated and bearing interest from August 15, 1974 Maturing May 15, 1977 El Paso 79999 Houston 77001 San Antonio 78295 Pursuant to the provision of Treasury Department Circular, Public Debt Series No. 8-74, 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 at the rate indicated. NONCOMPETITIVE TENDER $______________________________________ NOT TO EXCEED $500,000 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. -------------------- ® ------------------- *-----------------------------_____________ @ ____________ $___________________ COMPETITIVE TENDERS ----------------------------------------------------- \' @ (ft F b- $ (j» w ill no t be accepted. Fractions must not be used. METHOD OF PAYMENT Denominations Desired N um b e r o f Pieces □ @ $ □ 5,000 $ (5) $ 10,000 $. @ $ 100,000 ?. & O 12:30 P.M., CENTRAL F By charge to our reserve account on payment date. By d raft 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 ?. <> $ a Payment to be made by............................. □ M a tu rity V alue ,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 Denomination (£ $ > ® « - - TIM E CLOSING OBSERVE Prices should be ex pressed on the basis of 100, with two decimals, $________________ @__________ $_________________ ae'g‘ 100\00- T?nder* ilt y price ie ss t h a n 99.51 or | Amount $ ... . t |_ Social Security No. PLEASE _____________________________________________ (D ate) DAYLIGHT SAVING TIME, TUESDAY, AUGUST 6, 1974 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The________________________ Branch Employer Identification No. 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 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 Daylight Saving Time, Tuesday, August 6, 1974. 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 Loan Account □ Other_ (Address) By- (Authorized official signature and title) (For the account of, if tender is for another subscriber) (A ddress) (See reverse for announcement) UNITED STATES OF AMERICA TREASURY NOTES OF SERIES D -1 9 7 7 D ate d a n d b ea rin g interest from A u gust 15, 1974 Due M a y 15, 1977 DEPARTMENT CIRCULAR DEPARTMENT OF THE TREASURY P u b lic D e b t S eries — N o. 8-74 Office of th e S ecretary W ashin gton , A u gust 1, 1974 PLEASE OBSERVE CLOSING TIM O 12:30 P.M., CENTRAL DAYLIGHT SAVING TIME, TUESDAY, AUGUST E F 6, 1974 I. 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 rs u a n t to th e a u th o rity of th e Second L ib e r ty B on d A ct, as a m e n d e d , invites te n d e rs a t a p rice n o t less th a n 99.51 p e rc e n t of th e ir face v alu e fo r $2,250,000,000, or th ere ab o u ts, of notes of th e U n ite d S tates, d esignated T re a s u ry N o tes of S eries D -1977. T h e in te re st ra te for th e notes w ill b e p u b lic ly an n o u n ced b y th e S e c retary of th e T re a s u ry o n A ugust 2, 1974. 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 re ta ry of th e T re a s u ry to G o v e rn m e n t accounts a n d F e d e ra l R eserv e B a n k s a t th e av erag e p rice of a cc ep te d te n d e rs in exchange for T re a su ry n otes m a tu rin g A ugust 15, 1974. T e n d e rs will b e received u p to 1 :3 0 p.m., E a s te r n D a y lig h t S aving tim e, T u esday, A u gust 6, 1974, u n d e r c o m p e titiv e a n d n o n c o m p e titiv e bidding, as set fo rth in Section I I I hereof. T h e 5 % p e rc e n t T re a s u ry N o te s of Series B-1974, m a tu rin g A ug ust 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 b y th e T reasu ry . II. DESCRIPTION OF NOTES 1. T h e notes w ill be d a te d A ugust 15, 1974, a n d w ill b e a r in te re st from t h a t d a te , p a y ab le on a se m ia n n u a l b asis on N o v e m b e r 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 y e a r u n til th e p rin cip a l a m o u n t becom es p ayable. T h e y w ill m a tu r e M a y 15, 1977, a n d w ill n o t be su b je c t to call for re d e m p tio n p rio r to m atu rity . 2. T h e in com e d e riv e d from th e n otes is su b je ct to all tax es im po sed u n d e r th e In te rn a l R e v e n u e C ode of 1954. T h e notes are su b je ct to e state , in heritan ce, g ift or o th e r excise taxes, w h e th e r F e d e ra l o r S ta te , b u t a re e x em p t from all ta x a tio n now or h e re a fte r im po sed 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, or b y a n y local taxing a u th o rity . 3. T h e no tes w ill b e a cc ep ta b le to secure deposits 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 n otes w ith in te re st coupons a tta ch e d , a n d n otes re g iste red as to p rin cip a l a n d in terest, w ill b e issued in d e n o m in a tions of $1,000, $5,000, $10,000, $100,000 a n d $1,000,000. P ro v isio n w ill be m a d e for th e in te rc h an g e of notes of different den o m in a tio n s a n d of coupo n a n d re g iste red notes, a n d fo r th e tra n s f e r of reg istered notes, u n d e r rules a n d reg ulations p re sc rib e d b y th e S e c re ta ry of th e T reasu ry . 5. T h e no tes w ill b e su b je c t to th e general reg u la tio n s 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 rescrib ed , gov e rning U n ite d S ta te s notes. III. TENDERS A ND ALLOTMENTS 1. T e n d e rs w ill be receiv ed 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 D a y lig h t Saving tim e, T u esd ay , A u gust 6, 1974. E a c h te n d e r m u s t sta te th e face a m o u n t of n o tes b id for, w hich m u st be $1,000 o r a m u ltip le th ere o f, a n d th e p rice offered, e x ce p t t h a t in th e case of n onco m p e titiv e te n d e rs th e te rm “ n o n c o m p e titiv e ” should b e used in lieu of a price. In th e case of c o m p e titiv e ten d e rs, th e p rice m u s t b e 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 p rice less th a n 99.51 will n o t b e accep ted. F ra c tio n s m a y n o t b e used. N o n c o m p etitiv e ten d e rs fro m a n y one b id d e r m a y n o t exceed $500,000. 2. C o m m ercial banks, w hich fo r th is p u rpo se are defined as b a n k s accep tin g d e m a n d deposits, a n d dealers 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 a ily to th e F e d e ra l R e se rv e B a n k of N ew Y o rk th e ir po sitions w ith re sp e c t 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 custom ers p ro v id ed th e nam es of th e custom ers a re se t fo rth in such tenders. O th e rs will n o t b e p e r m itte d to s u b m it te n d e rs except for th e ir ow n account. T e n d e rs will b e received w ith o u t d e p o 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 a n d loan associations, S tates, po litical subdivisions or in stru m e n ta litie s thereof, p u b lic p e n sion a n d re tir e m e n t a n d o th e r p ublic funds, in te rn a tio n a l organizatio ns in w hich th e U n ite d S ta te s holds m em b e rsh ip , foreign c e n tra l 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 e n t securities a n d re p o rt d a ily to th e F e d e ra l 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 thereon , a n d G o v e rn m e n t accounts. T e n d e rs fro m o th ers m u st b e a ccom panied b y p a y m e n t ( i n cash o r 5 % p e rc e n t T re a su ry N o te s of Series B -1974 w hich will b e a cc ep te d a t p a r ) of 5 p e rc e n t of th e fa ce a m o u n t of notes 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 w ill b e opened, follow ing w hich p u b lic a n n o u n c e m e n t w ill b e m a d e b y th e D e p a rtm e n t of th e T re a s u ry of th e a m o u n t a n d price ran ge of a cc ep te d bids. T ho se su b m ittin g te n d e rs will b e a d vised of th e accep ta n c e or re je ctio n thereof. In considering th e a cc ep ta n ce of tend ers, those a t th e high est prices 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 low est a cc ep te d p rice will be p ro ra te d if necessary. T h e S e c re ta ry of th e T re a su ry expressly reserves th e rig h t to a cc ep t o r re je c t a n y or a ll tend ers, in w hole or in p a rt, includin g th e rig h t to a c c e p t less th a n $2,250,000,000 of tenders, a n d his actio n in a n y such re sp e c t shall be final. S u b je c t to th ese reservations, n o n c o m p e titiv e te n d e rs fo r $500,000 or less w ith o u t sta te d p rice from a n y one b id d e r will b e a cc ep te d in fu ll a t th e a v erag e price1 ( i n tw o d ecim als) of a cc ep te d c o m p e titiv e tenders. 4. A ll b id d ers a re re q u ire d to agree n o t to p u rc h ase o r sell, o r to m a k e a n y a g ree m e n ts w ith re sp e c t to th e p u rc h ase or sale or o th e r disposition of a n y no tes of th is issue a t a specific r a te o r price, u n til a f te r 1 :3 0 p.m., E a s te r n D a y lig h t S aving tim e , T u esd ay , A u gust 6, 1974. 5. C o m m ercial b a n k s in su b m ittin g te n d e rs w ill b e re q u ire d to c ertify t h a t th e y have 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 a cc o u n t of th e ir custom ers, a n d th a t th e ir custo m ers hav e no beneficial in te re st in th e b a n k s’ ten d e rs for th e ir ow n account. IV. PAYMENT 1. S e ttle m e n t for a cc ep te d te n d e rs in acco rdance w ith th e b id s m u st b e m a d e o r c o m p le te d o n o r before A ug ust 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 ashin gton , D . C. 20226, in cash, 5 s p e rc e n t /g T re a s u ry N o te s of S eries B -1974 ( in te r e s t coupons d a te d A ugust 15, 1974, should b e d e ta c h e d ) or o th e r funds im m e d ia te ly a v ail a b le b y t h a t date. P a y m e n t will n o t be d e em e d to have b e e n co m p leted w h ere re g iste red notes a re re q u este d if th e a p p ro p ria te id en 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 I n te rn a l R e v e n u e Service (a n in d iv id u a l’s social secur ity n u m b e r or a n e m p lo y e r iden tification n u m b e r) is n o t fu rnished. In e v ery case w here full p a y m e n t is n o t c o m p leted, 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 pon decla ra tio n m a d e b y th e S e c re ta ry of th e T re a su ry in his discretion, b e fo rfeited to th e U n ite d S tates. W h en p a y m e n t is m a d e w ith notes, a cash a d ju s tm e n t will b e m a d 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 notes su b m itte d a n d th e a m o u n t p a y a b le o n th e n otes allo tted . V. ASSIGNM ENT OF REGISTERED NOTES 1. R e g iste re d n o tes te n d e re d a s 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 th e n otes a re to be registered in th e sam e n a m e s a n d form s as a p p e a r in th e re gistratio ns or assignm en ts of th e n otes su rrend ered. Specific instructio ns fo r th e issuance a n d d eliv ery 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 a cc o m p an y th e notes p resen ted . O therw ise, th e n o tes should be assigned b y th e reg istered p ayees or assignees th e re o f in accord ance w ith th e general reg u latio n s governing U n ite d S ta te s securities, as h e re in a fte r se t forth. N o te s to be reg istered in n am es a n d form s d ifferen t fro m those in th e inscriptio ns o r assignm ents of th e n otes p re se n te d should b e assigned to “T h e S e c re ta ry of th e T re a s u ry for T re a su ry N o te s of S eries D -197 7 in th e n a m e of (n a m e a n d ta x p a y e r id en tify in g n u m b e r ) .” I f notes in c o up on form a re desired, th e assig n m en t should b e to “T h e S e c retary of th e T re a s u ry for coupo n T re a s u ry N otes of Series D -1977 to b e d eliv ered t o ____________ ________N otes t e n 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 o r B ra n ch or to 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 n otes m u s t b e delivered a t th e expense a n d risk of th e holder. V I. GENERAL PROVISIONS 1. As fiscal ag en ts 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 re q u este d to receive ten ders, to m a k e such a llo tm e n ts as m a y be p rescrib ed 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 e liv e ry of notes on fu ll-p aid te n d e rs allo tted, a n d th e y m a y issue in te rim re c e ip ts p e n d in g d eliv ery of th e definitive notes. 2. T h e S e c re ta ry of th e T re a s u ry m a y a t a n y tim e , o r from tim e to tim e, p re sc rib 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 w ill be c o m m u n ica ted p ro m p tly to th e F e d e ra l R e se rv e Banks. W illia m E . Sim on, S e c retary o f th e T reasu ry . 'A v e rag e p rice m a y b e at, o r m o re o r less th a n 100.00. (See reverse for tender form) UNITED STATES OF AMERICA TREASURY NOTES OF SERIES B -1 9 8 0 Due A ugust 15, 1980 D ated a n d b e a rin g interest from August 15, 1974 DEPARTMENT OF THE TREASURY Office of th e S e c retary W ashingto n, A ugu st 1, 1974. DEPARTMENT CIRCULAR PLEASE OBSERVE CLOSING TIM O 12:30 P.M., CENTRAL E F DAYLIGHT SAVING TIME, WEDNESDAY, AUGUST 7 1974 , P u b lic D e b t S eries — No. 9-74 I. IN V IT A T IO N FOR TENDERS 1. T h e S e c re ta ry of th e T rea su ry , p u r s 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 nd ed, inv ites te n d e rs a t a p rice n o t less th a n 98.51 p e rc e n t of th e ir face value for $1,750,000,000, or th ere ab o u ts, of notes of th e U n ite d S tates, desig n ated T re a s u ry N otes of Series B-1980. T h e in te re st ra te for th e notes will b e p u b lic ly a n n o u n ce d b y th e S e c retary of th e T re a su ry on A ug ust 2, 1974. A n a d d itio n a l a m o u n t of th e notes m a y b e a llo tte d b y th e S e c retary of th e T re a s u r y to G o v e rn m e n t a ccou 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 T re a s u ry no tes m a tu rin g A ugust 15, 1974. T e n d e rs will be received u p to 1 :3 0 p.m., E a s te r n D a y lig h t Saving tim e, W ed n esd ay , A u gust 7, 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 Sectio n I I I hereof. T h e 5 5 p e rc e n t T re a s u ry N o te s of Series B -1974, m a tu rin g A u gust 15, 1974, w ill b e a cc ep te d a t /8 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 rea su ry . II. DESCRIPTION OF NOTES 1. T h e notes will b e d a te d A u gust 15, 1974, a n d will b e a r in te re s t from th a t date, p a y ab le se m ia n n u a lly on F e b ru a r y 15 a n d A u gust 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 ayable. T h e y w ill m a tu re A u g u st 15, 1980, a n d w ill n o t be su b je c t to call fo r re d e m p tion p rio r to m a tu rity . 2. T h e incom e d e riv e d from th e n o tes is su b je c t to all taxes im posed u n d e r th e I n te rn a l R e v e n u e Code of 1954. T h e notes a re su b je ct to estate, in h eritan c e, gift or o th e r excise taxes, w h e th e r F e d e ra l o r S ta te , b u t are e x em p t from all ta x 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 e re 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, or b y a n y local taxing a u th o rity . 3. T h e notes w ill b e a c c ep ta b le to secure dep osits of p u b lic m oneys. T h e y will n o t be a c c 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 s t coupons a tta ch e d , a n d notes re g iste red as to p rin cip a l a n d interest, w ill b e issued in d e n om in ation s of $1,000, $5,000, $10,000, $100,000 a n d $1,000,000. P ro v isio n w ill be m ad e for th e in terch an g e of no tes of differen t d e n o m in a tio n s a n d of coupon a n d re g iste red notes, a n d for th e tra n s fe r of re g iste red notes, u n d e r rules a n d regulation s p rescrib ed b y th e S e c retary o f th e T rea su ry . 5. T h e n otes will b e su b je c t to th e general re g u la tio n s o f th e D e p a r tm e n t of th e T rea su ry , now or h e re a fte r p rescrib ed , governing U n ite d S ta te s notes. I I I. TENDERS A N D ALLOTMENTS 1. T e n d e rs will b e receiv ed 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 ashin gton , D . C. 20226, u p to th e closing hour, 1 :3 0 p.m., E a s te r n D a y lig h t S aving tim e , W edn esday, A ugu st 7, 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 b id for, w hich m u s t be $1,000 o r a m u ltip le thereof, a n d th e p rice offered, except t h a t in th e case of n onco m p e titiv e te n d e rs th e te rm “n o n c o m p e titiv e ” sh ould be used in lieu of a price. I n th e case of c o m p e titiv e ten ders, th e price m u st be expressed on th e basis of 100, w ith tw o decim als, e.g., 100.00. T e n d e rs a t a p ric e less th a n 98.51 w ill n o t be accepted . F ra c tio n s m a y n o t b e used. N o n c o m p etitiv e te n d e rs fro m a n y one b id d e r m a y n o t exceed $500,000. 2. C om m ercial banks, w hich for th is p u rp o se a r e defined a s b a n k s a cc ep tin g d e m a n d deposits, a n d d ealers w ho m a k e p rim a ry m a rk e ts in G o v e rn m e n t secu rities a n d r e p o r t d aily to th e F e d e ra l R e se rv e B a n k of N ew Y o rk th e ir p osition s w ith re sp e c t to G o v e rn m en t securities a n d borrow ings thereon , m a y su b m it te n d e rs for a cc o u n t of cu stom ers p ro v id ed th e n am es of th e cu stom ers a re se t fo rth 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 fo r th e ir ow n account. T e n d e rs will b e received w ith o u 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 e d e rally -in su red savings a n d loan associations, S tates, p olitical subdivisions or in stru m e n ta litie s th ereo f, p ublic p e n sio n a n d re 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 e rsh ip , fo reig n c e n tra l b a n k s a n d foreign S tates, de ale rs w ho 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 daily to th e F e d e ra l R e se rv e B a n k of N ew Y o rk th e ir p ositio ns 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, a n d G o v e rn m e n t accounts. T e n d e rs from o th ers m u st be a cc o m p an ied b y p a y m e n t ( i n cash o r 5 s/g p e rc e n t T re a su ry N o te s of S eries B -1 974 w hich w ill be a ccep ted a t p a r ) of 5 p e rc e n t of th e face a m o u n t of n otes 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 te n d e rs w ill b e opened, follow ing w hich p u b lic a n n o u n c e m e n t will b e m a d e b y th e D e p a rtm e n t of th e T re a su ry of th e a m o u n t a n d price ra n g e of a cc ep te d bids. T h o se su b m ittin g te n d e rs will b e ad v ised of th e acceptance o r re je ctio n thereof. In considering th e a cc ep ta n ce of ten ders, th o se a t th e h ig h est prices will 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 low est a cc ep te d p rice w ill be p ro ra te d if necessary. 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 o r re je c t a n y or all tend ers, in w hole o r in p a rt, including th e rig h t to a c c e p t less th a n $1,750,000,000 of tenders, a n d his a ctio n in a n y such re sp e c t shall b e 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 fo r $500,000 o r less w ith o u t sta te d p rice fro m a n y o ne b id d e r w ill b e a cc ep te d in full a t th e a v erage p ric e 1 ( in tw o d ecim als) of a cc ep te d co m p etitiv e tend ers. 4. All b id d ers a re re q u ire d to ag ree n o t to p u rc h ase or sell, o r to m a k e a n y a g ree m e n ts w ith re sp e c t to th e p u rch ase o r sale or o th e r disp osition of a n y n o tes of th is issue a t a specific ra te o r price, u n til a fte r 1 :3 0 p.m., E a s te r n D a y lig h t S aving tim e, W ednesday, A ugust 7, 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 t o certify t h 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 a cc o u n t of t h e ir custom ers, a n d t h a t th e ir cu stom ers h a v e no beneficial in te re s t in th e b a n k s’ te n d e rs fo r th e ir own account. IV . PAYMENT 1. S e ttle m e n t fo r a cc ep te d te n d e rs in acco rdance w ith th e b id s m u st b e m a d e or com p le te d on or before A ug ust 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 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, in cash, 5 % p e rc e n t T re a su ry N otes of Series B -1974 ( in te r e s t coupons d a te d A u gust 15, 1974, should b e d e ta c h e d ) o r o th e r fund s im m e d ia tely a v ailab le b y t h a t date. P a y m e n t will n o t b e d eem ed to ha v e b e e n c o m p le te d w here re g iste red notes a re re q u este d if th e a p p ro p ria te id en 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 I n te rn a l R e v e n u e Service ( a n in d iv id u a l’s social secu rity n u m b e r o r a n e m p lo y e r id en tific a tio n n u m b e r) is n o t furnished. I n e v ery case w h e re 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 e c la ra tio n m a d e b y th e S e c retary of th e T re a su ry in his discretion, be fo rfeited to th e U n ite d S tates. W h en p a y m e n t is m a d e w ith notes, a cash a d ju s tm e n t will b e m ad e to o r re q u ire d of th e b id d e r fo r a n y difference b e tw ee n th e face a m o u n t of n otes 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. V. ASSIGNM ENT OF REGISTERED NOTES 1. R e g iste re d notes te n d e re d as dep osits a n d in p a y m e n t fo r notes a llo tte d h e re u n d e r are n o t re q u ire d to be assigned if th e notes a re to b e re g iste red in th e sam e n a m e s 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 notes surrendered . Specific instruction s for th e issuance a n d d e liv e ry of th e notes, signed b y th e ow ner or his a u th o riz ed re p rese n tativ es, m u st a cc o m p an y th e notes presen ted . O therw ise, th e no tes should b e assigned b y th e re g iste red p a y ee s o r assignees th ere o f in accordan ce w ith th e general re g u la tions governing U n ite d S ta te s securities, as h e re in a fte r se t forth. N o te s to be registered in n am es a n d form s d ifferent from tho se in th e inscriptio ns o r assignm en ts of th e notes 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 s u ry N o tes of Series B -1980 in th e n a m e of ( n a m e a n d ta x p a y e r id en tify in g n u m b e r ) .” I f notes in coupon form a re desired, th e assig n m en t should b e to “T h e S e c retary of th e T re a su ry fo r coupo n T re a s u ry N otes of Series B -1980 to be deliv e red to _______________ .” N otes te n d e re d 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 o r B ra n c h o r to 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 notes m u st b e deliv ered a t th e expense a n d risk of th e holder. V I. GENERAL PROVISIONS 1. As fiscal a g en ts 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 re q u este d to receive tend ers, to m a k e such a llo tm e n ts as m a y be p re sc rib e d b y th e S e c retary of th e T rea su ry , to issue such notices as m a y be necessary, to receive p a y m e n t for a n d m a k e delivery of n otes on fu ll-p aid te n d e rs allo tted, a n d th e y m a y issue in te rim re ce ip ts p e n d in g d elivery of th e definitive notes. 2. T h e S e c re ta ry of th e T re a s u ry m a y a t a n y tim e, o r fro m tim e to tim e, p rescrib e su p p le m e n tal o r a m e n d a to ry rules a n d re g u la tio n s governing th e offering, w hich will b e c o m m u n ica ted p r o m p tly to th e F e d e ra l R e se rv e Banks. W illia m E . Sim on ______________ S e c retary of th e T re a su ry 'A verage p rice m a y b e a t, or m o re or less th a n 100.00. ( S e e re v erse for te n d e r fo rm ) TENDER FOR TREASURY NOTES O F SERIES B-1980 El Paso 79999 Houston 77001 Pursuant to the provision of Treasury Department Circular, Public Debt Series No. 9-74, 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 at the rate indicated. NONCOMPETITIVE TENDER $__________________________________ _NOT TO EXCEED $500,000 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. /a p ----------------- ---------------- @ 1 * $ COMPETITIVE TENDERS ? $ $ ■ $ Cn) @ .11-............ DAYLIGHT □ By charge to our reserve account on payment date. □ 1,000 ¥ 5,000 $ - Payment to be made by_______________ □ M aturity Value @ $ (® $ 10,000 ?~. (a) $ 100,000 $. <® $1.,000,000 s 12:30 P.M., CENTRAL Prices should be ex pressed on the basis of 100, with two decimals, e. g., 100.00. Tenders at a price less than 98.51 w ill not be accepted. Fractions must not be used. METHOD OF PAYMENT Denominations Desired Number of Pieces 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). 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 No. of Pieces Denomination or Amount $- Social Security No. O F TIME CLOSING OBSERVE San Antonio 78295 (Date) & $ PLEASE Maturing August 15,1980 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The_______________________ Branch SAVING TIME, WEDNESDAY, AUGUST 7 1974 , Dated and bearing interest from August 15,1974 Face Amour Employer Identification No. ............ $_ 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 Daylight Saving Time, Wednesday, August 7, 1974. D elivery In stru ctio n s: ____________________________________________________ (Subscriber’s full name or corporate title) □ Hold in Custody — General Account □ Hold in Custody — Investm ent A c count □ Hold in Custody — Trust Account □ Pledge to secure Treasury Tax and Loan Account □ Other_______________________________ By-------------------------------------------------------(Authorized official signature and title) (For the account of, if tender is fo r another subscriber) ------------------------------------------------------- — — ------------------------------------------------------------------------------------------------------- —(Address) — ( See re v e rse f o r an n o u n cem en t) TENDER FOR ADDITION TO 8V2% TREASURY BONDS O F 1994-99 El Paso 79999 Houston 77001 San Antonio 78295 ______________ (Date) Pursuant to the provision of Treasury Department Circular, Public Debt Series No. 10-74, 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 at the rate indicated. NONCOMPETITIVE TENDER $________________________________ JNOT TO EXCEED $500,000 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. /ft ^ I? 1 $ $ @ @ @ ? ? $ ............- Denominations Desired Number of Pieces DAYLIGHT _@ METHOD OF PAYMENT Payment must include accrued interest from May 15 to August 15, 1974 at the rate of $21.25 per $1,000 allotted. □ Payment to be made by____________________________ M aturity Value $ $ $ 1,000 5,000 ? . 10,000 ?. □ By charge to our reserve account on payment date. □ $ 100,000 ? . $1,.000,000 12:30 P.M., CENTRAL Prices should be ex pressed on the basis of 100, with two decimals, e.g., 100.00. Tenders at a price less than 94.01 w ill not be accepted. Fractions must not be used. (a) COMPETITIVE TENDERS /1 $ 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). 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 No. of Pieces Denomination Amount (n) $ - - or Social Security No. O F TIME CLOSING OBSERVE PLEASE Maturing May 15,1999 To: Federal Reserve Bank, Station K, Dallas, Texas 75222 or — The---------------------------------------Branch SAVING TIME, THURSDAY, AUGUST 8 1974 , Dated May 15,1974, with interest from August 15,1974 (ft) ip ■ $ Face A m ount............... $..... Employer Identification No. ____ $ . 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 Daylight Saving Time, Thursday, August 8, 1974. D elivery Instructions: (Subscriber’s full name or corporate title) □ Hold in Custody — General Account □ Hold in Custody — In vestm ent Ac count □ Hold in Custody — T ru st Account □ Pledge to secure Treasury Tax and Loan Account □ Other______________________________ (Address) By- (Authorized official signature and title) (F o r the account of, if tender is fo r another subscriber) (A ddress) ( See re v e rse fo r an n o u n cem en t) UNITED STATES OF AMERICA 8 Vi PERCENT TREASURY BONDS OF 1994-99 Dated M a y 15, 1974, w ith interest from August 1 5 ,1 9 7 4 Due M a y 1 5 , 1 9 9 9 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 CIRCULAR DEPARTMENT OF THE TREASURY P u b lic D e b t S eries — N o. 10-74 Office of th e S ec retary W ashington, A u g u st 1, 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 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 rty B ond Act, a s am en d ed , invites te n d e rs a t a p rice n o t less th a n 94.01 p e rc e n t of th e ir face v a lu e for $400,000,000, or th ere ab o u ts, of bonds of th e U n ite d S tates, d e sig n ate d 8 Vj p e rc e n t T re a su ry B onds of 1994-99. A n a d d itio n al a m o u n t of th e bonds m ay be a llo tte d by th e S e c retary of th e T re a su ry to G o v ern m e n t accounts a n d F e d e ra l R e se rv e B a n k s a t th e av erag e p rice in exchange for T re a su ry n otes m a tu rin g A ugust 15, 1974. T e n d e rs will be received u p to 1 :3 0 p.m ., E a s te rn D a y lig h t Saving tim e, T h u rsd a y , A ugust 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 b id ding, as se t fo rth in Section I I I hereof. T h e 5 % p e rc e n t T re a su ry N otes of Series B -1974 m atu rin g A ugust 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 are a llo tte d b y th e T reasury. Please Observe Closing Time of 12:30 P.M., Central Daylight Saving Time, Thursday, August 8, 1974 II. DESCRIPTION OF BONDS 1. T h e bonds now offered will b e id en tica l in a ll 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 rs u a n t to D e p a rtm e n t C ircular, P u b lic D e b t Series — N o. 7-74, d a te d M a y 2, 1974, except t h a t in te re st will a ccrue from A ugust 15, 1974. W ith th is e xception th e bonds a re described in th e follow ing q u o tatio n fro m D e p a rtm e n t C ircular No. 7-74: “ 1. T h e bonds will be d a te d M a y 15, 1974, a n d will b e a r in te re st from th 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 and N o v e m b er 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 y able. T h e y will m a tu re M a y 15, 1999, b u t m a y b e re d 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 accru ed in te re st on a n y in te re st d a y or days, o n 4 m o n th s’ notice of re d e m p tio n given in such m a n n e r as th e S e c retary 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 b onds to be re d ee m e d w ill be d e te rm in e d b y such m eth o d a s m ay be pre sc rib e d b y th e S e c retary of th e T reasu ry . F ro m th e d a te of re d e m p tio n designated in a n y such notice, in te re st on th e bonds called for re d e m p tio n shall cease. “2. T h e incom e deriv ed from th e bonds is su b je c t to a ll tax es im posed u n d e r th e In te rn a l R e v e n u e Code of 1954. T h e bonds are su b je ct to e state, in h eritan ce, g ift o r 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 from all ta x a tio n now or h e re a fte r im posed on th e p rin c ip a l or in te re st th e re o f b y a n y S ta te , or a n y of th e possessions of th e U n ite d States, or b y a n y local tax in g au th o rity . “3. T h e bonds w ill b e 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 a re r b onds w ith in te re s t coupons a tta ch e d , a n d bonds re g iste red as to p rin cip a l a n d in te re st, w ill b e issued in d e n o m in a tio n s of $1,000, $5,000, $10,000, $100,000 a n d $1,000,000. P ro v isio n w ill be m ad e for th e in te rc h an g e of b onds of d ifferent d enom inations a n d of coupon a n d re g iste red bonds, a n d for th e tra n s fe r of re g iste re d bonds, u n d e r rules a n d re g ulations pre sc rib e d b y th e S e c retary of th e T reasu ry . “5. T h e b onds will b e su b je ct to th e general re g ulations o f 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 prescribed, governing U n ite d S ta te s bonds.” III. TENDERS A N D ALLOTMENTS 1. T e n d e rs w ill 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 ran ch es 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 D a y lig h t S aving tim e, T h u rsd a y , A ugust 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 b e $ 1 , 0 0 0 or a m u ltip le thereof, a n d th e price offered, e xcept t h a t in th e case of n o n c o m p e titiv e te n d e rs th e te rm “ n o n c o m p e titiv e ” should be used in lieu of a price. I n th e case of c o m p e titiv e tenders, th e price m u st 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 p rice less th a n 94.01 w ill n o t be accepted. F ra c tio n s m a y 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 e r m a y n o t exceed $500,000. 2. C om m ercial banks, w hich for th is purp o se are defined as b a n k s a cc ep tin g d e m a n d deposits, a n d d ealers w ho m ak e p rim a ry m a rk e ts in G o v e rn m en t securities a n d re p o rt d a ily 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 c t 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 fo r a cc o u n t of custom ers pro v id ed th e nam es of th e custom ers a re set fo rth in such tenders. O th e rs w ill n o t b e p e rm itte d to su b m it te n d e rs e x ce p t for th e ir own account. T e n d e rs will b e received w ith o u t dep o 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 a n d loan associations, States, p o litica l subdivisions or in stru m e n ta litie s thereof, p u b lic p e nsion a n d re 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 bership, foreign c e n tra l b a n k s a n d foreign S tates, d ealers who m ak e p rim a ry m a rk e ts in G o v e rn m e n t securities a n d r e p o rt daily to th e F e d e ra l 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 en t securities a n d borrow ings th ereo n , a n d G ov e rn m e n t accounts. T e n d e rs from oth ers m u st be a ccom panied b y p a y m e n t ( in cash o r th e 5Vs p e rc e n t T re a s u ry N otes of Series B -1974 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 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 be opened, follow ing w hich p u b lic a n n o u n c e m e n t will be m ad e b y th e D e p a rtm e n t of th e T re a s u ry of th e a m o u n t a n d p rice ra n g e of a c c e p 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 c e o r reje ctio n thereof. I n considering th e a cceptan ce of ten d e rs, those a t th e hig h est p rices 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 low est a cc ep te d p rice will b e p ro ra te d if necessary. 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 a ll tenders, in w hole o r in p a rt, including th e rig h t to a cc ep t less th a n $400,000,000, of te n ders, a n d his a ctio n in a n y such re sp e c t shall be final. S u b je c t to th e s e reservations, no 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 p rice from a n y one b id d e r will b e a cc ep te d in full a t th e a v era g e p ric e 1 ( in tw o decim als) of a cc ep te d c o m p e titiv e tenders. 4. A ll b id d ers a re re q u ire d to agree n o t to p u rc h ase o r sell, or to m ak e a n y a g reem en ts w ith re sp e ct to th e pu rch ase o r sale or o th e r disposition of a n y bonds of this issue a t a specific ra te o r p rice, u n til a fte r 1 :3 0 p.m., E a s te rn D a y lig h t S aving tim e , T h u rsd a y , A ugust 8 , 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 th a t th e y have no beneficial in te re st in a n y of th e ten d e rs th e y e n te r for th e a ccount of th e ir custom ers, a n d t h a t th e ir custom ers h a v e 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 . PAYMENT 1. S e ttle m e n t for a cc ep te d te n d e rs in accordance w ith th e bids to g eth e r w ith $21.25 p e r $1,000 for accrued in te re st from M a y 15 to A ugust 15, 1974, m u st b e m ad e o r c o m p le te d on or b e fo re A ugust 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, in cash, 5 5 p e rc e n t T re a su ry N otes of Series B -1974 (in te r e s t coupons d a te d /s A ugust 15, 1974, should b e d e ta c h e d ) or o th e r fun d s im m e d ia tely a v a ila b le by t h a t date. P a y m e n t will n o t be deem ed to ha v e b e en com p le te d w here re g iste red b onds a re re q u este d if th e a p p ro p ria te id en 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 d ocum ents sub m itte d to th e In te rn a l R e v e n u e Service ( a n in d iv id u a l’s social se c u rity n u m b er or a n em p lo y er identification n u m b e r) is n o t furnished. In e very 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 bond s a llo tte d shall, u p o n decla ra tio n m ad e b y th e S e c retary of th e T re a su ry in his discretion, b e forfeited to th e U n ite d States. W h en p a y m e n t is m ad e w ith notes, 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 n otes 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 bonds allotted. V. ASSIGNM ENT OF REGISTERED NOTES 1. R e g iste re d n otes te n d e re d as d e p o sits a n d in p a y m e n t for bonds a llo tte d h e re u n d e r are n o t re q u ire d to be assigned if th e bonds a re to b e re g iste red in th e sam e nam es a n d form s as a p p e a r in th e registrations or assignm ents of th e notes surrendered. Specific in stru ctio n 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 acco m p an y th e notes p resented. O therw ise, th e notes should b e assigned b y th e registered p ayees o r assignees th e re o f in accordance w ith th e general reg u latio n s governing U n ite d S ta te s securities, as h e re in a fte r se t fo rth. B onds to b e re g iste red in nam es a n d form s d iffere n t from those in th e inscriptions or assignm ents of th e n otes 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 8 V2 p e rc e n t T re a s u ry B onds of 1994-99 in th e na m e of (n a m e a n d ta x p a y e r id e n tify in g n u m b e r).” I f b onds in coupon form a re desired, th e assignm ent should be to “T h e S e c retary of th e T re a su ry for 8 % p e rc e n t c o upon T re a su ry B onds of 1994-99 to b e d elivered to ___ __________ N otes te n d e re d in p a y m e n t should be 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 c h o r to th e B u re a u of th e P u b lic D e b t, W ash ington, D. C. 20226. T h e n otes m u st be d eliv ered a t th e expense a n d risk of th e holder. V I. GENERAL PROVISIONS 1. A s fiscal ag en ts of th e U n ite d States, F e d e ra l R e se rv e B a n k s are a u th o riz ed a n d re q u este d to receive ten d e rs, to m a k e such a llo tm e n ts as m a y b e pre sc rib e d b y th e S e c retary 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 b onds on fu ll-p a id 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 delivery of th e definitive bonds. 2. T h e S e c re ta ry of th e T re a s u ry m a y a t a n y tim e, o r from tim e to tim e, p re sc rib e su p p le m e n ta l o r a m e n d a to ry ru les a n d reg ulations governing th e offering, w hich will be co m m u n ica ted p ro m p tly to th e F e d e ra l R e se rv e Banks. W illia m E . Sim on, --------------------S e c retary of th e T reasu ry . — • A verage p rice m a y be a t, o r m o re or less th a n 100.00. (S e e rev erse for te n d e r fo rm )
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