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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States rCircular No. 6 2 8 5 * 1 L January 31, 1969 -1 Refunding of Treasury Notes and Bonds Maturing February 15, 1969 To All Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The subscription books will be open Monday, February 3, through Wednesday, February 5, for an offering of— 6 % percent Treasury Notes of Series C-1970, at 99.95, dated February 15, 1969, maturing May 15, 1970, and 6 i/ 4 percent Treasury Notes of Series A-1976, at 99.75, dated February 15, 1969, maturing February 15, 1976, in exchange for the eligible series of Treasury notes and bonds maturing February 15, 1969, as set forth in Treasury Department Circulars Nos. 1-69 and 2-69, Public Debt Series, both dated January 30, 1969; a copy of each is printed on the following pages. Coupons dated February 15, 1969, on the maturing securities should be detached and cashed when due. Only banking institutions may submit subscriptions for account of customers. On such subscriptions, the customers’ names must be furnished. On subscriptions for account of customers other than individuals, their locations must also be furnished. On subscriptions for account of customers of correspondent banks, the names of such customers and, if not individuals, their locations must be furnished. Subscribers are required to certify that at the time the subscription is entered the securities surrendered were owned and delivery was accepted by the subscriber, or that such securities were contracted for purchase for value by the subscriber for delivery to the sub scriber prior to the closing of the subscription books. Subscriptions will be received by this Bank as fiscal agent of the United States. Subscrip tions should be submitted in triplicate on official subscription forms, copies of which are enclosed, and should be mailed immediately. If filed by telegram or letter, the subscriptions should be confirmed immediately by mail on the forms provided. The subscription books will remain open for three days, February 3 through February 5. Any subscription addressed to a Federal Reserve Bank or Branch or to the Treasury Department and placed in the mail before midnight Wednesday, February 5, will be considered timely. Cash subscriptions will not be received. A lfred H a y e s , President. UNITED STATES OF AMERICA 6% PERCENT TREASURY NOTES OF SERIES C-1970 Dated and bearing interest from February 15, 1969 Due May 15, 1970 D EPARTM EN T CIRCULAR TREASU RY DEPARTM ENT, Public Debt Series— No. 1-69 O f f ic e of t h e Secretary, Washington, January 30,1969. I. OFFERING OF NOTES 1. The Secretary of the Treasury, pursuant to the authority o f the Second Liberty Bond Act, as amended, offers notes o f the United States, designated 6% percent Treasury Notes o f Series C-1970, at 99.95 percent o f their face value, in exchange for the follow ing securities maturing February 15, 1969 : 5% percent Treasury Notes o f Series A-1969; or 4 percent Treasury Bonds o f 1969, in amounts of $1,000 or multiples thereof. 5. The notes will be subject to the general regula tions of the Treasury Department, now or hereafter prescribed, governing United States notes. Cash payments due subscribers will be made as set forth in Section IV hereof. The amount of this offer ing will 'be limited to the amount of eligible securities tendered in exchange. The books will be open only on February 3 through February 5, 1969, for the receipt of subscriptions. III. 2. In addition, holders of the maturing securities are offered the privilege o f exchanging all or any part o f them for 614 percent Treasury Notes o f Series A-1976, which offering is set forth in Department Circular, Public Debt Series— No. 2-69, issued simul taneously with this circular. II. DESCRIPTION OF NOTES 1. The notes will be dated February 15, 1969, and will bear interest from that date at the rate of 6% percent per annum, payable on a semiannual basis on May 15 and November 15, 1969, and on May 15, 1970. They will mature May 15, 1970, and will not be subject to call for redemption prior to maturity. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions accepting the offer made by this circular will be received at the Federal Reserve Banks and Branches and at the Office of the Treas urer of the United States, Washington, D. C. 20220. Banking institutions generally may submit subscrip tions for account o f customers, but only the Federal Reserve Banks and the Treasury Department are au thorized to act as official agencies. 2. Under the Second Liberty Bond Act, as amended, the Secretary o f the Treasury has the au thority to reject or reduce any subscription, and to allot less than the amount o f notes applied for when he deems it to be in the public interest; and any action he may take in these respects shall be final. Subject to the exercise of that authority, all subscrip tions will be allotted in full. IV. PAYMENT 1. Payment for the face amount of notes allotted hereunder must be made on or before February 17, 1969, or on later allotment, and may be made only in a like face amount of securities o f the issues enu merated in Paragraph 1 of Section I hereof, which should accompany the subscription. Payment will not be deemed to have been completed where regis tered notes are requested if the appropriate identify ing number as required on tax returns and other documents submitted to the Internal Revenue Service (an individual’s social security number or an em ployer identification number) is not furnished. A cash payment of $0.50 per $1,000 will be made to subscribers on account o f the issue price of the new notes. The payment will be made by check or by 2. The income derived from the notes is subject to all taxes imposed under the Internal Revenue Code of 1954. The notes are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any o f the possessions of the United States, or by any local taxing authority. 3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in pay ment o f taxes. 4. Bearer notes with interest coupons attached, and notes registered as to principal and interest, will be issued in denominations of $1,000, $5,000, $10,000, $100,000, $1,000,000, $100,000,000 and $500,000,000. Provision will be made for the interchange o f notes of different denominations and of coupon and regis tered notes, and for the transfer of registered notes, under rules and regulations prescribed by the Secre tary o f the Treasury. 2 credit in any account maintained by a banking institu tion with the Federal Reserve Bank of its District, following acceptance of the maturing securities. In ^the case of registered securities, the payment will be made in accordance with the assignments on the securities surrendered. When payment is made with securities in bearer form, coupons dated February 15, 1969, should be detached and cashed when due. When payment is made with registered securities, the final interest due on February 15, 1969, will be paid by issue of interest checks in regular course to holders of record on, January 15, 1969, the date the transfer books closed. V. for exchange for 6 % percent Treasury Notes of Series 0-1970” ; if the new notes are desired regis tered in another name, the assignment should be to “ The Secretary of the Treasury for exchange for 6 % percent Treasury Notes o f Series C-1970 in the name o f .......................................if new notes in cou pon form are desired, the assignment should be to “ The Secretary of the Treasury for exchange for 6 % percent Treasury Notes of Series C-1970 in cou pon form to be delivered t o ......................................... ” VI. ASSIGNMENT OF REGISTERED SECURITIES 1. Treasury securities in registered form tendered in payment for notes offered hereunder should be as signed by the registered payees or assignees thereof, in accordance with the general regulations o f the Treasury Department governing assignments for transfer or exchange, in one of the forms hereafter set forth, and thereafter should be surrendered with the subscription to a Federal Reserve Bank or Branch or to the Office of the Treasurer of the United States, Washington, D. C. 20220. The maturing securities must be delivered at the expense and risk of the holder. I f the new notes are desired registered in the same name as the securities surrendered, the assign ment should be to “ The Secretary o f the Treasury GENERAL PROVISIONS 1 . As fiscal agents o f the United States, Federal Reserve Banks are authorized and requested to re ceive subscriptions, to make such allotments as may be prescribed by the Secretary of the Treasury, to issue such notices as may be necessary, to receive pay ment for and make delivery o f notes on full-paid subscriptions allotted, and they may issue interim re ceipts pending delivery of the definitive notes. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. DAVID M. KENNEDY, Secretary of the Treasury. UNITED STATES OF AMERICA 6Vt PERCENT TREASURY NOTES OF SERIES A-1976 Dated and bearing interest from February 15, 1969 Due February 15, 1976 DEPARTM EN T CIRCULAR TRE ASU RY DEPARTM EN T, Public Debt Series— No. 2-69 O f f ic e of t h e Secretary, Washington, January 30,1969. I. OFFERING OF NOTES 1. The Secretary of the Treasury, pursuant to the (authority o f the Second Liberty Bond Aet, as amended, offers notes o f the United States, designated 61/4 percent Treasury Notes of Series A-1976, at 99.75 percent of their face value, in exchange for the follow ing securities maturing February 15, 1969 : 5% percent Treasury Notes of Series A-1969; or 4 percent Treasury Bonds of 1969, in amounts of $ 1,000 or multiples thereof. Cash payments due subscribers will be made as set 3 forth in Section IV hereof. The amount o f this offer ing will be limited to the amount of eligible securities tendered in exchange. The books will be open only on February 3 through February 5, 1969, for the receipt of subscriptions. 2. In addition, holders of the maturing securities are offered the privilege of exchanging all or any part of them for 6 % percent Treasury Notes of Series C-1970, which offering is set forth in Department Circular, Public Debt Series — No. 1-69, issued si multaneously with this circular. II. DESCRIPTION OF NOTES 1. The notes will be dated February 15, 1969, and will bear interest from that date at the rate of 6% percent per annum, payable semi-annually on August 15, 1969, and thereafter on February 15 and August 15 in each year until the principal amount becomes payable. They will mature February 15, 1976, and will not be subject to call for redemption prior to maturity. 2. The income derived from the notes is subject to all taxes imposed under the Internal Revenue Code o f 1954. The notes are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. be deemed to have been completed where registered notes are requested if the appropriate identifying number as required on tax returns and other docu ments submitted to the Internal Revenue Service (an individual’s social security number or an employer identification number) is not furnished. A cash pay ment o f $2.50 per $1,000 will he made to subscribers on account of the issue price o f the new notes. The payment will be made by cheek or by credit in any account maintained by a hanking institution with the Federal Resente Bank o f its District, following acceptance o f the maturing securities. In the case of registered securities, the payment will be made in accordance with the assignments on the securities surrendered. When payment is made with securities in hearer form, coupons dated February 15, 1969, should be detached and cashed when due. When pay ment is made with registered securities, the final interest due on February 15, 1969, will be paid by issue of interest checks in regular course to holders of record on January 15, 1969, the date the transfer books closed. V. 4. Bearer notes with interest coupons attached, and notes registered as to principal and interest, will be issued in denominations o f $1,000, $5,000, $10,000, $100,000, $1,000,000, $100,000,000 and $500,000,000. Provision will be made for the interchange of notes of different denominations and of coupon and registered notes, and for the transfer o f registered notes, under rules and regulations prescribed by the Secretary of the Treasury. 5. The notes will be subject to the general regula tions of the Treasury Department, now or hereafter prescribed, governing United States notes. III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions accepting the offer made by this circular will be received at the Federal Reserve Banks and Branches and at the Office of the Treasurer of the United States, Washington, D. C. 20220. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. Under the Second Liberty Bond Act, as amended, the Secretary of the Treasury has the authority to reject or reduce any subscription, and to allot less than the amount o f notes applied for when he deems it to be in the public interest; and any action he may take in these respects shall be final. Subject to the exercise of that authority, all sub scriptions will be allotted in full. IV. PAYMENT 1. Payment for the face amount of notes allotted hereunder must be made on or before February 17, 1969, or on later allotment, and may be made only in a like face amount o f securities of the issues enumerated in Paragraph 1 of Section I hereof, which should accompany the subscription. Payment will not ASSIGNMENT OF REGISTERED SECURITIES 1. Treasury securities in registered form tendered in payment for notes offered hereunder should be as signed by the registered payees or assignees thereof, in accordance with the general regulations of the Treasury Department governing assignments for transfer or exchange, in one of the forms hereafter set forth, and thereafter should be surrendered with the subscription to a Federal Reserve Bank or Branch or to the Office of the Treasurer of the United States, Washington, D. C. 20220. The maturing securities must be delivered at the expense and risk of the holder. If the new notes are desired registered in the same name as the securities surrendered, the assign ment should be to “ The Secretary of the Treasury for exchange for 6^4 percent Treasury Notes of Series A-1976” ; if the new notes are desired registered in another name, the assignment should be to “ The Secretary of the Treasury for exchange for 6!/4 per cent Treasury Notes of Series A-1976 in the name of ...................................... if new notes in coupon form are desired, the assignment should be to “ The Secre tary of the Treasury for exchange for 614 percent Treasury Notes of Series A-1976 in coupon form to be delivered t o .............................................. ” VI. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make such allotments as may be prescribed by the Secretary of the Treasury, to issue such notices as may be necessary, to receive payment for and make delivery of notes on full-paid sub scriptions allotted, and they may issue interim receipts pending delivery of the definitive notes. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offer ing, which will be communicated promptly to the Federal Reserve Banks. DAVID M. KENNEDY, Secretary of the Treasury.
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