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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States r Circular No. 6 4 0 5 T L September 19, 1969-1 Refunding of Treasury Notes and Bonds Maturing October 1 and December 15, 1969 To All Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The subscription books will be open Monday, September 22, through Wednesday, Septem ber 24, for an offering of — 8 percent Treasury Notes of Series E-1971, at par, dated October 1, 1969, maturing May 15, 1971, 7 % percent Treasury Notes of Series A-1973, at par, dated October 1, 1969, maturing May 15, 1973, and 7V2 percent Treasury Notes of Series C-1976, at 99.50, dated October 1, 1969, maturing August 15, 1976, in exchange for the eligible series of Treasury notes and bonds maturing October 1 and December 15, 1969, as set forth in Treasury Department Circulars Nos. 6-69, 7-69, and 8-69, Public Debt Series, all dated September 18, 1969; a copy of each is printed on the following pages. Any gain or loss on this exchange will be fully recognized under the Internal Revenue Code (see Internal Revenue Bulletin No. 1969-21). Coupons dated October 1, 1969 on the securities maturing on that date should be detached and cashed when due. Coupons dated December 15, 1969 on the bonds maturing on that date must be attached. Only banking institutions may submit subscriptions for account of customers. On such subscriptions, banking institutions may consolidate subscriptions by individuals that are not in excess of $200,000 fo r a specific security and report the total number and amount of such sub scriptions. On any subscription of more than $200,000 by an individual, the customer’s name must be furnished. On subscriptions of any amount for account of customers other than individ uals, their names and locations must 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 securi ties 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 subscriber 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 011 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 011 the forms provided. The subscription books will remain open for three days, September 22 through Septem ber 24. Any subscription addressed to a Federal Reserve Bank or Branch or to the Treasury Department and placed in the mail before midnight Wednesday, September 24, will be considered timely. Cash subscriptions will not be received. A lfred H ayes, President. UNITED STATES OF AMERICA 8 PERCENT TREASURY NOTES OF SERIES E-1971 Dated and bearing interest fr o m O ctober 1, 1969 Due May 15, 1971 TREASURY DEPARTM ENT, d epartm en t Office of the Secretary, c ir c u l a r P u b lic D eb t S eries — N o. 6 -6 9 I. Washington, September 18, 1969. OFFERING OF NOTES 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 of notes of different denominations and of coupon and registered notes, and for the transfer of registered notes, under rules and regulations prescribed by the Secretary of the Treasury. 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, offers notes of the United States, designated 8 percent Treasury Notes of Series E-1971, at par, in exchange for the following securities, singly or in combinations aggregating $1,000 or multiples thereof: (1) 1y% percent Treasury Notes of Series EO1969, due October 1, 1969; 5. The notes will be subject to the general regula tions of the Treasury Department, now or hereafter prescribed, governing United States notes. (2) 4 percent Treasury Bonds of 1969, due Oc tober 1, 1969; or (3) 2 i/2 percent Treasury Bonds of 1964-69, due December 15, 1969, with a cash payment of $2.70 per $1,000 to subscribers. III. SUBSCRIPTION AND ALLOTM ENT for the receipt of subscriptions. 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. In addition, holders of the securities enumerated in Paragraph 1 of this section are offered the privilege of exchanging all or any part of them for 7 % per cent Treasury Notes of Series A-1973, or 7 ^ per cent Treasury Notes of Series C-1976, which offer ings are set forth in Department Circulars, Public Debt Series — Nos. 7-69 and 8-69, issued simulta neously with this circular. 2. Under the Second Liberty Bond Act, as amended, the Secretary of the Treasury has the au thority to reject or reduce any subscription, and to allot less than the amount of 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 subscriptions will be allotted in full. Interest will be adjusted on the bonds of 1964-69 as of December 15, 1969. Payments on account of ac crued interest and cash adjustments will be made as set forth in Section IV hereof. The amount of this offering will be limited to the amount of eligible securi ties tendered in exchange. The books will be open only on September 22 through September 24, 1969, II. D ESCRIPTIO N OF NOTES IV. 1. The notes will be dated October 1, 1969, and will bear interest from that date at the rate of 8 per cent per annum, payable on a semiannual basis on May 15 and November 15, 1970, and May 15, 1971. They will mature May 15, 1971, and will not be sub ject to call for redemption prior to maturity. 1. Payment for the face amount of notes allotted hereunder must be made on or before October 1, 1969, or on later allotment, and may be made only in a like face amount of securities of the issues enumerated in Paragraph 1 of Section I hereof, which should ac company the subscription. Payment will not be deemed to have been completed where registered notes are requested if the appropriate identifying number as required on tax returns and other documents sub mitted to the Internal Revenue Service (an individ ual’s social security number or an employer identi fication number) is not furnished. 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 of the possessions of the United States, or by any local taxing authority. 2. i y 2 percent notes of Series EO-1969 and 4 per cent bonds of 1969. — When payment is made with 3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in pay ment of taxes. PAYMENT securities in bearer form, coupons dated October 1, 1969, should be detached and cashed when due. When payment is made with registered bonds, the final 2 UNITED STATES OF AMERICA 7% PERCENT TREASURY NOTES OF SERIES C-1976 Dated and bearing interest from October 1, 1969 Due August 15, 1976 TREASURY DEPARTM ENT, Office of the Secretary, Washington, September 18, 1969. D E P A R T M E N T C IR C U L A R P u b lic D ebt S eries — N o. 8 -6 9 I. 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. OFFERING OF NOTES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, offers notes of the United States, designated 7% percent Treasury Notes of Series C-1976, at 99.50 percent of their face value, in exchange for the follow ing securities, singly or in combinations aggregating $ 1,000 or multiples thereof: 3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in pay ment of 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 of notes of different denominations and of coupon and registered notes, and for the transfer of registered notes, under rules and regulations prescribed by the Secretary of the Treasury. (1) IV2 percent Treasury Notes of Series EO1969, due October 1, 1969; (2) 4 percent Treasury Bonds of 1969, due Oc tober 1, 1969; or (3) 2^2 percent Treasury Bonds of 1964-69, due December 15, 1969, with a cash payment of $2.20 per $ 1,000 to subscribers. 5. The notes will be subject to the general regula tions of the Treasury Department, now or hereafter prescribed, governing United States notes. Interest will be adjusted on the bonds of 1964-69 as of December 15, 1969. Payments on account of ac crued interest and cash adjustments will be made as set forth in Section IV hereof. The amount of this offering will be limited to the amount of eligible securi ties tendered in exchange. The books will be open only on September 22 through September 24, 1969, for the receipt of subscriptions. III. 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. In addition, holders of the securities enumerated in Paragraph 1 of this section are offered the privilege of exchanging all or any part of them for 8 percent Treasury Notes of Series E-1971, or 7% percent Treasury Notes of Series A-1973, which offerings are set forth in Department Circulars, Public Debt Series — Nos. 6-69 and 7-69, issued simultaneously with this circular. II. 2. Under the Second Liberty Bond Act, as amended, the Secretary of the Treasury has the au thority to reject or reduce any subscription, and to allot less than the amount of 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 subscriptions will be allotted in full. DESCRIPTION OF NOTES 1. The notes will be dated October 1, 1969, and will bear interest from that date at the rate of percent per annum, payable on a semiannual basis on February 15 and August 15, 1970, and thereafter on February 15 and August 15 in each year until the principal amount becomes payable. They will mature August 15, 1976, and will not be subject to call for redemption prior to maturity. IV. PAYMENT 1. Payment for the face amount of notes allotted hereunder must be made on or before October 1, 1969, or on later allotment, and may be made only in a like face amount of securities of the issues enumerated in Paragraph 1 of Section I hereof, which should ac company the subscription. Payment will not be deemed to have been completed where registered notes are requested if the appropriate identifying number as required on tax returns and other documents sub- 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 SURSCRIPTION AND ALLOTMENT 5 II. DESCRIPTION OF NOTES ual’s social security number or an employer identi fication number) is not furnished. 1. The notes will be dated October 1, 1969, and will bear interest from that date at the rate of 7% percent per annum, payable on a semiannual basis on May 15 and November 15, 1970, and thereafter on May 15 and November 15 in each year until the prin cipal amount becomes payable. They will mature May 15, 1973, and will not be subject to call for redemption prior to maturity. 2 . i y 2 percent notes of Series EO-1969 and 4 per cent bonds of 1969. — When payment is made with securities in bearer form, coupons dated October 1, 1969, should be detached and cashed when due. When payment is made with registered bonds, the final interest due on October 1, 1969, will be paid by issue of interest checks in regular course to holders of record on August 29, 1969, the date the transfer books closed. 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 of the possessions of the United States, or by any local taxing authority. 3. 2 V2 percent bonds of 1964-69. — When payment is made with bonds in bearer form, coupons dated December 15, 1969, must be attached to the bonds when surrendered. Accrued interest from June 15 to December 15, 1969 ($12.50 per $1,000) plus the cash payment due subscribers ($ 2.35 per $ 1,000 ) will be credited and accrued interest from October 1 to December 15, 1969 ($15.89955 per $1,000) oil the new notes will be charged and the difference ($1.04955 per $ 1,000 ) must be paid by subscribers and should ac company the subscription. 3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in pay ment of 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 of notes of different denominations and of coupon and registered notes, and for the transfer of registered notes, under rules and regulations prescribed by the Secretary of the Treasury. V. 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 au thority to reject or reduce any subscription, and to allot less than the amount of 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 subscriptions will be allotted in full. IV. VI. GENERAL PROVISIONS 1. PAYMENT 1. Payment for the face amount of notes allotted hereunder must be made on or before October 1, 1969, or on later allotment, and may be made only in a like face amount of securities of the issues enumerated in Paragraph 1 of Section I hereof, which should ac company the subscription. Payment will not be deemed to have been completed where registered notes are requested if the appropriate identifying number as required on tax returns and other documents sub mitted to the Internal Revenue Service (an individ ASSIGNMENT OF REGISTERED BONDS 1. Registered bonds tendered in payment for notes offered hereunder should be assigned by the registered payees or assignees thereof, in accordance with the general regulations of the Treasury Department gov erning 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 Treas urer of the United States, Washington, D. C. 20220. The bonds must be delivered at the expense and risk of the holder. If the new notes are desired registered in the same name as the bonds surrendered, the assign ment should be to “ The Secretary of the Treasury for exchange for 7% percent Treasury Notes of Series A-1973” ; if the new notes are desired registered in another name, the assignment should be to “ The Secretary of the Treasury for exchange for 7% per cent Treasury Notes of Series A-1973 in the name of .............................................. ” ; if new notes in coupon form are desired, the assignment should be to “ The Secretary of the Treasury for exchange for 7% per cent Treasury Notes of Series A-1973 in the name of to be delivered to .............................................. ” . 4 As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make such allotments as may be pre scribed 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 subscriptions 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 of fering, which will be communicated promptly to the Federal Reserve Banks. DAVID iM. KENNEDY, Secretary of the Treasury. ment should be to “ The Secretary of the Treasury for exchange for 8 percent Treasury Notes of Series E-1971” ; if the new notes are desired registered in another name, the assignment should be to “ The Secretary of the Treasury for exchange for 8 per cent Treasury Notes of Series E-1971 in the name of ................................................. ” ; if new notes in coupon form are desired, the assignment should be to “ The Secretary of the Treasury for exchange for 8 percent Treasury Notes of Series E-1971 in coupon form to be delivered t o ................................................. interest due on October 1, 1969, will be paid by issue of interest checks in regular course to holders of rec ord on August 29, 1969, the date the transfer books closed. 3. 2y2 percent bonds of 1964-69. — When payment is made with bonds in bearer form, coupons dated December 15, 1969, must be attached to the bonds when surrendered. Accrued interest from June 15 to December 15, 1969 ($12.50 per $1,000) plus the cash payment due subscribers ($2.70 per $1,000) will be credited, and accrued interest from October 1 to December 15, 1969 ($16.41244 per $1,000) on the new notes will be charged and the difference ($1.21244 per $1,000) must be paid by subscribers and should ac company the subscription. V. V I. ASSIGNMENT OF REGISTERED RONDS 1. Registered bonds tendered in payment for notes offered hereunder should be assigned by the registered payees or assignees thereof, in accordance with the general regulations of the Treasury Department gov erning 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 Treas urer of the United States, Washington, D. C. 20220. The bonds must be delivered at the expense and risk of the holder. If the new notes are desired registered in the same name as the bonds surrendered, the assign 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 pre scribed 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 subscriptions 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 of fering, which will be communicated promptly to the Federal Reserve Banks. D A V ID M. KENNEDY, Secretary of the Treasury. UNITED STATES OF AMERICA 7% PERCENT TREASURY NOTES OF SERIES A-1973 Dated and bearing interest from O ctober 1, 1969 D ue May 15, 1973 T R E A SU R Y D EP AR TM EN T, Office of the Secretary, D E P A R T M E N T C IR C U L A R P u blic D ebt Series — N o. 7 -69 I. Washington, September 18 ,19 6 9 . OFFERING OF NOTES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, offers notes of the United States, designated 7 % percent Treasury Notes of Series A-1973, at par, in exchange for the following securities, singly or in combinations aggregating $1,000 or multiples thereof: (1) i y 2 percent Treasury Notes of Series EO1969, due October 1, 1969; only on September 22 through September 24, 1969, for the receipt of subscriptions. 2. In addition, holders of the securities enumerated in Paragraph 1 of this section are offered the privilege of exchanging all or any part of them for 8 percent Treasury Notes of Series E-1971, or iy> percent Treasury Notes of Series C-1976, which offerings are set forth in Department Circulars, Public Debt Series — Nos. 6-69 and 8-69, issued simultaneously with this circular. (2) 4 percent Treasury Bonds of 1969, due Oc tober 1, 1969; or (3) 2 y2 percent Treasury Bonds of 1964-69, due December 15, 1969, with a cash payment of $2.35 per $1,000 to subscribers. Interest will be adjusted on the bonds of 1964-69 as of December 15, 1969. Payments on account of ac crued interest and cash adjustments will be made as set forth in Section IV hereof. The amount of this offering will be limited to the amount of eligible securi ties tendered in exchange. The books will be open 3 mitted to the Internal Revenue Service (an individ ual’s social security number or an employer identi fication number) is not furnished. Cash payments due to subscribers will be made by check or by credit in any account maintained by a banking institution with the Federal Reserve Bank of its district following acceptance of the securities surrendered. In the case of registered bonds, the payment will be made in accordance with the assignments thereon. general regulations of the Treasury Department gov erning 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 Treas urer of the United States, Washington, D. C. 20220. The bonds must be delivered at the expense and risk of the holder. If the new notes are desired registered in the same name as the bonds surrendered, the assign ment should be to ‘ ‘ The Secretary of the Treasury for exchange for i y 2 percent Treasury Notes of Series C-1976” ; if the new notes are desired registered in another name, the assignment should be to “ The Secretary of the Treasury for exchange for iy2 per cent Treasury Notes of Series C-1976 in the name of ........................_........................” ; if new notes in coupon form are desired, the assignment should be to “ The Secretary of the Treasury for exchange for iy2 per cent Treasury Notes of Series C-1976 in coupon form to be delivered t o ................................................. ” 2. i y 2 percent notes of Series EO-1969 and 4 per cent bonds of 1969. — When payment is made with securities in bearer form, coupons dated October 1, 1969, should be detached and cashed when due. When payment is made with registered bonds, the final interest due on October 1, 1969, will he paid by issue of interest checks in regular course to holders of rec ord on August 29, 1969, the date the transfer books closed. A cash payment of $5.00 per $1,000 on account of the issue price of the new notes will be made to subscribers. 3. 2y2 percent bonds of 1964-69. — When payment is made with bonds in bearer form, coupons dated December 15, 1969, must be attached to the bonds when surrendered. Accrued interest from June 15 to December 15, 1969 ($12.50 per $1,000), the pay ment on account of the issue price of the new notes ($5.00 per $1,000), and the cash payment due sub scribers ($2.20 per $1,000) will be credited, and ac crued interest from October 1 to December 15, 1969 ($15.28533 per $1,000) on the new notes will be charged and the difference ($4.41467 per $1,000) will be paid to subscribers. V. VI. 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make such allotments as may be pre scribed by the Secretary of the Treasury, to issue such notices as may be necessary, to receive payment for and make delivery of notes on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive notes. ASSIGNMENT OF REGISTERED BONDS 1. Registered bonds tendered in payment for notes offered hereunder should be assigned by the registered payees or assignees thereof, in accordance with the GENERAL PROVISIONS 6 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offer ing, which will be communicated promptly to the Federal Reserve Banks. DAVID M. KENNEDY, Secretary of the Treasury. T R E A S U R Y D E P A R TM E N T WASHINGTON, D .C September IT, 19^9 TREASURY ANNOUNCES ADJUSTMENTS ON 2-1/2$ BONDS ELIGIBLE FOR EXCHANGE In connection with the exchange offering announced by the Treasury earlier today, interest will be adjusted on the 2-l/2$> bonds due December 15, 19^9, as of that date. The payments due to and from subscribers and the net amounts payable to or by subscribers are as follows (per $1,000 face value): Payable to Subscriber Account to Adjust of Issue for Mar Price of ket Value New Notes of Bonds Accrued Interest Payable To Subscriber By Subscriber on Bonds on Notes (6-15-69 (10-1-69 to 12-15169) to 12-15-69) Net Amount to be Paid to •to Subscriber Treasury Due $ 7-3A$ Due 5/15/73 7-l/2f Due 8/15/76 - 5.00 $ 12.50 $16 A 12Mj. 2.35 12.50 2.20 12.50 2.70 $ - $ 1 ,2 1 2 ^ 15.89955 - I.0I+955 15.28533 b .klb6l $
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