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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
T Circular No. 7770 "1
LDecember 10, 1975 J

AUCTION OF $4.5 BILLION OF TREASURY NOTES

To All Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

The following statement was issued December 9 by the Treasury Department:
The Treasury will auction to the public $2.5 billion of 2-year notes, and $2.0 billion of 4-year notes. This
will refund $1.5 billion of notes held by the public maturing December 31, and will raise $3.0 billion of new
cash. Additional amounts of the notes may be issued at the average price of accepted tenders to Government
accounts and to Federal Reserve Banks, which hold $0.2 billion of the maturing notes, and to foreign and
international monetary authorities.
The notes to be auctioned will be:
$2.5 billion of Treasury Notes of Series P-1977 dated December 31, 1975, due
December 31, 1977 (CUSIP No. 912827 FC1) with interest payable on June 30 and
December 31, and
$2.0 billion of Treasury Notes of Series G-1979 dated January 6, 1976, due
December 31, 1979 (CUSIP No. 912827 FD9) with interest payable on June 30 and
December 31.
The coupon rates will be determined after tenders are allotted.
The 2-year notes will be issued in registered and bearer form in denominations of $5,000, $10,000,
$100,000 and $1,000,000. The 4-year notes will be issued in registered and bearer form in denominations of
$1,000, $5,000, $10,000, $100,000 and $1,000,000. Both notes will be available for issue in book-entry form to
designated bidders. Payment for the notes may not be made through tax and loan accounts.
Tenders for the 2-year notes will be received up to 1:30 p.m., Eastern Standard time, Tuesday, December
16, and tenders for the 4-year notes will be received up to 1:30 p.m., Eastern Standard time, Monday,
December 22, at any Federal Reserve Bank or Branch and at the Bureau of the Public Debt, Washington,
D. C. 20226; provided, however, that noncompetitive tenders will be considered timely received if they are
mailed to any such agency under a postmark no later than December 15 for the 2-year notes and December 21
for the 4-year notes. Tenders for the 2-year notes must be in the amount of $5,000 or a multiple thereof.
Tenders for the 4-year notes must be in the amount of $1,000 or a multiple thereof. All tenders must state the
yield desired, if a competitive tender, or the term “noncompetitive”, if a noncompetitive tender. Fractions may
not be used in tenders. The notation “TENDER FOR TREASURY NOTES (Series P-1977 or Series G1979)” should be printed at the bottom of envelopes in which tenders are submitted.
Competitive tenders must be expressed in terms of annual yield in two decimal places, e.g., 7.11, and not
in terms of a price. Tenders at the lowest yields, and noncompetitive tenders, will be accepted to the extent
required to attain the amount offered. After a determination is made as to which tenders are accepted, a
coupon yield will be determined for each issue to the nearest Vs of 1 percent necessary to make the average
accepted price 100.000 or less. Those will be the rates of interest that will be paid on all of the securities of
each issue. Based on such interest rates, the price on each competitive tender allotted will be determined and
each successful competitive bidder will pay the price corresponding to the yield bid. Price calculations will be
carried to three decimal places on the basis of price per hundred, e.g., 99.923, and the determinations of the
Secretary of the Treasury shall be final. Tenders for the 2-year note at a yield that will produce a price less
than 99.501 will not be accepted. Tenders for the 4-year note at a yield that will produce a price less than
99.251 will not be accepted. Noncompetitive bidders will be required to pay the average price of accepted
competitive tenders; the price will be 100.000 or less.
The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or
in part, and his action in any such respect shall be final. Subject to these reservations, noncompetitive tenders
for $500,000 or less for each issue of notes will be accepted in full at the average price of accepted competitive
tenders.




Commercial banks, which for this purpose are defined as banks accepting demand deposits, and dealers
who make primary markets in Government securities and report daily to the Federal Reserve Bank of New
York their positions with respect to Government securities and borrowings thereon, may submit tenders for the
account of customers, provided the names of the customers are set forth in such tenders. Others will not be
permitted to submit tenders except for their own account.
Tenders will be received without deposit from commercial and other banks for their own account,
Federally-insured savings and loan associations, States, political subdivisions or instrumentalities thereof,
public pension and retirement and other public funds, international organizations in which the United States
holds membership, foreign central banks and foreign States, dealers who make primary markets in
Government securities and report daily to the Federal Reserve Bank of New York their positions with respect
to Government securities and borrowings thereon, Federal Reserve Banks, and Government accounts.
Tenders from others must be accompanied by payment of 5 percent of the face amount of notes applied for.
However, bidders who submit checks in payment on tenders submitted directly to a Federal Reserve Bank or
the Treasury may find it necessary to submit full payment for the notes with their tenders in order to meet the
time limits pertaining to checks as hereinafter set forth. Allotment notices will not be sent to bidders who
submit noncompetitive tenders.
Payment for accepted tenders for the 2-year notes must be completed on or before Wednesday, December
31, 1975. Payment for accepted tenders for the 4-year notes must be completed on or before Tuesday, January
6, 1976. Payment must be in cash, 7% Treasury Notes of Series H-1975, which will be accepted at par (for the
2 -year notes), in other funds immediately available to the Treasury by the payment date or by check drawn to
the order of the Federal Reserve Bank to which the tender is submitted, or the United States Treasury if the
tender is submitted to it, which must be received at such Bank or at the Treasury no later than: (1) Monday,
December 29, 1975, for the 2-year notes, and Wednesday, December 31, 1975, for the 4-year notes, if the
check is drawn on a bank in the Federal Reserve District of the Bank to which the check is submitted, or the
Fifth Federal Reserve District in the case of the Treasury, or (2) Tuesday, December 23, 1975, for the 2-year
notes, and Monday, December 29, 1975, for the 4-year notes, if the check is drawn on a bank in another
district. Checks received after the dates set forth in the preceding sentence will not be accepted unless they are
payable at a Federal Reserve Bank. Where full payment is not completed on time, the allotment will be
cancelled and the deposit with the tender up to 5 percent of the amount of notes allotted will be subject to
forfeiture to the United States.
The terms o f the offerings are set forth in Treasury D epartm ent Circulars Nos. 34-75 and 35-75, Public
Debt Series, both dated December 10, 1975; a copy of each is printed on the following pages.
This Bank will receive tenders—for the notes of Series P-1977, up to 1:30 p.m., Eastern Standard time,
Tuesday, December 16, 1975; and for the notes of Series G-1979, up to 1:30 p.m., Eastern Standard time,
Monday, December 22, 1975—at the Securities Departm ent of its Head Office and at its Buffalo Branch;
provided, however, that noncompetitive tenders will be considered timely received if they are mailed to this
Bank or its Branch under a postmark no later than December 15 fo r the notes o f Series P -19 7 7 and
December 21 fo r the notes o f Series G-1979. Please use the enclosed forms to submit tenders, and return
them in the enclosed envelope marked “ Tender for Treasury Notes or Bonds.” Tenders not requiring a
deposit may be submitted by telegraph, subject to written confirmation; no tenders may be submitted by
telephone.
Settlement for accepted tenders must be made in accordance with the conditions and procedures set
forth in Section IV o f each of the official offering circulars. If payment is made by check, the check must be
a certified personal check or an official bank check, payable on its face to the Federal Reserve Bank o f New
York; checks endorsed to this Bank will not be accepted.
The securities will be auctioned on a yield basis, rather than on a price basis, as set forth in Section III
o f the official offering circulars. Tenders for the 2-year notes at a yield that will produce a price less than
99.501, and tenders for the 4-year notes at a yield that will produce a price less than 99.251, will not be
accepted. Noncompetitive bidders will be required to pay the average price of accepted competitive
tenders.
Telephone inquiries regarding this offering may be made by calling Telephone No. 212-791-5823, 212791-6616, or 212-791-5465.




P aul A. V olcker ,
President.

2

UNITED STATES OF AMERICA
TREASURY NOTES OF SERIES P-1977
Dated and bearing interest from December 31, 1975

Due December 31, 1977

DEPARTMENT OF THE TREASURY,
Office of the Secretary,
Washington~ December 10, 1975.

DEPARTMENT CIRCULAR
Public Debt Series-No. 34-75

changes of notes of different denominations and of
coupon and registered notes, and the transfer of registered notes will be permitted.
5. The notes will be subject to the general regulations
of the Department of the Treasury, now or hereafter
prescribed, governing United States notes.

I. INVITATION FOR TENDERS
1. The Secretary of the Treasury, pursuant to the
authority of the Second Liberty Bond Act, as amended,
invites tenders on a yield basis for $2,500,000,000, or
thereabouts, of notes of the United States, designated
Treasury Notes of Series P-1977. The interest rate for
the notes will be determined as set forth in Section III,
paragraph 3, hereof. Additional amounts of these notes
may be issued at the average price of accepted tenders
to Government accounts and to Federal Reserve Banks
for themselves and as agents of foreign and international monetary authorities. Tenders will be received
up to I :30 p.m., Eastern Standard time, Tuesday,
December 16, 1975, under competitive and noncompetitive bidding, as set forth in Section III hereof.
The 7 percent Treasury Notes of Series H-1975, maturing December 31, 1975, will be accepted at par in
payment, in whole or in part, to the extent tenders are
allotted by the Treasury.

III. TENDERS AND ALLOTMENTS
I. Tenders will be received at Federal Reserve Banks
and Branches and at the Bureau of the Public Debt,
Washington, D. C. 20226, up to the closing hour, 1:30
p.m., Eastern Standard time, Tuesday, December 16,
1975. Each tender must state the face amount of notes
bid for, which must be $5,000 or a multiple thereof, and
the yield -desired, except that in the case of noncompetitive tenders the term "noncompetitive" should be used
in lieu of a yield. In the case of competitive tenders, the
yield must be expressed in terms of an annual yield,
witQ. two decimals, e.g., 7.11. Fractions may not be
used. Noncompetitive tenders from any one bidder
may not exceed $500,000.
2. Commercial banks, which for this purpose are
defined as banks accepting demand deposits, and dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of
New York their positions with respect to Government
securities and borrowings thereon, may submit tenders
for account of customers provided the names of the
customers are set forth in such tenders. Others will not
be permitted to submit tenders except for their own
account. Tenders will be received without deposit from
banking institutions for their own account, Federallyinsured savings and loan associations, States, political
subdivisions or instrumentalities thereof, public pension
and retirement and other public funds, international
organizations in which the United Sta~es holds
membership, foreign central banks and foreign States,
dealers who make primary markets in Government
securities and report daily to the Federal Reserve Bank
of New York their positions with respect to Government
securities and borrowings thereon, and Government
accounts. Tenders from others must be accompanied by
payment (in cash or 7 percent Treasury Notes of Series
H-1975 which will be accepted at par) of 5 percent of
the face amount of notes applied for.

II. DESCRIPTION OF NOTES
I. The notes will be dated December 31, 1975, and

will bear interest from that date, payable semiannually
on June 30 and December 31, 1976, and June 30 and
December 31, 1977. They will mature December 31,
1977, 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 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. The notes will be acceptable to secure deposits of
public moneys. They will not be acceptable in payment
of taxes.
4. Bearer notes with interest coupons attached, and
notes registered as to principal and interest, will be
issued in denominations of $5,000, $10,000, $100,000
and $1,000,000. Book-entry notes will be available to
eligible bidders in multiples of those amounts. Inter3




ual's social security number or an employer identification number) is not furnished . In every case where
full payment is not completed, the payment with the
tender up to 5 percent of the amount of notes allotted
shall, upon declaration made by the .Secretary of the
Treasury in his discretion, be forfeited to the United
States. When payment is made with notes, a cash
adjustment will be made to or required of the bidder for
any difference between the face amount of notes submitted and the amount payable on the notes allotted.

3. Immediately after the closing hour tenders will be
opened, following which public announcement will be
made by the Department of the Treasury of the amount
and yield range of accepted bids. Those submitting
competitive tenders will be advised of the acceptance or
rejection thereof In considering the acceptance of
tenders, those with the lowest yields will be accepted to
the extent required to attain the amount offered. Tenders at the highest accepted yield will be prorated if
necessary. After the determination is made as to which
tenders are accepted, an interest rate will be established
at the nearest 1h of one percent necessary to make the
average accepted price 100.000 or less. That will be the
rate of interest that will be paid on all of the notes.
Based on such interest rate, the price on each competitive tender allotted will be determined and each
successful competitive bidder will be required to pay the
price corresponding to the yield bid. Price calculations
will be carried to three decimal places on the basis of
price per hundred, e.g. , 99.923, and the determinations
of the Secretary of the Treasury shall be final. The
Secretary of the Treasury expressly reserves the right to
accept or reject any or all tenders, in whole or in part,
including the right to accept tenders for more or less
than the $2,500,000,000 of notes offered to the public,
and his action in any such respect shall be final. Subject
to these reservations, noncompetitive tenders for
$500,000 or less without stated yield from any one
bidder will be accepted in full at the average price (in
three decimals) of accepted competitive tenders.

V. ASSIGNMENT OF REGISTERED NOTES
1. Registered notes tendered as deposits and in
payment for notes allotted hereunder are not required
to be assigned if the notes are to be registered in the
same names and forms as appear in the registrations or
assignments of the notes surrendered. Specific instructions for the issuance and delivery of the notes, signed
by the owner or his authorized representative, must
accompany the notes presented. Otherwise, the notes
should be assigned by the registered payees or assignees
thereof in accordance with the general regulations governing United States securities, as hereinafter set forth.
When the new notes are to be registered in names and
forms different from those in the inscriptions or assignments of the notes presented the assignment should be
to "The Secretary of the Treasury for Treasury Notes of
Series P-1977 in the name of (name and taxpayer
identifying number)". If notes in coupon form are
desired, the assignment should be to "The Secretary of
the Treasury for coupon Treasury Notes of Series P1977 to be delivered to .................................... " Notes
tendered in payment should be surrendered to the
Federal Reserve Bank or Branch or to the Bureau of the
Public Debt, Washington, D. C. 20226. The notes must
be delivered at the expense and risk of the holder.

IV. PAYMENT
I. Settlement for accepted tenders in accordance with
the bids must be made or completed on or before
December 31, 1975, at the Federal Reserve Bank or
Branch or at the Bureau of the Public Debt, Washington, D. C. 20226. Payment must be in cash, 7 percent
Treasury Notes of Series H-1975 (interest coupons
dated December 31, 1975, should be detached) , in
other funds immediately available to the Treasury by
December 31 , 1975, or by check drawn to the order of
the Federal Reserve Bank to which the tender is
submitted, or the United States Treasury if the tender is
submitted to it, which must be received at such Bank or
at the Treasury no later than: ( I ) Monday, December
29, 1975, if the check is drawn on a bank in the Federal
Reserve District of the Bank to which the check is
submitted, or the Fifth Federal. Reserve District in the
case of the Treasury, or ( 2) Tuesday, December 23,
1975, if the check is drawn on a bank in another district.
Checks received after the dates set forth in the preceding sentence will not be accepted unless tliey are
payable at a Federal Reserve Bank. 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
submitted to the Internal Revenue Service (an individ-




VI. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal
Reserve Banks are authorized and requested to receive
tenders, 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 tenders 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 offering, which
will be communicated promptly to the Federal Reserve
Banks.

WILLIAM E. SIMON,
Secretary of the Treasury.

4

UNITED STATES OF AMERICA
TREASURY NOTES OF SERIES G-1979
Dated and bearing interest from January 6, 1976

DEPARTMENT CIRCULAR
Public Debt Series—No. 35-75

Due December 31, 1979

DEPARTM ENT OF THE TREASURY,
Office of the Secretary,
Washington, December 10, 1975.

I. INVITATION FOR TENDERS
1.
The Secretary of the Treasury, pursuant to the
authority of the Second Liberty Bond Act, as amended,
invites tenders on a yield basis for $2,000,000,000, or
thereabouts, of notes of the United States, designated
Treasury Notes of Series G-1979. The interest rate for
the notes will be determined as set forth in Section III,
paragraph 3, hereof. Additional amounts of these notes
may be issued at the average price of accepted tenders
to Government accounts and to Federal Reserve Banks
for themselves and as agents of foreign and inter­
national monetary authorities. Tenders will be received
up to 1:30 p.m., Eastern Standard time, Monday,
December 22, 1975, under competitive and
noncompetitive bidding, as set forth in Section III
hereof.

II. DESCRIPTION OF NOTES
1. The notes will be dated January 6, 1976, and will
bear interest from that date, payable on a semiannual
basis on June 30 and December 31, 1976, and thereafter
on June 30 and December 31 in each year until the
principal amount becomes payable. They will mature
December 31, 1979, 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 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. The notes will be acceptable to secure deposits of
public moneys. They will not be acceptable in payment
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 and $1,000,000. Book-entry notes will be
available to eligible bidders in multiples of those
amounts. Interchanges of notes of different denomina­




tions and of coupon and registered notes, and the
transfer of registered notes will be permitted.
5.
The notes will be subject to the general regulations
of the Department of the Treasury, now or hereafter
prescribed, governing United States notes.

III. TENDERS A N D A L L O T M E N T S
1. Tenders will be received at Federal Reserve Banks
and Branches and at the Bureau of the Public Debt,
Washington, D. C. 20226, up to the closing hour, 1:30
p.m., Eastern Standard time, Monday, December 22,
1975. Each tender must state the face amount of notes
bid for, which must be $1,000 or a multiple thereof, and
the yield desired, except that in the case of noncompeti­
tive tenders the term “noncompetitive” should be used
in lieu of a yield. In the case of competitive tenders, the
yield must be expressed in terms of an annual yield,
with two decimals, e.g., 7.11. Fractions may not be
used. Noncompetitive tenders from any one bidder
may not exceed $500,000.
2. Commercial banks, which for this purpose are
defined as banks accepting demand deposits, and deal­
ers who make primary markets in Government secu­
rities and report daily to the Federal Reserve Bank of
New York their positions with respect to Government
securities and borrowings thereon, may submit tenders
for account of customers provided the names of the
customers are set forth in such tenders. Others will not
be permitted to submit tenders except for their own
account. Tenders will be received without deposit from
banking institutions for their own account, Federallyinsured savings and loan associations, States, political
subdivisions or instrumentalities thereof, public pension
and retirement and other public funds, international
organizations in which the United States holds
membership, foreign central banks and foreign States,
dealers who make primary markets in Government
securities and report daily to the Federal Reserve Bank
of New York their positions with respect to Government
securities and borrowings thereon, and Government
accounts. Tenders from others must be accompanied by
payment of 5 percent of the face amount of notes
applied for.

3.
Immediately after the closing hour tenders will be United States Treasury if the tender is submitted to it,
which must be received at such Bank or at the Treasury
opened, following which public announcement will be
no later than: (1) Wednesday, December 31, 1975, if
made by the Department of the Treasury of the amount
the check is drawn on a bank in the Federal Reserve
and yield range of accepted bids. Those submitting
District of the Bank to which the check is submitted, or
competitive tenders will be advised of the acceptance or
the Fifth Federal Reserve District in the case of the
rejection thereof. In considering the acceptance of
Treasury, or (2) Monday, December 29, 1975, if the
tenders, those with the lowest yields will be accepted to
check is drawn on a bank in another district. Checks
the extent required to attain the amount offered. Ten­
received after the dates set forth in the preceding
ders at the highest accepted yield will be prorated if
sentence will not be accepted unless they are payable at
necessary. After the determination is made as to which
a Federal Reserve Bank. Payment will not be deemed
tenders are accepted, an interest rate will be established
to have been completed where registered notes are
at the nearest Vs of one percent necessary to make the
requested if the appropriate identifying number as
average accepted price 100.000 or less. That will be the
required on tax returns and other documents submitted
rate of interest that will be paid on all of the notes.
to the Internal Revenue Service (an individual’s social
Based on such interest rate, the price on each com­
security number or an employer identification number)
petitive tender allotted will be determined and each
is not furnished. In every case where full payment is not
successful competitive bidder will be required to pay the
completed, the payment with the tender up to 5 percent
price corresponding to the yield bid. Price calculations
of the amount of notes allotted shall, upon declaration
will be carried to three decimal places on the basis of
made by the Secretary of the Treasury in his discretion,
price per hundred, e.g., 99.923, and the determinations
be forfeited to the United States.
of the Secretary of the Treasury shall be final. The
Secretary of the Treasury expressly reserves the right to
accept or reject any or all tenders, in whole or in part,
including the right to accept tenders for more or less
V. GENERAL PROVISIONS
than the $2,000,000,000 of notes offered to the public,
and his action in any such respect shall be final. Subject
1. As fiscal agents of the United States, Federal
to these reservations, noncompetitive tenders for
Reserve Banks are authorized and requested to receive
$500,000 or less without stated yield from any one
tenders, to make such allotments as may be prescribed
bidder will be accepted in full at the average price (in
by the Secretary of the Treasury, to issue such notices as
three decimals) of accepted competitive tenders.
may be necessary, to receive payment for and make
delivery of notes on full-paid tenders allotted, and they
may issue interim receipts pending delivery of the
definitive notes.

IV. P A Y M E N T

2. The Secretary of the Treasury may at any time, or
1.
Settlement for accepted tenders in accordance with from time to time, prescribe supplemental or amenda­
tory rules and regulations governing the offering, which
the bids must be made or completed on or before
will be communicated promptly to the Federal Reserve
January 6, 1976, at the Federal Reserve Bank or Branch
Banks.
or at the Bureau of the Public Debt, Washington, D. C.
20226. Payment must be in cash, in other funds
immediately available to the Treasury by January 6,
WILLIAM E. SIMON,
1976, or by check drawn to the order of the Federal
Reserve Bank to which the tender is submitted, or the
Secretary o f the Treasury.




6

UNITED STATES OF AMERICA
TREASURY NOTES OF SERIES G-1979
Dated and bearing interest from January 6, 1976

Due December 31, 1979

DEPARTM ENT OF THE TREASURY,
Office o f the Secretary,
Washington, December 10, 1975.

DEPARTMENT CIRCULAR
Public Debt Series —No. 35-75

I. INVITATION FOR TENDERS
1.
The Secretary of the Treasury, pursuant to the
authority of the Second Liberty Bond Act, as amended,
invites tenders on a yield basis for $2,000,000,000, or
thereabouts, of notes of the United States, designated
Treasury Notes of Series G-1979. The interest rate for
the notes will be determined as set forth in Section III,
paragraph 3, hereof Additional amounts of these notes
may be issued at the average price of accepted tenders
to Government accounts and to Federal Reserve Banks
for themselves and as agents of foreign and inter­
national monetary authorities. Tenders will be received
up to 1:30 p.m., Eastern Standard time, Monday,
December 22, 1975, under competitive and
noncompetitive bidding, as set forth in Section III
hereof.

II. DESCRIPTION OF NOTES
1. The notes will be dated January 6, 1976, and will
bear interest from that date, payable on a semiannual
basis on June 30 and December 31,1976, and thereafter
on June 30 and December 31 in each year until the
principal amount becomes payable. They will mature
December 31, 1979, 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 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. The notes will be acceptable to secure deposits of
public moneys. They will not be acceptable in payment
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 and $1,000,000. Book-entry notes will be
available to eligible bidders in multiples of those
amounts. Interchanges of notes of different denomina­




5

tions and of coupon and registered notes, and the
transfer of registered notes will be permitted.
5.
The notes will be subject to the general regulations
of the Department of the Treasury, now or hereafter
prescribed, governing United States notes.

III. TENDERS A N D A L L O T M E N T S
1. Tenders will be received at Federal Reserve Banks
and Branches and at the Bureau of the Public Debt,
Washington, D. C. 20226, up to the closing hour, 1:30
p.m., Eastern Standard time, Monday, December 22,
1975. Each tender must state the face amount of notes
bid for, which must be $1,000 or a multiple thereof, and
the yield desired, except that in the case of noncompeti­
tive tenders the term “noncompetitive” should be used
in lieu of a yield. In the case of competitive tenders, the
yield must be expressed in terms of an annual yield,
with two decimals, e.g., 7.11. Fractions may not be
used. Noncompetitive tenders from any one bidder
may not exceed $500,000.
2. Commercial banks, which for this purpose are
defined as banks accepting demand deposits, and deal­
ers who make primary markets in Government secu­
rities and report daily to the Federal Reserve Bank of
New York their positions with respect to Government
securities and borrowings thereon, may submit tenders
for account of customers provided the names of the
customers are set forth in such tenders. Others will not
be permitted to submit tenders except for their own
account. Tenders will be received without deposit from
banking institutions for their own account, Federallyinsured savings and loan associations, States, political
subdivisions or instrumentalities thereof, public pension
and retirement and other public funds, international
organizations in which the United States holds
membership, foreign central banks and foreign States,
dealers who make primary markets in Government
securities and report daily to the Federal Reserve Bank
of New York their positions with respect to Government
securities and borrowings thereon, and Government
accounts. Tenders from others must be accompanied by
payment of 5 percent of the face amount of notes
applied for.

3.
Immediately after the closing hour tenders will be
opened, following which public announcement will be
made by the Department of the Treasury of the amount
and yield range of accepted bids. Those submitting
competitive tenders will be advised of the acceptance or
rejection thereof. In considering the acceptance of
tenders, those with the lowest yields will be accepted to
the extent required to attain the amount offered. Ten­
ders at the highest accepted yield will be prorated if
necessary. After the determination is made as to which
tenders are accepted, an interest rate will be established
at the nearest Vs of one percent necessary to make the
average accepted price 100.000 or less. That will be the
rate of interest that will be paid on all of the notes.
Based on such interest rate, the price on each com­
petitive tender allotted will be determined and each
successful competitive bidder will be required to pay the
price corresponding to the yield bid. Price calculations
will be carried to three decimal places on the basis of
price per hundred, e.g., 99.923, and the determinations
of the Secretary of the Treasury shall be final. The
Secretary of the Treasury expressly reserves the right to
accept or reject any or all tenders, in whole or in part,
including the right to accept tenders for more or less
than the $2,000,000,000 of notes offered to the public,
and his action in any such respect shall be final. Subject
to these reservations, noncompetitive tenders for
$500,000 or less without stated yield from any one
bidder will be accepted in full at the average price (in
three decimals) of accepted competitive tenders.

IV. P A Y M E N T
1.
Settlement for accepted tenders in accordance with
the bids must be made or completed on or before
January 6, 1976, at the Federal Reserve Bank or Branch
or at the Bureau of the Public Debt, Washington, D. C.
20226. Payment must be in cash, in other funds
immediately available to the Treasury by January 6,
1976, or by check drawn to the order of the Federal
Reserve Bank to which the tender is submitted, or the




6

United States Treasury if the tender is submitted to it,
which must be received at such Bank or at the Treasury
no later than: (1) Wednesday, December 31, 1975, if
the check is drawn on a bank in the Federal Reserve
District of the Bank to which the check is submitted, or
the Fifth Federal Reserve District in the case of the
Treasury, or (2) Monday, December 29, 1975, if the
check is drawn on a bank in another district. Checks
received after the dates set forth in the preceding
sentence will not be accepted unless they are payable at
a Federal Reserve Bank. 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 submitted
to the Internal Revenue Service (an individual’s social
security number or an employer identification number)
is not furnished. In every case where full payment is not
completed, the payment with the tender up to 5 percent
of the amount of notes allotted shall, upon declaration
made by the Secretary of the Treasury in his discretion,
be forfeited to the United States.

V. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal
Reserve Banks are authorized and requested to receive
tenders, 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 tenders 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 amenda­
tory rules and regulations governing the offering, which
will be communicated promptly to the Federal Reserve
Banks.

WILLIAM E. SIMON,
Secretary o f the Treasury.

FORM NA-1

IM PORTANT—Closing time for receipt of this tender is 1:30 p.m., Tuesday, December 16, 1975.

TENDER FOR TREASURY NOTES OF SERIES P-1977
Due December 31, 1977

Dated December 31, 1975

eserve B a n k o f N e w Y o r k ,
Dated a t.....................................................
Fiscal Agent of the United States,
New York, N. Y. 10045
19 _
Pursuant to the provisions of Treasury Department Circular No. 34-75, Public Debt Series, dated
December 10, 1975, the undersigned hereby offers to purchase United States of America Treasury Notes of
Series P-1977 in the amount indicated below, and agrees to make payment therefor at your Bank on or before
the issue date at the price awarded on this tender.

F ederal R

COMPETITIVE TENDER

Do not fill in both competitive and
Noncompetitive tenders on one form

NONCOMPETITIVE TENDER

$........................................................(maturity value)
or any lesser amount that may be awarded.

$....................................................... (maturity value)

Yield: ..........

at the average price of accepted competitive bids.

(Not to exceed $500,000 for one bidder through all sources)

(Yield must be expressed with not more than two
decimal places, fo r example, 7.11)

Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and on
the reverse side (if registered securities are desired, please also complete schedule on reverse side):
Pieces

Denomination
$

Maturity value

5,000
10.000
100.000

□ 1. D eliver over the counter to the un­
dersigned
□ 2. Ship to the undersigned
□ 3. Hold in safekeeping (for member
bank only) in —
□ Investment Account
□ General Account
□ Trust Account
and Loan Acccjunt ^

1.000,000

^

*

Payment will be made as follows:
□

By charge to our reserve account

□

By cash or check in immediately avail­

□

By surrender o f maturing securities as
indicated in official circular

able funds

D 5* SPecial f u n c t i o n s .

(No changes in delivery instructions
will be accepted)

Totals

* The undersigned certifies that the allotted securities will be owned solely by the undersigned.
( If a commercial bank or dealer is subscribing for its own account or for account o f customers, the following
certifications are made a part o f this tender.)

W e H ereby Certify that we have received tenders from our customers in the amounts set forth opposite the
customers’ names on the list which is made a part of this tender, and that we have either received and are
holding for the Treasury or we guarantee payment to the Treasury of deposits stipulated in the official offering
circular.
W e F u r t h e r C e r t if y 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.
(Nam e o f subscriber—please print or type)

Insert this tender in
special envelope marked
“ Tender fo r Treasury
Notes or Bonds ”

( Address—incl. City and State)

(Tel. No.)

(Signature o f subscriber or authorized signature)

(Title o f authorized signer)

(Banking institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider)

(Nam e o f customer

(Name o f customer)

INSTRUCTIONS:
1. N o tender for less than than 35,000 will be considered; and each tender must be for a multiple o f $5,000 (maturity value).
2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank their
positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in doing so, they may
consolidate competitive tenders at the same yield and may consolidate noncompetitive tenders, provided a list is attached showing the name
o f each bidder and the amount bid for his account. Others will not be permitted to submit tenders except for their own account.
3. If the person making the tender is a corporation, the tender should be signed by an officer o f the con>oration authorized to make the
tender, and the signing o f the tender by an officer o f the corporation will be construed as a representation by him that he has been so
authorized. If the tender is made by a partnership, it should be signed by a member o f the firm, who should sign in the form
“ ...................................................................... . a copartnership, b y .......................................................................................................................... . a member
o f the firm.”
4. Tenders will be received without deposit from commercial and other banks for their own account, federally-insured savings and loan
associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international
organizations in which the United States holds membership, foreign central banks and foreign States, dealers who make primary markets in
Government securities and report daily to the Federal Reserve Bank o f New York their positions with respect to Government securities and
borrowings thereon, and Government accounts. Tenders from others must be accompanied by payment o f 5 percent o f the face amount o f
the securities applied for. All checks must be drawn to the order o f the Federal Reserve Bank o f New York; checks endorsed to this Bank
will not be accepted.
5. If the language o f this tender is changed in any respect that, in the opinion o f the Secretary o f the Treasury, is material, the tender
may be disregarded.




SCHEDULE FOR ISSUE OF REGISTERED TREASURY NOTES OF SERIES P-1977
SUBSCRIPTION NO.

S U B S C R IB E R .

S I G N A T U R E ..

DELIVERY INSTRUCTIONS

PAYMENT INSTRUCTIONS

□

D ELIVE R O V E R TH E C O U NTE R

□

BY CHAR G E TO OUR
RESERVE A C C O U N T

□

SH IP TO S U B S C R IB E R

□

□

O T H E R IN STR U C TIO N S .

BY CASH OR C H EC K
IN IMMEDIATELY AVAILABLE FUNDS

A D D R E S S _____

FOR FRB USE ONLY
T R A N S . A C C O U N T IN G D A T E

ISSUE AGENT 12

LOAN CODE

December 31, 1975

Z IP

110-01
NO. OF
PIECES

R E G IS T R A T IO N IN S T R U C T IO N S

DENOM.

AM OUNT

SERIAL NOS.
(LEAVE BLANK)

FO R FR B U SE ONLY

N A M E (S )
32
34

ID O R S . S . N O .
A D D R ESS

Z IP

5 ,0 0 0
1 0 ,0 0 0

38

1 0 0 ,0 0 0

42

1 ,0 0 0 ,0 0 0

99

TOTAL

T R . C A S E NC ■

N A M E (S )

ID O R S . S . N O .

32

5 ,0 0 0

34

1 0 ,0 0 0

38

1 0 0 ,0 0 0

42

1 ,0 0 0 ,0 0 0

A D D R ESS

Z IP

TOTAL
99

TR C A SE NO

N A M E (S )
32
34

ID O R S . S . N O .

38

5 ,0 0 0
1 0 ,0 0 0
1 0 0 ,0 0 0

A D D R ESS
42

1 ,0 0 0 ,0 0 0
...

Z IP

99

TOTAL

T R . C A S E NC

N A M E (S )
32
34

5 ,0 0 0
1 0 ,0 0 0

ID O R S . S . N O .
38
A D D R ESS
42
Z IP

1 0 0 ,0 0 0
1 ,0 0 0 ,0 0 0
TOTAL

99

T R . C A S E N< .

N A M E (S )
32

5 ,0 0 0
1 0 ,0 0 0

34

ID O R S . S . N O .

38

1 0 0 ,0 0 0

A D D R ESS




42
Z IP

99

1 ,0 0 0 ,0 0 0
TOTAL

T R . C A S E NCI.

FORM NA-2

IM PORTANT—Closing time for receipt of this tender is 1:30 p.m., Monday, December 22, 1975.

TENDER FOR TREASURY NOTES OF SERIES G-1979
Dated January 6, 1976

Due December 31, 1979

of N ew Y ork,
Dated a t.....................................................
Fiscal Agent of the United States,
New York, N. Y. 10045
, 19 _
Pursuant to the provisions of -Treasury Department Circular No. 35-75, Public Debt Series, dated
December 10, 1975, the undersigned hereby offers to purchase United States of America Treasury Notes of
Series G-1979 in the amount indicated below, and agrees to make payment therefor at your Bank on or before
the issue date at the price awarded on this tender.

F ed era l R eserve B a n k

COMPETITIVE TENDER

Do not fill in both competitive and
Noncompetitive tenders on one form

NONCOMPETITIVE TENDER

$........................................................(maturity value)
or any lesser amount that may be awarded.

$....................................................... (maturity value)

Yield: ..........

at the average price of accepted competitive bids.

(Not to exceed $500,000 fo r one bidder through all sources)

(Yield must be expressed with not more than two
decimal places, for example, 7.11)

Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and on
the reverse side (if registered securities are desired, please also complete schedule on reverse side):
P ieces D enom ination
$

M aturity value
□ I. Deliver over the counter to the un­
dersigned
□ 2. Ship to the undersigned
□ 3. Hold in safekeeping (for member
bank only) in —
□ Investment Account
□ General Account
□ Trust Account
□ 4. Hold as collateral for Treasury Tax
and Loan Account*

1,000
5,000
10,000
100,000
1,000,000

Payment will be made as follows:
□

By charge to our reserve account

□

By cash or check in immediately avail­

able funds
□ 5. Special instructions.

(No changes in delivery instructions
wilt be accepted)

T otals

* The undersigned certifies that the allotted securities will be owned solely by the undersigned.
( If a commercial bank or dealer is subscribing for its own account or for account o f customers, the following
certifications are made a part o f this tender.)
W e H e r e b y C e r t if y that we have received tenders from our customers in the amounts set forth opposite the
customers’ names on the list which is made a part of this tender, and that we have either received and are
holding for the Treasury or we guarantee payment to the Treasury of deposits stipulated in the official offering
circular.
W e F u r t h e r C e r t if y 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.

(Nam e o f subscriber—please prim or type)

Insert this tender in
special envelope marked
“ Tender fo r Treasury
Notes or Bonds ”

( Address—incl. City and State)

(Tel. No.)

(Signature o f subscriber or authorized signature)

(Title o f authorized signer)

(Banking institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider)

(Name of customer

(Name of customer)

INSTRUCTIONS:
1. N o tender for less than than $1,000 will be considered: and each tender must be for a multiple o f $1,000 (maturity value).
2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank their
positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in doing so, they may
consolidate competitive tenders at the same yield and may consolidate noncompetitive tenders, provided a list is attached showing the name
o f each bidder and the amount bid for his account. Others will not be permitted to submit tenders except for their own account.
3. If the person making the tender is a corporation, the tender should be signed by an officer o f the coiporation authorized to make the
tender, and the signing o f the tender by an officer o f the corporation will be construed as a representation by him that he has been so
authorized. If the tender is made by a partnership, it should be signed by a member o f the firm, who should sign in the form
“ ...................................................................... . a copartnership, b y ........................................................................................................................... a member
o f the firm.”
4. Tenders will be received without deposit from commercial and other banks for their own account, federally-insured savings and loan
associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international
organizations in which the United States holds membership, foreign central banks and foreign States, dealers who make primary markets in
Government securities and report daily to the Federal Reserve Bank o f New York their positions with respect to Government securities and
borrowings thereon, and Government accounts. Tenders from others must be accompanied by payment o f 5 percent o f the face amount o f
the securities applied for. All checks must be drawn to the order o f the Federal Reserve Bank o f New York; checks endorsed to this Bank
will not be accepted.
5. If the language o f this tender is changed in any respect that, in the opinion o f the Secretary o f the Treasury, is material, the tender
may be disregarded.




SCHEDULE FOR ISSUE OF REGISTERED TREASURY NOTES OF SERIES G-1979
SUBSCRIPTION NO.
S U B S C R IB E R .
S IG N A T U R E __

DELIVERY INSTRUCTIONS

PAYMENT INSTRUCTIONS

□

D ELIVER OVER TH E C O U NTER

□

BY CHARGE TO O UR
RESERVE AC C O U N T

□

SHIP TO SU BS C R IB E R
□

BY CASH OR C H E C K
IN IMMEDIATELY AVAILABLE FUNDS

□

O TH E R IN STR U CTIO N S.

A D D R E S S ___

NO. OF
PIECES

R E G IS T R A T IO N IN STR U C TIO N S

ID OR S.S. NO.
ADDRESS

ZIP
N A M E (S )

ID OR S.S. NO.
AD D R E S S
ZIP

ID OR S.S. NO.
A D D R ESS
ZIP

30

1,000

32

5,000

34

10,000

38

100,000

42

1,000,000

99

TO TAL

30

1,000

32

5,000

34

10,000

38

100,000

42

1,000,000
TO TAL

99

5,000

34

10,000

38

100,000

42

1,000,000

99

32

ZIP

38

1,000,000

34

AD D R ESS
ZIP

SERIAL NOS.
(LEAVE BLANK)

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------- 1

FOR FRB USE ONLY

TR. CASE N J.

TR CASE NO.

TR. CASE NO.

5,000

42
99

AMOUNT

1,000

10,000

32
ID OR S.S. NO.

TO TAL

100,000

30

N AM E(S)

LOAN CODE

.

34
ID OR S.S. NO.
AD D R ESS

ISSUE AGENT 12

1,000

32

30

N AM E(S)




DENOM.

30

N A M E (S )

TR AN S. AC C O U N TIN G DATE

January 6, 1976

Z IP

N AM E(S)

FOR FRB USE ONLY

TO TAL

TR. CASE NO.

1,000
5,000
10,000

38

100,000

42

1,000,000

99

TO TAL

TR. C ASE NO.

EN V . 2 4 9 -1 -5 -7 8

Federal Reserve Bank of New York
Securities Department (8th Floor)
33 Liberty Street
New York, N. Y. 10045
Tender for Treasury Notes or Bonds