Full text of Federal Reserve Bank of New York Circulars : 8746. Treasury Announces February Quarterly Financing

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FED ER A L RESERVE BANK
O F NEW YORK
Fiscal Agent of the United States
Circular No. 8746
January 31, 1980

]

TREASURY ANNOUNCES FEBRUARY QUARTERLY FINANCING
T o A l l B a n k in g I n s titu tio n s , a n d O th e r s C o n c e rn e d ,
in th e S e c o n d F e d e ra l R e s e r v e D is tr ic t:

The following statement was issued yesterday by the Treasury Department:
The Treasury will raise about $2,600 million o f new cash and refund $4,654 million of securities m aturing
February 15, 1980, by issuing $3,250 million of IVi-yeax notes, $2,000 million of 714-year notes and $2,000
million of 30-year bonds.
The $4,654 million o f m aturing securities are those held by the public, including $681 million held, as of
today, by Federal Reserve Banks as agents for foreign and international m onetary authorities. In addition to the
public holdings, Governm ent accounts and Federal Reserve Banks, for their own accounts, hold $2,298 million
o f the m aturing securities that may be refunded by issuing additional am ounts of new securities. Additional
am ounts of the new securities may also be issued to Federal Reserve Banks, as agents for foreign and interna
tional m onetary authorities, to the extent that the aggregate am ount o f tenders for such accounts exceeds the
aggregate am ount of m aturing securities held by them.

Printed on the reverse side is a table summarizing the highlights of the offerings. Copies of the official
offering circulars will be furnished upon request directed to our Government Bond Division (Tel. No.
212-791-6619). In addition, enclosed are copies of the forms to be used in submitting tenders.
This Bank will receive tenders at the Securities Department of its Head Office and at its Buffalo Branch
up to 1:30 p.m., Eastern Standard time, on the dates specified on the reverse side of this circular as the
deadlines for receipt of tenders. A ll competitive tenders, whether transmitted by mail or by other means,
must reach this Bank or its Branch by that time on the specified dates. However, for investors who wish to
submit noncompetitive tenders and who find it more convenient to mail their tenders than to present them
in person, the official offering circular for each offering provides that noncompetitive tenders will be con
sidered timely received if they are mailed to this Bank or its Branch under a postmark no later than the date
preceding the date specified for receipt of tenders.
Bidders submitting noncompetitive tenders should realize that it is possible that the average price may
be above par, in which case they would have to pay more than the face value for the securities.
Payment may be made by personal check, or an official bank check, payable on its face to the Federal
Reserve Bank of New York; checks endorsed to this Bank will not be accepted. A personal check submitted
with the tender, either as a deposit or for the face amount of the securities, does not have to be certified.
However, in cases where only a deposit is submitted with the tender, a personal check submitted for the
final payment must be certified.
As provided in the official offering circular, “ in every case where full payment is not completed on
time, the deposit submitted with the tender, up to 5 percent of the face amount of securities allotted, shall,
at the discretion of the Secretary of the Treasury, be forfeited to the United States.’’
Recorded messages provide information about these and other Treasury offerings and about auction
results: at the Head Office — Tel. No. 212-791-7773 (offerings) and Tel. No. 212-791-5823 (results); at the
Buffalo Branch — Tel. No. 716-849-5046. Additional inquiries regarding these offerings may be made by
calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016.

http://fraser.stlouisfed.org/
__ _
Federal Reserve Bank of St. Louis

T h o m a s M . T im l e n ,

First Vice President.
(Over)

_______

■

HIGHLIGHTS OF TREASURY
OFFERINGS TO THE PUBLIC
FEBRUARY 1980 FINANCING
TO BE ISSUED FEBRUARY 15, 1980

3V 2-Y ear

Notes

7V i-Y ear

Notes

30-Y ear B o n d s

A m o u n t O ffere d :

$2,000 million

Term and type of security............... 3 Zi-year notes

7!4-year notes

30-year bonds

Series and CUSIP designation.......... Series J-1983
(CUSIP No. 912827 KJO)

Series C-1987
(CUSIP No. 912827 KK7)

Bonds of 2005-2010
(CUSIP No. 912810 CM8)

Maturity d a t e .................................. August 15, 1983

May 15, 1987

February 15, 2010

Call date............................................ No provision

No provision

February 15, 2005

Interest coupon ra te ......................... To be determined, based on the
average of accepted bids

To be determined, based on the
average of accepted bids

Investment yield............................... To be determined at auction

To be determined at auction

Premium or discount....................... To be determined after auction

To be determined after auction

Interest payment dates..................... August 15 and February 15

August 15 and February 15
November 15 and May 15
(first payment on November 15, 1980)

Minimum denomination available .. $5,000

$1,000

Method of s a le ................................. Yield auction

Yield auction

Accrued interest payable by investor .. None

None

Preferred allotm ent......................... Noncompetitive bid for
$1,000,000 or less

Noncompetitive bid for
$1,000,000 or less

Deposit requirement......................... 5% of face amount

5% of face amount

5°7o of face amount

Deposit guarantee by designated
institutions.................................. Acceptable

Acceptable

W e d n e sd a y , F ebruary 6 ,1 9 8 0 ,

T h u rsd a y , F ebruary 7 , 1980,

To the public.................................... $3,250 million
D e sc r ip tio n o f S ecurity:

T e rm s o f Sale:

K ey D a tes:

Deadline for receipt of tenders........

T u e s d a y , F eb ru ary 5 ,1 9 8 0 ,

by 1:30 p .m ., E ST

Friday, February 15, 1980

b) check drawn on bank within
FRB district where submitted . . . Monday, February 11, 1980

Monday, February 11, 1980

c) check drawn on bank outside
FRB district where submitted . . . Friday, February 8, 1980

Friday, February 8, 1980

F rid a y , F eb ru ary 2 2 , 1980

W ed n e sd a y , F ebruary 2 7 , 1980

by 1:30 p .m ., E ST

Settlement date (final payment due)
a) cash or Federal fu n d s............. Friday, February 15, 1980

Delivery date for coupon securities . . .

F rid a y , F eb ru ary 2 2 ,1 9 8 0

Form NY-5n
IM PO R TA N T — Closing time for receipt of this tender is 1:30 p.m ., Tuesday, February 5, 1980

PRIVACY ACT STATEMENT — The individually identifiable information required on this form is necessary to permit the subscription to be processed and the securities to be issued. If registered securities
are requested, the regulations governing United States securities (Department Circular No. 300) and the offering circular require submission of social security numbers; the numbers and other information are used
in inscribing the securities and establishing and servicing the ownership and interest records. The transaction will not be completed unless all required data is furnished.

TENDER FOR 3 Vi-YEAR TREASURY NOTES OF SERIES J-1983
Dated at

FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
New York. N.Y. 10045

The undersigned hereby offers to purchase the above-described securities in the am ount indicated below, and
agrees to make payment therefor at your Bank on or before the issue date at the price awarded on this tender.
Do not fill in both Competitive and
Noncompetitive tenders on one form

C O M P E T IT IV E T E N D E R

$ ............................................................ (m aturity value)
or any lesser am ount that may be awarded.
Y ield:...........

N O N C O M P E T IT IV E T E N D E R

$ .............................................................. (m aturity value)
(N o t to e x c e e d $ 1 ,0 0 0 .0 0 0 f o r o n e b id d e r th ro u g h a ll so u r c e s)

at the average price of accepted competitive bids.

( Y ie ld m u s t b e e x p r e s s e d w ith n o t m o r e th a n tw o
d e c im a l p la c e s , f o r e x a m p le , 7.1 1)

Subject to allotm ent, please issue, deliver, and accept payment for the securities as indicated below and on the
reverse side ( // registered securities are desired, please also com plete schedule on reverse side):

Pieces

Denomination

XXX

xxxxxx
$

5,000

10,000

100,000

Maturity value
XXX

XXX

□ Deliver over the counter to the
undersigned (1)
□ Ship to the undersigned (2)
□ Hold in safekeeping (for member
bank only) in —
□ Investment Account (4)
□ General Account (5)
□ Trust Account (6)
□ Hold as collateral for Treasury Tax and
Loan Account* (7)

Payment will be made as follows:
T] By charge to our reserve account (D)
] By cash or check in immediately
available funds (F)
By surrender of maturing securities (E)
H By charge to my correspondent
bank................................................ (D)
(Name of bank)
□ Special instructions (3)

$ 1,000,000
□ Wire to

Totals

................................................................................................................................... ( 8)
(Exact Receiving Bank Wire Address/Account)________

* 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 of customers, the following
certifications are made a part of this tender.)

WE HEREBY CERTIFY that we have not made and will not make any agreements for the sale or purchase of
any securities of this issue prior to the closing time for receipt of this tender.
WE FURTHER CERTIFY that we have received tenders from customers in the am ounts set forth opposite their
names on the list which is made a part of this tender, and that we have received and are holding for the Treasury, or
that we guarantee payment to the Treasury, of the deposits stipulated in the official offering circular.
WE FURTHER C ER TIFY that tenders received by us, if any, from other commercial banks or prim ary dealers for
their own account, and for the account of their customers, have been entered with us under the same conditions,
agreements, and certifications set forth in this form.
N A M E O F S U B S C R I B E R ( P L E A S E P R I N T OR T Y P E )

Insert this tender in
special envelope marked
“ Tenderfor Treasury
Notes or Bonds”

PHONE ( I N C L U D E AREA C ODE)

TITLE

S I G N A T U R E O F S U B S C R I B E R OR A U T H O R I Z E D S I G N A T U R E

OF A U T H O R I Z E D S I GN E R

(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. No tender for less than $5,000 will be considered; and each tender must be for a multiple of $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 a t th e s a m e y ie ld and may consolidate noncompetitive tenders, provided a list is attached showing the name of each bidder
and the amount bid for his account. Others will not be permitted to submit tenders except for their own account.
3. 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 bor
rowings thereon, and Government accounts. Tenders from others must be accompanied by payment of at least 5 percent of the face amount of
the securities applied for.
4. A personal check, cash, or Treasury securities maturing on or before the issue date of the new securities may be submitted with the tender.
Personal checks submitted with the tender, either as a deposit or for the face amount of the securities, do n o t have to be certified. However, in
cases where only a deposit is submitted with the tender, a personal check submitted for the final payment must be certified and received at this
Bank on the payment date (which is generally three business days before the issue date) shown in the circular providing the highlights of this
offering. All checks must be drawn payable to the Federal Reserve Bank of New York; c h e c k s e n d o r s e d to th is B a n k w ill n o t b e a c c e p te d .
Settlement on the issue date must be in cash or in other immediately available funds.
5. A recorded message (at the Head Office —Tel. No. 212-791-5823; at the Buffalo Branch —Tel. No. 716-849-5046) provides information
about Treasury offerings; additional inquiries regarding Treasury offerings may be made by calling, at the Head Office, Tel. No. 212-791-6619,
or, at the Buffalo Branch, Tel. No. 716-849-5016.
6. If the language of this tender is changed in any respect that, in the opinion of the Secretary of the Treasury, is material, the tender may be
disregarded.
(OVER)

S U B S C R IP T IO N NO

SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES

DELIVERY INSTRUCTIONS
S U B S C R I BE R ’S NAME.

n DELIVER OVER THE COUNTER

ADDRESS ____________

□

GITY _________________

.STATE .

s h ip

TO SUBSCRIBER

□ OTHER INSTRUCTIONS:

ZIP

SI GNATURE.
REGI ST RAT I ON

NO. OF
PIECES

I NSTRUCTI ONS

NAME(S)

ID OR S.S. NO.

DENOM.

5 ,0 0 0

10,000

100,000

1,000,000

TOTAL

AMOUNT

PAYMENT INSTRUCTIONS

FOR

□ BY CHARGE TO OUR
RESERVE ACCOUNT
□ BY CASH OR CHECK IN

FRB

USE

TRANS. A C C O U N TI N G D A TE

IMMEDIATELY AVAILABLE FUNDS

f ] BY SURRENDER QF
MATURING SECURITIES
[ 1BY CHARGE TO MY
CORRESPONDENT BANK

IS S U E A G E N T

FOR

FRB

USE

ONLY

ADDRESS
CITY

STATE

ZIP

NAME(S)

TR . C A S E NO.
32

5,000

10,000

100,000

1,000,000

to tal

ID OR S.S. NO.
ADDRESS
CITY

STATE

ZIP

N AME(S)

T R . C A S E NO.
32

5,000

10,000

100,000

1,000,000

TOTAL

ID OR S.S. NO.
ADDRESS
CITY

STATE

ZIP

LOAN CODE

110-01

SERIAL NOS.
( l e a v e Bl a n k )

ONLY

T R . C A S E NO.

IMPORTANT — Closing tim e for receipt of this tender is 1 :30 p.m ., W ednesday, February 6, 1980

TENDER FOR 714-YEAR TREASURY NOTES OF SERIES C-1987
To

.tS
3 <3t>
<
2
, otn
D o3C
Jk °
2a t v

B ank of N e w Y ork
Fiscal Agent of the United States
New York, N.Y. 10045

............................................................. , 19........

The undersigned hereby offers to purchase the above-described securities 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.
Do not fill in both Competitive and
Noncompetitive tenders on one form

C O M P E T IT IV E T E N D E R

•no
3<v oc

Dated a t ...........................................................

F ed er a l R eserv e

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

-o'
c
rt

N O N C O M P E T IT IV E T E N D E R

$............................................................. (m aturity value)
(N ot to exceed $1,000,000 for one bidder through all sources)

at the average price of accepted competitive bids.

Y i e l d : .........
(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):
Pieces

Denominations

5 SP‘■S.-C £
•u£ 2

1,000

"5 o *o

5,000

10,000

]o.E

M aturity value

$ 100,000

^ oo c>

□ Deliver over the counter to the
undersigned CD
□ Ship to the undersigned (2)
□ Hold in safekeeping (for member
bank only) in—
□ Investment Account (*)
1 General Account (5)
□ Trust Account (6)
□ Hold as collateral for Treasury
T a x and Loan Account* (?)

Payment will be made as follows:
□ By charge to our reserve account (D)
□ By cash or check in im m ediately
available funds ( f )
□ By surrender of maturing securities
□ By charge to my correspondent
bank _____________ ___________ CD)
(N am e o f bank)

□ Special instructions <3)

$1,000,000

£4>35
rt
(J 3 '.
C .3

» u a*

□

Totals

to ..........................................................................
(E x a c t Receiving: B ank W ire A d dress/A ccount)

*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 the account of customers, the following
certifications are made a part of this tender.)
W e H e r e b y C e r t i f y that we have not made and will not make any agreements for the sale or purchase
of any securities of this issue prior to the closing time for receipt of this tender.
W e F u r t h e r C e r t i f y that we have received tenders from customers in the amounts set forth opposite
their names on the list which is made a part of this tender, and that we have received and are holding for the
Treasury, or that we guarantee payment to the Treasury, of the deposits stipulated in the official offering cir
cular.
W e F u r t h e r C e r t i f y that tenders received by us, if any, from other commercial banks or primary dealers
for their own account, and for the account of their customers, have been entered with us under the same con
ditions, agreements, and certifications set forth in this form.
Nam e of Subscriber (P lease P rin t or T ype)

A ddress

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

City

P hone (Include A rea Code)

S tate

Zip Code

S ignature of Subscriber or A uthorized S ignature

T itle of A uthorized Signer

(Institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider.)
(N am e of custom er)

(N am e of custom er)

IN S T R U C T IO N S :
1. No tender for less than $1,000 will be considered; and each tender must be for a multiple of $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 of each bidder and the amount bid for the bidder’s account. Others will not be permitted to
submit tenders except for their own accounts.
3. 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, and Government accounts. Tenders from others must
be accompanied by payment of at least 5 percent of the face amount of the securities applied for.
4. A personal check, cash, or Treasury securities maturing on or before the issue date of the new securities may be submit
ted with the tender. Personal checks submitted with the tender, either as a deposit or for the face amount of the securities, do
not have to be certified. However, in cases where only a deposit is submitted with the tender, a personal check submitted for the
final payment must be certified and received at this Bank on the payment date (which is generally three business days before the
issue date) shown in the circular providing the highlights of this offering. All checks must be drawn payable to the Federal
Reserve Bank of New York; checks endorsed to this Bank will not be accepted. Settlement on the issue date must be in cash
or in other immediately available funds.
5. A recorded message (at the Head Office—Tel. No. 212-791-5823; at the Buffalo Branch—Tel. No. 716-849-5046) pro
vides information about Treasury offerings; additional inquiries regarding Treasury offerings may be made by calling, at the
Head Office, Tel. No. 212-791-6619, or at the Buffalo Branch, Tel. No. 716-849-5016.
6. If the language of this tender is changed in any respect that, in the opinion of the Secretary of the Treasury, is material,
the tender may be disregarded.

(

o v e r

)

SCHEDULE FOR ISSUE O F REGISTERED TREASURY SECURITIES

SUBSCRIPTION NO
DELIVERY INSTRUCTIONS

PAYMENT INSTRUCTIONS

□

FOR FRB USE O N LY
SUBSCRIBER'S N A M E

D E L IV E R O V E R T H E C O U N T E R

BY C H A R G E T O O U R
RESERVE A C C O U N T

□

ADDRESS ____________

□
□

CITY

_________

TRANS. ACCOUNTING DATE

S H IP T O S U B S C R IB E R
IN

O T H E R IN S T R U C T IO N S :

ZIP

STATE

BY C A SH O R C H EC K

□

IMMEDIATELY AVAILABLE FUNDS

BY SURRENDER O F

ISSUE AGENT 12

LOAN CODE

M A T U R I N G S E C U R IT IE S

SIGNATURE
□

110 01

BY C H AR G E T O M Y
CORRESPONDENT B A N K

NO. OF
PIECES

REGISTRATION INSTRUCTIONS
NAME(S)

DENOM.

1,000

5,000

10,000

100,000

1,000,000

TOTAL

AMOUNT

SERIAL NOS.
(LEAVE BLANK)

FOR FRB USE ONLY

ID OR S.S. NO.
ADDRESS
CITY

STATE

TR. CASE N O .

ZIP

NAME(S)

1,000

5,000

10,000

100,000

1,000,000

TOTAL

ID OR S.S. NO.
ADDRESS
CITY

STATE

TR. CASE N O .

ZIP

NAME(S)

1,000

5,000

10,000

100,000

1,000,000

TOTAL

ID OR S.S. NO.
ADDRESS
CITY

STATE

ZIP

TR. CASE N O .

FORM BY-l

IMPORTANT — C losing tim e f o r re c e ip t o f th is te n d e r is 1 : 3 0 p .m ., T h u rs d a y , F e b ru a ry 7 , 1 9 8 0
TENDER FOR 30-YEAR TREASURY BONDS OF 2 0 0 5 -2 0 1 0

P R IV A C Y A C T S T A T E M E N T — The individually identifiable information required on this form is necessary to permit the subscription to be processed and the securities to be issued.
If registered securities are requested, the regulations governing United States securities (D epartm ent Circular N o. 300) and the offering circular require submission of social security
num bers; the numbers and other information are used in inscribing the securities and establishing and servicing the ownership and interest records. The transaction will not be completed
unless all required data is furnished.

To F ederal R eserve B ank of N ew Y ork
Fiscal Agent of the United States
New York, N.Y. 10045

Dated a t ...........................................................
............................................................. , 19.........

The undersigned hereby offers to purchase the above-described securities 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.
D o n o t f ill in b o th C o m p e titiv e a n d
N o n c o m p e titiv e te n d e r s o n o n e f o r m

C O M P E T IT IV E T E N D E R

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

N O N C O M P E T IT IV E T E N D E R

$............................................................. (maturity value)
( N o t to e x c e e d $ 1 ,0 0 0 ,0 0 0 f o r on e b id d e r th r o u g h a ll s o u r c e s )

at the average price of accepted competitive bids.

Y i e l d : .........
(Yield, must be expressed with not more than two
decimal places, for example, 7.11)

Denominations

1,000

5,000

10,000

M aturity value

□ Deliver over the counter to the
undersigned (O
□ Ship to the undersigned (2)
□ Hold in safekeeping (for member
bank only) in—
□ Investment Account (4)
□ General Account (5)
□ Trust Account (fi)

Tax and Loan Account* (?)

$ 100,000

Payment will be made as follows:
□ By charge to our reserve account (°)
□ By cash or check in im m ediately
available funds ( f )
□ By surrender of maturing securities <E)
□ By charge to my correspondent
bank .................................................. (D)
(N am e of bank)

□

Special instructions <3)

$1,000,000

□ W ife t o ................. ......................................................... .......................... ............

Totals

(E x a c t R eceiving B ank W ire A d dress/A ccount)

W e F urther Certify that tenders received by us, if any, from other commercial banks or primary dealers
for their own account, and for the account of their customers, have been entered with us under the same con
ditions, agreements, and certifications set forth in this form.
Name of Subscriber (P lease P rin t or Type)

A ddress

Insert this tender in
special envelope marked
“ Tender for Treasury
ISotes or Bonds 99

City

Phone (Include A rea Code)

S tate

Zip Code

Signature of Subscriber or A uthorized S ignature

T itle of A uthorized S igner

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

(N am e of custom er)

IN S T R U C T I O N S :
1. N o tender for less than $1,000 will be considered; and each tender must be for a multiple of $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 a t th e s a m e y i e l d and may consolidate noncompetitive tenders, provided
a list is attached showing the name of each bidder and the amount bid for the bidder’s account. Others will not be permitted to
submit tenders except for their own accounts.
3. Tenders will be received without deposit from commercial and other banks for their ovyn 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 N ew York their
positions with respect to Government securities and borrowings thereon, and Government accounts. Tenders from others must
be accompanied by payment of at least 5 percent of the face amount of the securities applied for.
4. A personal check, cash, or Treasury securities maturing on or before the issue date of the new securities may be submit
ted with the tender. Personal checks submitted w’ith the tender, either as a deposit or for the face amount of the securities, do
n o t have to be certified. H ow ever, in cases where only a deposit is submitted with the tender, a personal check submitted for the
final payment must be certified and received at this Bank on the payment date (w hich is generally three business days before the
issue date) shown in the circular providing the highlights of this offering. A ll checks must be drawn payable to the Federal
Reserve Bank of N ew Y ork; c h e c k s e n d o r s e d to th is B a n k w i l l n o t be a c c e p te d . Settlement on the issue date must be in cash
or in other immediately available funds.
5. A recorded message (at the Head Office— Tel. N o. 212-791-5823; at the Buffalo Branch— Tel. No. 716-849-5046) pro
vides information about Treasury offerings; additional inquiries regarding Treasury offerings may be made by calling, at the
H ead Office, Tel. N o. 212-791-6619, or at the Buffalo Branch, Tel. No. 716-849-5016.
6. If the language of this tender is changed in any respect that, in the opinion of the Secretary of the Treasury, is material,
the tender may be disregarded.

( over )

I
SCHEDULE FOR ISSUE O F REGISTERED TREASURY SECURITIES

SUBSCRIPTION N O .

SUBSCRIBER’S N A M E

DELIVERY INSTRUCTIONS

PAYMENT INSTRUCTIONS

□ DELIVER OVER THE COUNTER

□ SHIP TO SUBSCRIBER

ADDRESS ____________

□ OTHER INSTRUCTIONS:
C I T Y ________________

STATE

ZIP

FOR FRB USE O N LY
by ch a r g e to o ur

RESERVE ACCOUNT

□ BY CASH OR CHECK
IN IMMEDIATELY AVAILABLE FUNDS
□ BY SURRENDER OF
MATURING SECURITIES

SIGNATURE

TRANS. A C C O U N TIN G DATE

IS S U E A G E N T 1 2

□ BY CHARGE TO MY
CORRESPONDENT BANK
NO. OF
PIECES

REGISTRATION INSTRUCTIONS
NAME(S)

DENOM.

1,000

5,000

10,000

100,000

1,000,000

AM OUNT

SERIAL NOS.
(LEAVE BLANK)

LOAN CODE

110 01

FOR FRB USE ONLY

ID OR S.S. N O .
ADDRESS

CITY

STATE

TOTAL

TR. CASE N O .

ZIP

N AM E(S)

1,000

5,000

10,000

100,000

1,000,000

TO TAL

ID OR S.S. N O .
ADDRESS

CITY

STATE

TR. CASE N O .

ZIP

N AM E{S)

•

1,000

5,000

10,000

100,000

1,000,000

TO TAL

ID OR S.S. N O .
ADDRESS

C ITY

STATE

■

ZIP

■

TR. CASE N O .

UNITED STATES OF AMERICA
TREASURY NOTES OF AUGUST 15, 1983
SERIES J-1983
DEPARTMENT CIRCULAR
Public Debt Series - No. 5-80
1.
1.

DEPARTMENT OF THE TREASURY,
OFFICE OF THE SECRETARY,
Washington, January 31, 1980.

INVITATION FOR TENDERS

The Secretary of the Treasury, under the authority

of the Second Liberty Bond Act, as amended, invites tenders for
approximately $3,250,000,000 of United States securities,
designated Treasury Notes of August 15, 1983, Series J-1983
(CUSIP No. 912827 KJ 0).

The securities will be sold at auction

with bidding on the basis of yield.
Payment will be required at
the price equivalent of the bid yield of each accepted tender.
The interest rate on the securities and the price equivalent of
each accepted bid will be determined in the manner described
below.

Additional amounts of these securities may be issued to

Government accounts and Federal Reserve Banks for their own
account in exchange for maturing Treasury securities.

Additiona

amounts of the new securities may also be issued at the average
price to Federal Reserve Banks, as agents for foreign and inter
national monetary authorities, to the extent that the aggregate
amount of tenders for such accounts exceeds the aggregate amount
of maturing securities held by them.
2.
2.

DESCRIPTION OF SECURITIES

The securities will be dated February 15, 1980, and

will bear interest from that date, payable on a semiannual basis
on August 15, 1980, and each subsequent 6 months on February 15
and August 15, until the principal becomes payable.

They will

mature August 15, 1983, and will not be subject to call for
redemption prior to maturity.
2.

The income derived from the securities is subject

to all taxes imposed under the Internal Revenue Code of 1954.
The securities 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, any possession of the United States, or
any local taxing authority.

-2 -

The securities will be acceptable to secure deposits

of public monies.

They will not be acceptable in payment of

taxes.
2.

Bearer securities with interest coupons attached,

and securities registered as to principal and interest, will be
issued in denominations of $5,000, $10,000, $100,000, and
$1,000,000.

Book-entry securities will be available to eligible

bidders in multiples of those amounts.

Interchanges of

securities of different denominations and of coupon, registered
and book-entry securities, and the transfer of registered
securities will be permitted.
2.

The Department of the Treasury's general

regulations governing United States securities apply to the
securities offered in this circular.

These general regulations

include those currently in effect, as well as those that may be
issued at a later date.
3.
3.

SALE PROCEDURES

Tenders will be received at Federal Reserve Banks

and Branches and at the Bureau of the Public Debt, Washington,
D. C. 20226, up to 1:30 p.m., Eastern Standard time, Tuesday,
February 5, 1980.

Noncompetitive tenders as defined below will

be considered timely if postmarked no later than Monday, February 4,
1980.
3.
bid for.

Each tender must state the face amount of securities

The minimum bid is $5,000 and larger bids must be in

multiples of that amount.

Competitive tenders must also show the

yield desired, expressed in terms of an annual yield w^th two
decimals, e.g., 7.11%.

Common fractions may not be used.

Noncompetitive tenders must show the term "noncompetitive" on the
tender form in lieu of a specified yield.

No bidder may submit

more than one noncompetitive tender and the amount may not exceed
$ 1 ,000 ,000 .

All bidders must certify that they have not made and

will not make any agreements for the sale or purchase of any
securities of this issue prior to the deadline established in
Section 3.1. for receipt of tenders.

Those authorized to submit

tenders for the account of customers will be required to certify

-3 -

that such tenders are submitted under the same conditions, agree
ments, and certifications as tenders submitted directly by
bidders for their own account.
3.

Commercial banks, which for this purpose are defined

as banks accepting demand deposits, and primary dealers, which
for this purpose are defined as dealers who make primary markets
in Government securities and report daily to the Federal Reserve
Bank of New York their positions in and borrowings on such
securities, may submit tenders for account of customers if the
names of the customers and the amount for each customer are
furnished. Others are only permitted to submit tenders for their
own account.
3.

Tenders will be received without deposit for their

own account from commercial banks and other banking institutions;
primary dealers, as defined above; Federally-insured savings and
loan associations; States, and their political subdivisions or
instrumentalities; public pension and retirement and other public
funds; international organizations in which the United States
holds membership; foreign central banks and foreign states;
Federal Reserve Banks; and Government accounts.

Tenders from

others must be accompanied by a deposit of 5% of the face amount
of securities applied for (in the form of cash, maturing Treasury
securities or readily collectible checks), or by a guarantee of
such deposit by a commercial bank or a primary dealer.
3.

Immediately after the closing hour, tenders will be

opened, followed by a public announcement of the amount and yield
range of accepted bids.

Subject to the reservations expressed in

Section 4, noncompetitive tenders will be accepted in Tull, and
then competitive tenders will be accepted, starting with those at
the lowest yields, through successively higher yields 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, a coupon
rate will be established, on the basis of a 1/8 of one percent
increment, which results in an equivalent average accepted price
close to 100.000 and a lowest accepted price above the original
issue discount limit of 99.250. .That rate of interest will be

-4 -

paid on all of the securities.

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 equivalent to the yield bid.

Those submitting

noncompetitive tenders will pay the price equivalent to the
weighted average yield of accepted competitive tenders.

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.

If the amount of

noncompetitive tenders received would absorb all or most of the
offering, competitive tenders will be accepted in an amount
sufficient to provide a fair determination of the yield.

Tenders

received from Government accounts and Federal Reserve Banks will
be accepted at the price equivalent to the weighted average yield
of accepted competitive tenders.
3.

Competitive bidders will be advised of the acceptance

or rejection of their tenders.

Those submitting noncompetitive

tenders will only be notified if the tender is not accepted in
full, or when the price is over par.
4.
4.

RESERVATIONS

The Secretary of the Treasury expressly reserves the

right to accept or reject any or all tenders in whole or in part,
to allot more or less than the amount of securities specified in
Section 1, and to make different percentage allotments to various
classes of applicants when the Secretary considers it in the
public interest.

The Secretary’s action under this Section is

f inal.
5.
5.

PAYMENT AND DELIVERY

Settlement for allotted securities must be made or

completed on or before Friday, February 15, 1980, at the Federal
Reserve Bank or Branch or at the Bureau of the Public Debt,
wherever the tender was submitted.

Payment must be in cash; in

-5 -

tender was submitted, which must be received at such institution no
later than:
(a) Monday, February 11, 1980, if the check is drawn on a
bank in the Federal Reserve District of the institution
to which the check is submitted (the Fifth Federal
Reserve District in case of the Bureau of the Public
Debt), or
(b) Friday, February 8, 1980, if the check is drawn on a
bank in another Federal Reserve District.
Checks received after the dates set forth in the preceding
sentence will not be accepted unless they are payable at the
applicable Federal Reserve Bank.

Payment will not be considered

complete where registered securities 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.

When payment is made in securities, a

cash adjustment will be made to or required of the bidder for any
difference between the face amount of securities presented and
the amount payable on the securities allotted.
5.

In every case where full payment is not completed

on time, the deposit submitted with the tender, up to 5 percent
of the face amount of securities allotted, shall, at the
discretion of the Secretary of the Treasury, be forfeited to the
United States.
5.

Registered securities tendered as deposits and in

payment for allotted securities are not required to be assigned
if the new securities are to be registered in the same names and
forms as appear in the registrations or assignments of the
securities surrendered.

When the new securities are to be

registered in names and forms different from those in the
inscriptions or assignments of the securities presented, the
assignment should be to "The Secretary of the Treasury for
(securities offered by this circular) in the name of (name and
taxpayer identifying number)."

If new securities in coupon form

are desired, the assignment should be to "The Secretary of the
Treasury for coupon (securities offered by this circular) to be

-6-

aelivered to (name and address)."

Specific instructions for the

issuance and delivery of the new securities, signed by the owner
or authorized representative, must accompany the securities
presented.

Securities 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 securities must be

delivered at the expense and risk of the holder.
5.

If bearer securities are not ready for delivery on

the settlement date, purchasers may elect to receive interim
certificates.

These certificates shall be issued in bearer form

and shall be exchangeable for definitive securities of this
issue, when such securities are available, at any Federal
Reserve Bank or Branch or at the Bureau of the Public Debt,
Washington, D. C. 20226.

The interim certificates must be

returned at the risk and expense of the holder.
5.

Delivery of securities in registered form will be

made after the requested form of registration has been validated,
the registered interest account has been established, and the
securities have been inscribed.
6.
6.

GENERAL PROVISIONS

As fiscal agents of the United States, Federal

Reserve Banks are authorized and requested to receive tenders, to
make allotments as directed by the Secretary of the Treasury, to
issue such notices as may be necessary, to receive payment for
and make delivery of securities on full-paid allotments, and to
issue interim certificates pending delivery of the definitive
securities.
6.

The Secretary of the Treasury may at any time issue

supplemental or amendatory rules and regulations governing the
offering.

Public announcement of such changes will be promptly

provided.

Paul H. Taylor,
Fiscal Assistant Secretary.

DEPARTMENT CIRCULAR
Public Debt Series - No. 6-80
1.

DEPARTMENT OF THE TREASURY,
OFFICE OF THE SECRETARY,
Washington, January 31, 1980

IN V IT A T IO N

FO R T E N D E R S

The Secretary of the Treasury, under the authority

of the Second Liberty Bond Act, as amended, invites tenders for
approximately $2,000,000,000 of United States securities,
designated Treasury Notes of May 15, 1987, Series C-1987 (CUSIP
No. 912827 KK 7).

The securities will be sold at auction with

bidding on the basis of yield.

Payment will be required at the

price equivalent of the bid yield of each accepted tender. The
interest rate on the securities and the price equivalent of each
accepted bid will be determined in the manner described below.
Additional amounts of these securities may be issued to
Government accounts and Federal Reserve Banks for their own
account in exchange for maturing Treasury securities.

Additional

The securities will be dated February 15, 1980, and

will bear interest from that date, payable on a semiannual basis
on November 15, 1980, and each subsequent 6 months on May 15 and
November 15, until the principal becomes payable.

They will

mature May 15, 1987, and will not be subject to c a W for
redemption prior to maturity.
2.

The income derived from the securities is subject

- 2 -

The securities will be acceptable to secure deposits

of public monies.
taxes.
2.

They will not be acceptable in payment of

Bearer securities with interest coupons attached,

and securities 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 securities will be available to eligible

bidders in multiples of those amounts.

Interchanges of

securities of different denominations and of coupon, registered
and book-entry securities, and the transfer of registered
securities will be permitted.
2.

The Department of the Treasury's general

regulations governing United States securities apply to the
securities offered in this circular.

These general regulations

include those currently in effect, as well as those that may be
issued at a later date.
3.
3.

SALE PROCEDURES

Tenders will be received at Federal Reserve Banks

and Branches and at the Bureau of the Public Debt, Washington,
D. C. 20226, up to 1:30 p.m., Eastern Standard time, Wednesday,
February 6, 1980.

Noncompetitive tenders as defined below will

be considered timely if postmarked no later than Tuesday,
February 5, 1980.
3.
bid for.

Each tender must state the face amount of securities

The minimum bid is $1,000 and larger bids must be in

multiples of that amount.

Competitive tenders must also show the

yield desired, expressed in terms of an annual yield with two
decimals, e.g., 7.11%.

Common fractions may not be used.

Noncompetitive tenders must show the term "noncompetitive" on the
tender form in lieu of a specified yield.

No bidder may submit

more than one noncompetitive tender and the amount may not exceed
$ 1 ,000 ,000 .

All bidders must certify that they have not made and

will not make any agreements for the sale or purchase of any
securities of this issue prior to the deadline established in
Section 3.1. for receipt of tenders.

Those authorized to submit

tenders for the account of customers will be required to certify

-3-

that such tenders are submitted under the same conditions, agree
ments, and certifications as tenders submitted directly by
bidders for their own account.
3. 4. Commercial banks, which for this purpose are defined
as banks accepting demand deposits, and primary dealers, which
for this purpose are defined as dealers who make primary markets
in Government securities and report daily to the Federal Reserve
Bank of New York their positions in and borrowings on such
securities, may submit tenders for account of customers if the
names of the customers and the amount for each customer are
furnished.

Others are only permitted to submit tenders for their

own account.
3.

Tenders will be received without deposit for their

Tenders from

Immediately after the closing hour, tenders will be

opened, followed by a public announcement of the amount and yield
range of accepted bids.

Subject to the reservations expressed in

Section 4, noncompetitive tenders will be accepted in full, and
then competitive tenders will be accepted, starting with those at
the lowest yields, through successively higher yields to the
extent required to attain the amount offered.

Tenders at the

highest accepted yield will be prorated if necessary.

After the

That rate of interest will be

-4 -

paid on all of the securities.

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 equivalent to the yield bid.

Those submitting

noncompetitive tenders will pay the price equivalent to the
weighted average yield of accepted competitive tenders.

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.

If the amount of

noncompetitive tenders received would absorb all or most of the
offering, competitive tenders will be accepted in an amount
sufficient to provide a fair determination of the yield.

Tenders

received from Government accounts and Federal Reserve Banks will
be accepted at the price equivalent to the weighted average yield
of accepted competitive tenders.
3.

Competitive bidders will be advised of the acceptance

or rejection of their tenders.

Those submitting noncompetitive

tenders will only be notified if the tender is not accepted in
full, or when the price is over par.
4.

4. RESERVATIONS
The Secretary of the Treasury expressly reserves the

The Secretary's action under this Section is

f inal.
5.
5.

PAYMENT AND DELIVERY

Settlement for allotted securities must be made or

completed on or before Friday, February 15, 1980, at the Federal
Reserve Bank or Branch or at the Bureau of the Public Debt,
wherever the tender was submitted.

Payment must be in cash; in

-5 -

Payment will not be considered

When payment is made in securities, a

cash adjustment will be made to or required of the bidder for any
difference between the face amount of securities presented and
the amount payable on the securities allotted.
5.

In every case where full payment is not completed

Registered securities tendered as deposits and in

When the new securities are to be

If new securities in coupon form

are desired, the assignment should be to "The Secretary of the
Treasury for coupon (securities offered by this circular) to be

-6 -

aelivered to (name and address)."
Specific instructions for the
issuance and delivery of the new securities, signed by the owner
or authorized representative, must accompany the securities
presented.

Securities 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 securities must be

delivered at the expense and risk of the holder.
5.

If bearer securities are not ready for delivery on

the settlement date, purchasers may elect to receive interim
certificates.

These certificates shall be issued in bearer form

The interim certificates must be

returned at the risk and expense of the holder.
5.

Delivery of securities in registered form will be

made after the requested form of registration has been validated,
the registered interest account has been established, and the
securities have been inscribed.
6. GENERAL PROVISIONS
6.

As fiscal agents of the United States, Federal

The Secretary of the Treasury may at any time issue

supplemental or amendatory rules and regulations governing the
offering.

Public announcement of such changes will be promptly

provided.

Paul H. Taylor,
Fiscal Assistant Secretary.

UNITED STATES OF AMERICA
TREASURY BONDS OF 2005-2010
DEPARTMENT CIRCULAR

DEPARTMENT OF THE TREASURY,

Public Debt Series - No. 7-80
1.
1.

OFFICE OF THE SECRETARY,
Washington, January 31, 1980.

INVITATION FOR TENDERS

The Secretary of the Treasury, under the authority of

the Second Liberty Bond Act, as amended, invites tenders for
approximately $2,000,000,000 of United States securities,
designated Treasury Bonds of 2005-2010 (CUSIP No. 912810 CM 8). The
securities will be sold at auction with bidding on the basis of
yield.

Payment will be required at the price equivalent of the bid

yield of each accepted tender.

The interest rate on the securities

and the price equivalent of each accepted bid will be determined in
the manner described below.

Additional amounts of these securities

may be issued to Government accounts and Federal Reserve Banks for
their own account in exchange for maturing Treasury securities.
Additional amounts of the new securities may also be issued at the
average price to Federal Reserve Banks, as agents for foreign and
international monetary authorities,

to the extent that the

aggregate amount of tenders for such accounts exceeds the
aggregate amount of maturing securities held by them.
2.
2.

DESCRIPTION OF SECURITIES

The securities will be dated February 15, 1980, and

will bear interest from that date, payable on a semiannual basis on
August 15, 1980, and each subsequent 6 months on February 15 and
August 15, until the principal becomes payable.

They will mature

February 15, 2010, but may be redeemed at the option of the United
States on and after February 15, 2005, in whole or in part, at par
and accrued interest on any interest payment date or dstes, on 4
months’ notice of call given in such manner as the Secretary of the
Treasury shall prescribe.

In case of partial call, the securities

to be redeemed will be determined by such method as may be
prescribed by the Secretary of the Treasury.

Interest on the

securities called for redemption shall cease on the date of
redemption specified in the notice of call.

-2-

The income derived from the securities is subject to

ail taxes imposed under the Internal Revenue Code of 1954. The
securities 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, any possession of the United States, or any local taxing
authority.
2.

The securities will be acceptable to secure deposits

of public monies.
2.

They will not be acceptable in payment of taxes.

Bearer securities with interest coupons attached, and

securities 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 securities will be available to eligible

bidders in multiples of those amounts.

Interchanges of securities

of different denominations and of coupon, registered and book-entry
securities, and the transfer of registered securities will be
permitted.
2.

The Department of the Treasury's general regulations

governing United States securities apply to the securities offered
in this circular.

These general regulations include those

currently in effect, as well as those that may be issued at a later
date.
3.
3.

SALE PROCEDURES

Tenders will be received at Federal Reserve Banks

and Branches and at the Bureau of the Public Debt, Washington,
D. C. 20226, up to 1:30 p.m., Eastern Standard time, Thursday,
February 7, 1980.

Noncompetitive tenders as defined below will be

considered timely if postmarked no later than Wednesday, February 6
1980.
3.

Each tender must state the face amount of

securities bid for. The minimum bid is $1,000 and larger bids must
be in multiples of that amount. Competitive tenders must also show
the yield desired, expressed in terms of an annual yield with two
decimals, e.g., 7.11%.

Common fractions may not be used.

-3 -

Noncompetitive tenders must show the term "noncompetitive" on the
tender form in lieu of a specified yield.

No bidder may submit

more than one noncompetitive tender and the amount may not exceed
$ 1 ,0 0 0 ,0 0 0 .

All bidders must certify that they have not made and

will not make any agreements for the sale or purchase of any
securities of this issue prior to the deadline established in
Section 3.1. for receipt of tenders.

Those authorized to submit

tenders for the account of customers will be required to certify
that such tenders are submitted under the same conditions,
agreements, and certifications as tenders submitted directly by
bidders for their own account.
3.

Commercial banks, which for this purpose are defined

as banks accepting demand deposits, and primary dealers, which for
this purpose are defined as dealers who make primary markets in
Government securities and report daily to the Federal Reserve Bank
of New York their positions in and borrowings on such securities,
may submit tenders for account of customers if the names of the
customers and the amount for each customer are furnished.

Others

are only permitted to submit tenders for their own account.
3.

Tenders will be received without deposit for their own

account from commercial banks and other banking institutions;
primary dealers, as defined above; Federally-insured savings and
loan associations; States, and their political subdivisions or
instrumentalities; public pension and retirement and other public
funds; international organizations in which the United States holds
membership; foreign central banks and foreign states; Federal
Reserve Banks; and Government accounts.

Tenders from others must

be accompanied by a deposit of 5% of the face amount of securities
applied for (in the form of cash, maturing Treasury securities or
readily collectible checks), or by a guarantee of such deposit by a
commercial bank or a primary dealer.
3.

Immediately after the closing hour, tenders will be

opened, followed by a public announcement of the amount and yield
range of accepted bids.

Subject to the reservations expressed in

Section 4, noncompetitive tenders will be accepted in full, and
then competitive tenders will be accepted, starting with those at

-4 -

the lowest yields, through successively higher yields to the extent
required to attain the amount offered.

Tenders at the highest

accepted yield will be prorated if necessary.

After the

That rate of interest will be paid

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
equivalent to the yield bid.

Those submitting noncompetitive

tenders will pay the price equivalent to the weighted average yield
of accepted competitive tenders.

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. If the amount of noncompetitive tenders
received would absorb all or most of the offering, competitive
tenders will be accepted in an amount sufficient to provide a fair
determination of the yield. Tenders received from Government
accounts and Federal Reserve Banks will be accepted at the price
equivalent to the weighted average yield of accepted competitive
tenders.
3. 7.

Competitive bidders will be advised of the acceptance

or rejection of their tenders.

Those submitting noncompetitive

tenders will only be notified if the tender is not accepted in full,
or when the price is over par.
4.
4.

RESERVATIONS

The Secretary of the Treasury expressly reserves

the right to accept or reject any or all tenders in whole or in
part, to allot more or less than the amount of securities
specified in Section 1, and to make different percentage
allotments to various classes of applicants when the Secretary
considers it in the public interest.
under this Section is final.

The Secretary's action

5.
5.

-5PAYMENT AND DELIVERY

Settlement for allotted securities must be made or

completed on or before Friday, February 15, 1980, at the Federal
Reserve Bank or Branch or at the Bureau of the Public Debt,
wherever the tender was submitted.

Payment must be in cash; in

other funds immediately available to the Treasury; in Treasury
bills, notes or bonds (with all coupons detached) maturing on or
before the settlement date but which are not overdue as defined in
the general regulations governing United States securities; or by
check drawn to the order of the institution to which the
tender was submitted, which must be received at such institution
no later than:
(a) Monday, February 11, 1980, if the check is drawn on a
bank in the Federal Reserve District of the institution
to which the check is submitted (the Fifth Federal
Reserve District in case of the Bureau of the Public
Debt), or
(b) Friday, February 8, 1980, if the check is drawn on
a bank in another Federal Reserve District.
Checks received after the dates set forth in the preceding
sentence will not be accepted unless they are payable at the
applicable Federal Reserve Bank.

Payment will not be considered

When payment is made

in securities, a cash adjustment will be made to or required of
the bidder for any difference between the face amount of
securities presented and the amount payable on the securities
allotted.
5.

In every case where full payment is not completed

Registered securities tendered as deposits and in

When the new securities are to be

If new securities in coupon form

are desired, the assignment should be to "The Secretary of the
Treasury for coupon (securities offered by this circular) to be
delivered to (name and address)."

Specific instructions for the

issuance and delivery of the new securities, signed by the owner
or authorized representative, must accompany the securities
presented.

Securities 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 securities must be delivered at

the expense and risk of the holder.
5.

If bearer securities are not ready for delivery on

the settlement date, purchasers may elect to receive interim
certificates.

These certificates shall be issued in bearer form

The interim certificates must be

returned at the risk and expense of the holder.
5.

Delivery of securities in registered form will be

made after the requested form of registration has been
validated, the registered interest account has been established,
and the securities have been inscribed.
6.
6.

GENERAL PROVISIONS

As fiscal agents of the United States, Federal

Reserve Banks are authorized and requested to receive
tenders, to make allotments as directed by the Secretary of the
Treasury, to issue such notices as may be necessary, to receive

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payment for and make delivery of securities on full-paid
allotments, and to issue interim certificates pending delivery
of the definitive securities.
6.

The Secretary of the Treasury may at any time issue

supplemental or amendatory rules and regulations governing the
offering.

Public announcement of such changes will be promptly

provided.

Paul H. Taylor,
Fiscal Assistant Secretary.

Full text of Federal Reserve Bank of New York Circulars : 8746. Treasury Announces February Quarterly Financing

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