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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular N o. 8864 June 27, 1980 TREASURY TO A UCTIO N $1,500 MILLION OF 14-YEAR 10-M ONTH BONDS To A ll Banking Institutions, and Others Concerned, in the Second Federal Reserve District: T h e f o llo w in g s ta te m e n t w a s is s u e d y e s te r d a y b y th e T r e a su r y D e p a r tm e n t: T he D ep artm en t o f th e T reasu ry will au ctio n $1,500 m illion o f 14-year 10-m onth b o nds to raise new cash. A d d itio n al am o u n ts o f th e b o n d s m ay be issued to Federal Reserve B anks as agents fo r foreign an d in tern atio n al m o n etary au th o rities a t th e average price o f accepted com petitive tenders. T h e T reasu ry will p o stp o n e this au ctio n unless it has assurance o f C ongressional action on legislation to raise th e te m p o rary d ebt ceiling b efo re the scheduled au ctio n d ate o f Ju ly 2. P r in t e d o n t h e r e v e r s e s id e is a t a b le s u m m a r iz in g t h e h ig h lig h t s o f t h e o f f e r i n g . C o p i e s o f t h e o f f i c i a l o f f e r i n g c ir c u la r w ill b e f u r n is h e d u p o n r e q u e s t d ir e c t e d t o o u r G o v e r n m e n t B o n d D i v i s i o n ( T e l . N o . 2 1 2 - 7 9 1 - 6 6 1 9 ) . I n a d d i t i o n , e n c l o s e d is a c o p y o f t h e f o r m t o b e u s e d in s u b m i t t i n g t e n d e r s . T h is B a n k w ill r e c e iv e t e n d e r s u p t o 1 :3 0 p . m . , E a s t e r n D a y l i g h t S a v in g t im e , W e d n e s d a y , J u ly 2 , 1 9 8 0 , a t t h e S e c u r it ie s D e p a r t m e n t o f its H e a d O f f i c e a n d a t its B u f f a l o B r a n c h . All competitive tenders, t r a n s m it t e d b y m a il o r b y o t h e r m e a n s , m u s t r e a c h t h is B a n k o r it s B r a n c h b y t h a t t im e . w h e th e r H o w e v e r , fo r in v e s t o r s w h o w is h t o s u b m it n o n c o m p e t i t i v e t e n d e r s a n d w h o f i n d it m o r e c o n v e n i e n t t o m a il t h e ir t e n d e r s t h a n t o p r e s e n t t h e m in p e r s o n , t h e o f f i c i a l o f f e r i n g c ir c u la r p r o v i d e s t h a t noncompetitive t e n d e r s w ill b e c o n s i d e r e d t im e ly r e c e iv e d i f t h e y a r e m a ile d t o t h is B a n k o r its B r a n c h u n d e r a p o s t m a r k no later than July 1. B id d e r s s u b m i t t i n g n o n c o m p e t i t i v e t e n d e r s s h o u l d r e a liz e t h a t it is p o s s i b l e t h a t t h e a v e r a g e p r ic e m a y b e a b o v e p a r , in w h i c h c a s e t h e y w o u l d h a v e t o p a y m o r e t h a n t h e f a c e v a l u e f o r t h e s e c u r it ie s . P a y m e n t w it h a t e n d e r m a y b e in t h e f o r m o f a p e r s o n a l c h e c k , w h i c h n e e d n o t b e c e r t i f i e d , a n o f f i c i a l b a n k c h e c k , o r a F e d e r a l f u n d s c h e c k ( a c h e c k d r a w n b y a c o m m e r c i a l b a n k o n it s F e d e r a l R e s e r v e a c c o u n t ) . A ll c h e c k s m u s t b e d r a w n p a y a b le to th e F e d e r a l R e se r v e B a n k o f N e w Y o r k ; will not be accepted. checks endorsed to this Bank P a y m e n t m a y a l s o b e m a d e in c a s h o r in T r e a s u r y s e c u r it ie s m a t u r in g o n o r b e f o r e t h e i s s u e d a t e o f t h e s e c u r it ie s b e in g p u r c h a s e d . R e c o r d e d m e s s a g e s p r o v id e i n f o r m a t i o n a b o u t T r e a s u r y o f f e r i n g s a n d a b o u t a u c t i o n r e s u lt s : a t t h e H e a d O ffic e — T e l. N o . 2 1 2 - 7 9 1 - 7 7 7 3 ( o f f e r i n g s ) a n d T e l . N o . 2 1 2 - 7 9 1 - 5 8 2 3 ( r e s u lt s ) ; a t t h e B u f f a l o B r a n c h — T e l. N o . 7 1 6 - 8 4 9 - 5 0 4 6 . A d d i t i o n a l in q u ir ie s r e g a r d in g t h is o f f e r i n g m a y b e m a d e b y c a l l i n g , a t th e H e a d O f f ic e , T e l. N o . 2 1 2 -7 9 1 -6 6 1 9 , o r , a t th e B u f f a lo B r a n c h , T e l. N o . 7 1 6 - 8 4 9 -5 0 1 6 . A n t h o n y M . So l o m o n , President. (O ver) H IG H LIG H TS OF TREASURY O FFERING TO TH E PU BLIC OF 14-YEAR 10-M ONTH BO N D S TO BE ISSU ED JU LY 9, 1980 (D elivery d a te f o r co u p o n securities is J u ly 18, 1980) Amount Offered: T o th e p u b l i c .............................................................................................................. . $1,500 m illion Description of Security: T erm an d type o f se c u rity ........................................................................................ 14-year 10-m onth bonds Series an d C U S IP d e s ig n a tio n ............................................................................... . B onds o f 1995 (C U S IP N o. 912810 CQ9) M a tu rity d a t e .............................................................................................................. . M ay 15, 1995 C all d a t e ....................................................................................................................... . N o provision In terest co u p o n r a t e ................................................................................................. . T o be determ ined, based on the average o f accepted bids Investm ent y ie ld .......................................................................................................... . T o be determ ined at auction P rem iu m or d isc o u n t................................................................................................. . T o be determ ined after auction Interest pay m en t d a t e s ............................................................................................ . N ovem ber 15 and M ay 15 M inim um d en o m in atio n a v a ila b le ........................................................................ . $1,000 Terms of Sale: M eth o d o f s a l e ............................................................................................................ . Yield auction A ccrued in terest payable by in v e s to r................................................................... . N one P re fe rre d a llo tm e n t................................................................................................... . N oncom petitive bid for $1,000,000 or less P ay m en t by n o n -in stitu tio n al i n v e s t o r s ............................................................. . Full payment to be submitted with tender D eposit g u aran tee by designated in s titu tio n s .................................................... . A cceptable Key Dates: D eadline fo r receipt o f te n d e rs ............................................................................... . W ednesday, July 2, 1980, by 1:30 p .m ., ED ST S ettlem ent d ate (final pay m en t due fro m institutions) a) cash o r F ederal fu n d s ..................................................................................... . W ednesday, July 9, 1980 b) readily collectible c h e c k ................................................................................. . M onday, July 7, 1980 D elivery d ate fo r co u p o n s e c u ritie s ...................................................................... . Friday, July 18, 1980 I Form BY-ln IMPORTANT — Closing time for receipt of this tender is 1:30 p.m., Wednesday, July 2, 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. Ifregistered 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 14-YEAR 10-MONTH TREASURY BONDS OF 1995 FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States New York, N.Y. 10045 Dated at , 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 in accordance with the provisions of the official offering circular. Do not fill in both Competitive and Noncompetitive tenders on one form COMPETITIVE TENDER NONCOMPETITIVE TENDER $ ........................................................ (maturity value) or any lesser amount that may be awarded. $ ........................................................ (maturity value) Yield:.................. at the average price of accepted competitive bids. (N ot to exceed $1,000,000 fo r one bidder through all sources) (Yield must be expressed with not more than two decimal places, fo r example, 10.06) Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and on the reverse side ( i f registered securities are desired, please also com plete schedule on reverse side): Pieces Denomination $ 1,000 $ 5,000 $ 10,000 $ 100,000 Maturity value □ 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) I Payment will be made as follows: j By charge to our reserve account (D) H By cash or check in immediately available funds (F) | | By surrender of maturing securities (E) | | By charge to my correspondent | bank................................................ (D) (Name of bank) □ Special instructions (3) □ Wire to ..................................................................................................(8) (Exact Receiving Bank Wire Address/Account) $ 1,000,000 Totals * The undersigned certifies that the allotted securities will be owned solely oy ihe 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 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 payments required by the official offering circular. WE FURTHER 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 conditions, agreements, and certifications set forth in this form. NAME OP SUBSCRIBER (PLEASE PRINT OR TYPE) Insert this tender in special envelope marked " Tender fo r Treasury Notes or Bonds” ADDRESS CITY PHONE (INCLUDE AREA CODE) STATE ZIP SIGNATURE OF SUBSCRIBER OR AUTHORIZED SIGNATURE TIT LE OF AUTHORIZED SIGNER (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 $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 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 borrowings thereon, and Government accounts. Tenders from others must be accompanied by full payment of the face amount of the securities applied for. 4. Payment with a tender may be in the form of a personal check, which need not be certified, an official bank check, or a Federal funds check (a check drawn by a commercial bank on its Federal Reserve account). All checks must be drawn payable to the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. Payment may also be made in cash or Treasury securities maturing on or before the issue date of the securities being purchased. 5. For information on currently available Treasury offerings, call our 24-hour recorded message at (212) 791-7773 at the Head Office or (716) 849-5046 at the Buffalo Branch. For results of recent Treasury auctions, call (212) 791-5823 at the Head Office or (716) 849-5046 at the Buffalo Branch. For other information about Treasury securities, call (212) 791-6619 at the Head Office or (716) 849-5016 at the Buffalo Branch during normal business hours. 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) SUBSCRIPTION NO. SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES D E L IV E R Y IN S T R U C T IO N S □ DELIVER OVER THE COUNTER □ BY CHARGE TO OUR RESERVE ACCOUNT □ BY CASH OR CHECK IN □ SHIP TO SUBSCRIBER IMMEDIATELY AVAILABLE FUNDS □ BY SURRENDER OF □ OTHER INSTRUCTIONS: MATURING SECURITIES I- ] BY CHARGE TO MY CORRESPONDENT BANK S U B S C R IB E R ’S N A M E ADDRESS C IT Y _____ STATE Z IP S IG N A T U R E . R E G IS T R A T IO N NO. O F PIECES IN S T R U C T IO N S N A M E(S) ID O R S.S. NO. ADDRESS C IT Y STATE P A Y M E N T IN S T R U C T IO N S SERIAL DENOM. 30 1,000 32 5 ,0 0 0 34 to,000 38 100,000 42 1,0 0 0 ,0 0 0 99 T O T A L ZIP N A M E(S) AM O U N T (LEA VE F O R F R B USE O N L Y TRANS. ACCOUNTING DATE IS S U E A G E N T 1 1 0 -0 1 NOS. BLANK) F O R F R B USE O N L Y TR. CASE NO. 30 1,000 32 5 ,0 0 0 34 10,000 38 100,000 42 1,0 0 0 ,0 0 0 99 T O T A L I D O R S.S. N O . ADDRESS C IT Y STATE Z IP N AM E(S) I D O R S .S . N O . TR. CASE NO. 30 1,000 32 5 ,0 0 0 34 10,000 38 1 00,000 42 1 ,0 0 0 ,0 0 0 99 T O T A L ADDRESS C IT Y STATE Z IP 12 LOAN CODE TR. CASE NO. U N IT ED STATES OF AMERICA TREASURY BONDS OF 1 9 9 5 '0 t-J EPARTMENT CIRCULAR u b l i c Debt S e r ie s - No. 1. 1. 1. DEPARTMENT OF THE TREASURY, OFFICE OF THE SECRETARY, Washington, June 27, 1980. 21-80 INVITATION FOR TENDERS The S e c r e ta r y o f the T re a su ry , the Second L i b e r t y Bond A c t , as amended, under the a u t h o r it y o f in v ite s tenders f o r a p p ro x im a te ly $1,500,000,000 o f U n ite d S ta te s s e c u r i t i e s , d e s ig n a te d T re a s u ry Bonds o f 1995 s e c u ritie s y ie ld . y ie ld w ill be s o ld Payment w i l l tender. The i n t e r e s t r a te on the s e c u r i t i e s below. A d d itio n a l may be issued at the average p r i c e agents f o r f o r e ig n 1. amounts o f these s e c u r i t i e s to F e d e ra l Reserve Banks, w ill from th a t date, be dated J u l y 9, 1980, payable on a semiannual b a s is on 1980, and each subsequent 6 months on May 15 and November 15, u n til the p r i n c i p a l becomes p ayable. 1995, as and w i l l November 15, May 15, in DESCRIPTION OF SECURITIES The s e c u r i t i e s bear i n t e r e s t be determined and i n t e r n a t i o n a l monetary a u t h o r i t i e s . 2. 2. e q u iv a le n t o f the b id e q u iv a le n t of each accepted bid w i l l the manner d e s c r ib e d The at a u c t io n w ith b id d in g on the b a s is o f be r e q u ire d at the p r i c e of each accepted and the p r i c e (CUSIP No. 912810 CQ 9). and w i l l not be s u b j e c t to c a l l They w i l l mature f o r redemption p r i o r to m a t u r it y . 2. a ll 2. taxes from the s e c u r i t i e s imposed under the I n t e r n a l s e c u ritie s ta x e s , The income d e riv e d are s u b j e c t to e s t a t e , whether F e d e ra l o r S ta te , now or h e r e a f t e r any S t a t e , is s u b je c t to Revenue Code of 1954. The in h e r it a n c e , g ift or o th e r e x c is e but are exempt from a l l t a x a t io n imposed on the p r i n c i p a l or i n t e r e s t t h e r e o f by any p o s s e s s io n o f the U n ite d S t a te s , or any l o c a l ta x in g a u th o rity . 2. 3. The s e c u r i t i e s w i l l o f p u b l i c monies. They w i l l be a c c e p ta b le not be a c c e p ta b le to secure d e p o s it s in payment o f taxes. 2. 4. B earer s e c u r i t i e s w ith s e c u ritie s r e g is t e r e d as to p r i n c i p a l in denom inations o f $1,000, $1,000,000. b id d e r s i n t e r e s t coupons a tta c h e d , $5,000, and i n t e r e s t , $10,000, B ook-entry s e c u r i t i e s w i l l in m u l t i p l e s of those amounts. $100,000, be a v a i l a b l e be is s u e d and to e l i g i b l e Interchan ges o f s e c u r i t i e s o f d i f f e r e n t denom inations and of coupon, s e c u ritie s , w ill and r e g is t e r e d and the t r a n s f e r o f r e g is t e r e d and b o o k - e n try s e c u ritie s w i l l be p e r m it t e d . 2. 5. The Department of the T r e a s u r y 's g e n e ra l r e g u l a t i o n s g o vernin g U n ite d S ta te s in th is c ir c u la r . c u rre n tly s e c u ritie s apply to the s e c u r i t i e s These g e n e ra l r e g u l a t i o n s in e f f e c t , in c lu d e o ffe re d those as w e ll as those th a t may be issued at a l a t e r da t e . 3. 3. 1. Tenders w i l l SALE P R OC E D U R E S be r e c e iv e d and Branches and at the Bureau o f D. C. 20226, up to 1:30 p.m ., Wednesday, J u l y w ill 2, 1980. be c o n s id e re d at F e d e ra l Reserve Banks the P u b l i c Debt, Washington, E a stern D a y lig h t Saving time, N oncom p etitive tim e ly if tenders as d e fin e d below postmarked no l a t e r than Tuesday, J u l y 1, 1980. 3. 2. Each tender must s t a t e s e c u ritie s bid fo r. The minimum bid be in m u l t i p l e s o f th a t amount. the y i e l d d e s ir e d , expressed d e c im a ls , e .g ., N o n c o m p e titiv e the face amount o f 7.11%. i s $1,000 and la r g e r b id s must C o m p e titiv e tenders must a ls o in terms o f an annual y i e l d w ith two Common f r a c t i o n s may not be used. tenders must show the term "n o n c o m p e titiv e " te n d e r form in l i e u show of a s p e c ifie d more than one n o n c o m p e titiv e y ie ld . on the No b id d e r may submit tender and the amount may not exceed $ 1 , 000 , 000 . 3. w ill 3. A ll b id d e r s must c e r t i f y t h a t they have not made and not make any agreements f o r the s a le or purchase of any s e c u ritie s of S e c t io n 3 .1 . te n d e rs fo r th is is s u e p r i o r to the d e a d lin e e s t a b lis h e d f o r r e c e i p t o f te n d e rs . Those a u t h o r iz e d the account o f customers w i l l be r e q u ir e d to submit to c e r t i f y t h a t such ten d ers are subm itted under the same c o n d i t i o n s , ments, fo r and c e r t i f i c a t i o n s t h e i r own account. as tenders in subm itted d i r e c t l y agree by b id d e r s 3. 4. Commercial banks, which f o r t h i s purpose are d e f in e d as banks a c c e p tin g demand d e p o s it s , th is and prim ary d e a le r s , which purpose are d e fin e d as d e a le r s who make prim ary markets Government s e c u r i t i e s and r e p o r t d a i l y o f New York t h e i r p o s i t i o n s in and borrow ings on such s e c u r i t i e s , if the names o f the customers and the amount f o r each customer are fu r n is h e d . 3. 5. in to the F e d e ra l Reserve Bank may submit tenders f o r account of customers are o n ly p e rm itte d fo r O th e rs to submit tenders f o r t h e i r own account. Tenders w i l l be re c e iv e d w ith o u t d e p o s it f o r t h e i r account from commercial banks and o th e r banking prim ary d e a le r s , as d e fin e d above; in s titu tio n s ; F e d e r a lly - in s u r e d savin gs S ta te s , in s tr u m e n ta litie s ; p u b l i c pension and re tir e m e n t and o th e r p u b l i c i n t e r n a t i o n a l o r g a n iz a t io n s membership; f o r e ig n Reserve Banks; and Government accounts. fo r s ta t e s ; F e d e ra l Tenders from o th e r s must payment f o r the amount of s e c u r i t i e s (In the form of cash, maturing Tre asury s e c u r i t i e s c o lle c tib le c h e c k s), fa c e amount a p p lie d or in which the U n ited S t a t e s h o ld s c e n t r a l banks and f o r e ig n be accompanied by f u l l s u b d iv is io n s and lo a n a s s o c ia t io n s ; funds; and t h e i r p o l i t i c a l own a p p l ie d or r e a d i l y or by a payment guarantee of 5 p e r c e n t of fo r, the from a commercial bank or a prim ary d e a le r. 3. opened, 6. Immediately a f t e r fo llo w e d by a p u b l i c range of accepted b id s . S e c t io n 4, hour, announcement of tenders w i l l tenders w i l l tenders w i l l the amount and y i e l d be accepted be accepted, in f u l l , s ta r tin g w ith the lo w e s t y i e l d s , through s u c c e s s i v e ly h ig h e r y i e l d s r e q u ir e d the amount o f f e r e d . to a t t a i n accepted y i e l d d e t e r m in a t io n rate w i l l in crem en t, c lo s e w ill be p ro ra te d if which r e s u l t s su cce ssfu l necessary. the a coupon above the o r i g i n a l That r a te of in te r e s t w i l l Based on such i n t e r e s t r a t e , tender a l l o t t e d e q u i v a le n t to the y i e l d A fte r in an e q u iv a le n t average accepted p r i c e the s e c u r i t i e s . c o m p e t it iv e those a t on the b a s is of a 1/8 o f one p e rc e n t is s u e d is c o u n t l i m i t of 96.500. on each c o m p e t it iv e and to the e x t e n t is made as to which tenders are a ccep ted , be e s t a b lis h e d , in Tenders a t the h ig h e s t to 100.000 and a lo w e s t accepted p r ic e on a l l o f be S u b ject to the r e s e r v a t io n s expressed n o n c o m p e titiv e then c o m p e t it iv e the c lo s i n g b id d e r w i l l b id . w ill be p a id the p r i c e be determined and each be r e q u ire d to pay the p r i c e Those s u b m ittin g n o n c o m p e titiv e -4 - te n a e rs w i l l pay the p r i c e of accepted c o m p e t it iv e c a r r ie d e .g ., e q u iv a le n t tc the weighted average y i e l d ten d ers. P r i c e c a l c u l a t i o n s w i l l be to three decim al p la c e s on the b a s is o f p r i c e per hundred, S9.923, and the d e te r m in a tio n s of the S e c r e ta r y of T re a s u r y s h a l l be f i n a l . If the amount of n o n c o m p e titiv e r e c e iv e d would absorb a l l o r most of the o f f e r i n g , te n d e rs w i l l be accepted d e t e r m in a t io n of in an amount s u f f i c i e n t the y i e l d . Tenders re c e iv e d a cco u n ts and F e d e r a l Reserve Banks w i l l e q u i v a le n t to the weighted average y i e l d the ten d ers c o m p e t it iv e to p r o v id e a fa ir from Government be accepted at the p r i c e o f accepted c o m p e t it iv e ten d ers. 3. 7. C o m p e titiv e b id d e rs w i l l or re je c tio n of t h e ir te n d e rs. te n d e rs w i l l o n ly be n o t i f i e d o r when the p r i c e is part, to a c ce p t or r e j e c t to a l l o t more or le s s s p e c ifie d if the tender is not accepted c o n s id e r s fu ll, the T reasury e x p r e s s ly r e s e r v e s any or a l l tenders in whole or in than the amount o f s e c u r i t i e s tc v a r io u s c la s s e s it under t h i s in the p u b l i c S e c tio n is 1. of a p p lic a n t s when the S e c r e ta r y in te r e s t. The S e c r e t a r y 's a c t io n fin a l. 5. PAYMENT AND DELIVERY S e ttle m e n t f o r a l l o t t e d s e c u r i t i e s must be made a t the F e d e r a l Reserve Bank or Branch or at the Bureau o f wherever the tender was subm itted. a llo tte d in in S e c t io n 1, and to make d i f f e r e n t percentage a llo t m e n t s 5. Those s u b m ittin g n o n c o m p e titiv e RESERVATIONS ’he S e c r e ta r y o f the r i g h t the acceptance over par. 4. 4. be advised o f the P u b l i c Debt, Settlem en t on s e c u r i t i e s to i n s t i t u t i o n a l . in v e s t o r s and to o th e r s whose ten ders are accompanied by a payment guarantee as provided in S e c t io n 3 . 5 . , must be made or completed on or be fo re Wednesday, J u l y 9, 1980. Payment in f u l l must accompany tenders submitted by a l l o th e r in v e s to rs . a v a ila b le a ll Payment must be in cash; to the T re a su ry ; coupons detached) in Tre asury b i l l s , m aturing on or b e fo re which are not overdue as d e fin e d g o v e rn in g U nited S ta te s of the i n s t i t u t i o n r e c e iv e d 1980. in o th e r funds im m ediately notes or bonds (w ith the s e t t le m e n t date but in the g e n e ra l r e g u l a t i o n s s e c u ritie s ; or by check drawn to the o rd e r to which the tender was s u b m itte d , which must be from i n s t i t u t i o n a l in v e s t o r s no l a t e r than Monday, J u l y When payment has been subm itted w ith the te n d e r and the 7, -5purchase p r ic e of a l l o t t e e s e c u ritie s the premium must be completed t im e ly , sentence . as s p e c i f i e d is under par, the d is c o u n t w i l l s e tt le m e n t f o r in the p r e c e d in g the tender and the be re m itte d to the Payment w i l l not be con sid ered complete where r e g is t e r e d s e c u ritie s are requested r e q u ir e d on tax r e tu r n s if id e n tify in g (an i n d i v i d u a l ’ s s o c i a l an employer i d e n t i f i c a t i o n made in s e c u r i t i e s , the a p p r o p r ia t e number as and o th e r documents submitted to the I n t e r n a l Revenue S e r v ic e is over p ar, When payment has been submitted w ith purchase p r ic e b id d e r . is number) is s e c u r i t y number or not fu r n is h e d . When payment a cash adjustment w i l l be made to or r e q u ir e d o f the b id d e r f o r any d i f f e r e n c e between the fa ce amount of s e c u ritie s presented and the amount payable on the s e c u r i t i e s a llo tte d . 5. 2. In every case where f u l l completed on time, of s e c u ritie s of the T re a s u ry , 5. 3. s e c u ritie s an amount of up to 5 p e rc e n t o f a llo tte d , in payment f o r a l l o t t e d if the new s e c u r i t i e s ( s e c u ritie s or assignments of number)." the c ir c u la r ) If in the name new s e c u r i t i e s in the assignment should be to "The S e c r e t a r y (name and a d d r e s s ) ." is s u a n c e and d e l i v e r y o f o ffe r e d S p e c ific the new s e c u r i t i e s , by t h i s c ir c u la r ) in s tr u c tio n s fo r to the signed by the owner o r a u t h o r iz e d r e p r e s e n t a t i v e , must accompany the s e c u r i t i e s When in names and forms o f f e r e d by t h i s the T re a su ry f o r coupon ( s e c u r i t i e s to su rre n d e re d . the assignment should be to "The S e c r e t a r y o f (name and taxpayer i d e n t i f y i n g be d e li v e r e d the S e c r e t a r y in the same names and forms as appear in the coupon form are d e s ir e d , of to be assigned from those in the i n s c r i p t i o n s the T re a su ry f o r of tendered are to be r e g is t e r e d p re s e n te d , of the face amount to the U nited States., or assignments o f the s e c u r i t i e s the new s e c u r i t i e s s e c u ritie s at the d i s c r e t i o n s e c u ritie s are not re q u ire d are to be r e g is t e r e d d iffe r e n t s h a ll, be f o r f e i t e d R e g is te r e d r e g is t r a tio n s payment has not been p re s e n te d . -6S e c u ritie s tendered in payment should be surrendered to the F e d e r a l Reserve Bank or Branch o r to the Bureau o f the P u b l i c Debt, W ashington, D. C. 20226. The s e c u r i t i e s must be d e li v e r e d a t the expense and r i s k o f the h o ld e r . 5. 4. If b e a re r s e c u r i t i e s the s e tt le m e n t d a te , c e r tific a t e s . are not ready f o r d e l i v e r y on purch asers may e l e c t These c e r t i f i c a t e s s h a l l be issued and s h a l l be exchangeable f o r d e f i n i t i v e is s u e , when such s e c u r i t i e s to r e c e iv e in b e a re r form s e c u ritie s are a v a i l a b l e , in t e r im of th is at any F e d e r a l Reserve Bank o r Branch or at the Bureau of the P u b l i c Debt, h in g t o n , D. C. 20226. urned at the r i s k 5. 5. and expense o f D e liv e r y o f s e c u r i t i e s e a f t er the requested v a lid a te d , the r e g is t e r e d and the s e c u r i t i e s 1. T re a s u r y , As f i s c a l in r e g is t e r e d of anc to the d e f i n i t i v e 6. 2. and requested as d ir e c t e d such n o t ic e s is s u e in t e r im Fed eral to r e c e iv e by the S e c r e ta r y o f the as may be n e c e s sa ry , to r e c e iv e on f u l l - p a i d c e r tific a te s pending d e l i v e r y s e c u ritie s . The S e c r e t a r y o f P u b lic has been agents of the U nited S t a t e s , the T re a su ry may at any time supplem en tal or amendatory r u le s o ffe rin g . and r e g u l a t i o n s g o vern in g announcement o f such changes w i l l is s u e the be prom ptly o ro v id e c . be GENERAL PROVISIONS payment f o r and make d e l i v e r y of s e c u r i t i e s a llo t m e n t s , form w i l l i n t e r e s t account has been e s t a b l i s h e d , to make a llo t m e n t s to is s u e the h o ld e r . form of r e g i s t r a t i o n Reserve Banks are a u t h o r iz e d te n d e r s , c e r t i f i c a t e s must be have been i n s c r ib e d . 6. 6. The in t e r im Paul H. T a y lo r , F is c a l A s s is ta n t Secretary
@FedFRASER