Full text of Federal Reserve Bank of New York Circulars : 9018. Treasury to Auction $4,750 Million of 2-Year Notes

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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
Circular No. 9018
February 18, 1981

TREASURY TO AUCTION $4,750 MILLION OF 2-YEAR NOTES
To A ll Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

The following statement was issued yesterday by the Treasury Department:
The Department of the Treasury will auction $4,750 million of 2-year notes to refund $2,461 million of
notes maturing February 28, 1981, and to raise $2,289 million new cash. The $2,461 million of maturing notes
are those held by the public, including $386 million currently held by Federal Reserve Banks as agents for foreign
and international monetary authorities.
In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own
accounts, hold $426 million of the maturing securities that may be refunded by issuing additional amounts o f the
new notes at the average price of accepted competitive tenders. Additional amounts of the new security 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 o f tenders for such accounts exceeds the aggregate amount
of maturing securities held by them.

Printed on the reverse side is a table summarizing the highlights of the offering. Copies of the official
offering circular will be furnished upon request directed to our Government Bond Division (Tel. No.
212-791-6619).
Enclosed is a copy of a standard form for your use in submitting tenders for this offering (or for any
subsequent offering of 2-year notes).
This Bank will receive tenders up to 1:30 p.m., Eastern Standard time, Tuesday, February 24, 1981, at
the Securities Department of its Head Office and at its Buffalo Branch. All competitive tenders, whether
transmitted by mail or by other means, must reach this Bank or its Branch by that time. 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 provides that noncompetitive tenders will be
considered timely received if they are mailed to this Bank or its Branch under a postmark no later than
February 23.
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 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 depository institution 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 in Treasury securities maturing on or
before the issue date of the securities being purchased.
Recorded messages provide information about 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 this offering may be made by calling, at
the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016.




A nthony

M.

So l o m o n ,

President.
(Over)

HIGHLIGHTS OF TREASURY
OFFERING TO THE PUBLIC
OF 2-YEAR NOTES
TO BE ISSUED MARCH 2, 1981
(Delivery date f o r coupon securities is March 17,

1981)

Amount Offered:
To the p u b lic .....................................................................

$4,750 million

Description of Security:
Term and type o f security...............................................

2-year notes

Series and C U SIP designation.......................................

Series N-1983
(CUSIP No. 912827 LP5)

Maturity d a te ....................................................................

February 28,1983

Call d a te ............................................................................

No provision

Interest coupon r a t e ........................................................

To be determined, based on the
average of accepted bids

Investment yield................................................................

To be determined at auction

Premium or discount........................................................

To be determined after auction

Interest payment d a t e s ....................................................

August 31 and February 28

Minimum denomination available................................

$5,000

Terms of Sale:
Method o f sa le ..................................................................

Yield auction

Accrued interest payable by investor............................

None

Preferred allotm ent..........................................................

Noncompetitive bid for
$1,000,000 or less

Payment by non-institutional in v e sto rs.......................

Full payment to be submitted
with tender

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

Acceptable

Key Dates:
Deadline for receipt of tenders........................................
Settlement date (final payment due from institutions)
a) cash or Federal fu n ds.................................. ............
b) readily collectible check...........................................
Delivery date for coupon securities................................




Tuesday, February 24, 1981,
by 1:30 p.m., EST
Monday, March 2, 1981
Friday, February 27, 1981
Tuesday, March 17,1981

■

-1

U N I T E D STATES OF A M ER IC A
T R E A S U R Y N O T E S O F F E B R U A R Y 28,
S E R I E S N — 1983
DEPARTMENT CIRCULAR
P u b l i c D e b t S e r i e s - No. 5 - 8 1
.'

1983

DEPARTMENT OF THE TREASURY,
OF FICE OF THE SECRETARY,
W a s h i n g t o n , F e b r u a r y 18,

1 • W T N V I T A T IO N F O R T E N D E R S

•'

• -«

-l-

1.

...:

’

T h e Secretary, o f th e T r e a s u r y ,

the Second L i be rt y Bond Act,

as a m e n d e d ,

u n d e r th e a u t h o r i t y of

i n v i t e s t e n d e r s for

a p p r o x i m a t e l y $4 ,7 50,000,000 of United States securities,
T r e a s u r y N o t e s of F e b r u a r y ’ 28,
L P 5).

1983,

Series N-1983

designated

( C US IP No.

9 1 28 27

T h e s e c u r i t i e s w i l l be so ld at a u c t i o n , w i t h b i d d i n g on the

ba si s of yield.
of

1981.

P a y m e n t w i l l b e r e q u i r e d at the p r i c e e q u i v a l e n t

the b i d y i e l d of e a c h a c c e p t e d te n d e r .

The

i n t e r e s t r a t e o n the

securities

and the p r i c e e q u i v a l e n t of e a ch a c c e p t e d bid w i l l be

determined

in the m a n n e r d e s c r i b e d b e l o w .

t h e s e s e c u r i t i e s m a y be i s s u e d
Reserve Banks
a l s o be

t o G o v e r n m e n t a c c o u n t s and F e d e r a l

for t h e i r o w n a c c o u n t

Treasury securities.

in e x c h a n g e

to F e d e r a l R e s e r v e B a n k s ,

agents

for f o r e i g n and

extent

t h a t the a g g r e g a t e a m o u n t of t e n d e r s

2.
will bear

1.

to the

for s u c h a c c o u n t s

DE SC RI PT IO N OF SECURITIES

T h e s e c u r i t i e s w i l l be d a t e d M a r c h 2, 1981,

and

interest from that date, payable on a semiannual basis

o n A u g u s t 31,

1 9 8 1 , a n d e a c h s u b s e q u e n t 6 m o n t h s on F e b r u a r y 28 and

A u g u s t 31 u n t i l
F e b r u a r y 28,

the p r i n c i p a l b e c o m e s p a y a b l e .

1983,

p r i o r to m a t u r i t y .
matu ri ty date

They will mature

and w i l l n o t be s u b j e c t to ca l l for r e d e m p t i o n
In the e v e n t an i n t e r e s t p a y m e n t d a t e or the

is a S a t u r d a y ,

i n t e r e s t or p r i n c i p a l




international monetary authorities,

as

the a g g r e g a t e a m o u n t of m a t u r i n g s e c u r i t i e s h e l d b y them.
2.

day.

for m a t u r i n g

A d d i t i o n a l a m o u n t s of the n e w s e c u r i t i e s m a y

i s s u e d at the a v e r a g e p r i c e

exceeds

A d d i t i o n a l a m o u n t s of

Sunday,

o r o t h e r n o n b u s i n e s s day,

the

is p a y a b l e on t h e n e x t - s u c c e e d i n g b u s i n e s s

2

2.
all

2.

taxes

income derived

f r o m the s e c u r i t i e s

is s u b j e c t to

i m p o s e d u n d e r the I n t e r n a l R e v e n u e C o d e of 1954.

securities
taxes,

The

a r e s u b j e c t to e s t a t e ,

w h e t h e r Federal or State,

now or he reafter
an y State,

inheritance,

gift,

The

or other excise

b u t are e x e m p t f r o m all t a x a t i o n

i m p o s e d o n the p r i n c i p a l o r i n t e r e s t t h e r e o f by

a n y p o s s e s s i o n o f the U n i t e d S t a t e s ,

or a n y l o c a l t a x i n g

authority.
2.

3.

T h e s e c u r i t i e s w i l l be a c c e p t a b l e to s e c u r e d e p o s i t s

of public monies.

T h e y w i l l n o t be a c c e p t a b l e

in p a y m e n t of

taxes.
2.

4.

securities

Bearer securities with

interest coupons attached,

r e g i s t e r e d as to p r i n c i p a l and

in d e n o m i n a t i o n s o f $5,000," $ 1 0 , 0 0 0 ,

$100,000,

B o o k - e n t r y securities will be available
multiples

of t h o s e a m o u n t s .

w i l l be is su ed

and $ 1 , 0 0 0 , 0 0 0 .

to e l i g i b l e b i d d e r s

in

I n t e r c h a n g e s of s e c u r i t i e s of

d i f f e r e n t d e n o m i n a t i o n s and of c o u p o n ,
securities,

interest,

and

registered,

a n d the t r a n s f e r of r e g i s t e r e d

and b o o k - e n t r y

s e c u r i t i e s w i l l be

permitted.
2.

5.

T h e D e p a r t m e n t of the T r e a s u r y ’s g e n e r a l r e g u l a t i o n s

governing United States
in t h i s c i r c u l a r .
rently

in e f f e c t ,

s e c u r i t i e s a p p l y to the s e c u r i t i e s o f f e r e d

These general

regulations

include

th os e c u r ­

as w e l l as t h o s e t h a t m a y be i s s u e d at a l a t e r

date.
3.
3.

1.

SALE PROCEDURES

T e n d e r s w i l l be r e c e i v e d at F e d e r a l R e s e r v e B a n k s

and Br an c h e s

and a t the B u r e a u o f the P u b l i c Debt, W a s h i n g t o n ,

D. C.

u p to 1 : 30 p . m . ,

20226,

F e b r u a r y 24,
considered

1981.

E a s t e r n S t a n d a r d time, T u e s d a y ,

Noncompetitive

t e n d e r s as d e f i n e d b e l o w w i l l be

t i m e l y if p o s t m a r k e d n o l a t e r t h a n M o n d a y ,

F e b r u a r y 23,

19 81 .
3.
bid

2.

for.

multiples

E a c h t e n d e r m u s t s t a t e the face a m o u n t of s e c u r i t i e s
T h e m i n i m u m b i d is $ 5 , 0 0 0 a n d l a r g e r b i d s m u s t be in
of that amount.

yield desired,
decimals,

e. g. ,

Noncompetitive
tender
more

form

expressed
7.11%.

Competitive

in t e r m s of an a n n u a l y i e l d w i t h two
Common

tenders must




f r a c t i o n s m a y n o t be used.

s h o w the t e r m " n o n c o m p e t i t i v e "

in l i e u of a s p e c i f i e d y i e l d .

than one n o n c o m p e t i t i v e

$1 ,0 0 0 ,0 0 0 .

t e n d e r s m u s t a l s o s h o w the

on the

No bidder ma y submit

t e n d e r and the a m o u n t m a y n o t e x c e e d

3

3.

3.

A l l b i d d e r s m u s t c e r t i f y th at

wi ll not make any ag re em en ts
s e c u r i t i e s of th is
S e c t i o n 3.1.
tenders

for the sa le o r p u r c h a s e of a n y

is su e p r i o r to the d e a d l i n e e s t a b l i s h e d

for r e c e i p t of t e n d e r s .

in

T h o s e a u t h o r i z e d to s u b m i t

for t h e a c c o u n t of c u s t o m e r s w i l l be r e q u i r e d to c e r t i f y

that such
ments,

t h e y h a v e not m a d e and

t e n d e r s are s u b m i t t e d

u n d e r the s a m e c o n d i t i o n s ,

and c e r t i f i c a t i o n s as t e n d e r s

agree­

submitted di re c t l y by bidders

fo r t h e i r o w n a c c o u n t .
3.

4.

C o m m e r c i a l bank's, w h i c h for th is p u r p o s e are d e f i n e d as

banks accepting demand deposits,

and p r i m a r y d e a l e r s ,

which

p u r p o s e a r e d e f i n e d as d e a l e r s w h o m a k e p r i m a r y m a r k e t s
ment

securities

and r e p o r t d a i l y

York their positions
submit tenders
customers

and

3.

5.

account

to the F e d e r a l R e s e r v e B a n k of N e w

for a c c o u n t of c u s t o m e r s

ar e o n l y p e r m i t t e d

in G o v e r n ­

in and b o r r o w i n g s o n s u c h s e c u r i t i e s ,

the a m o u n t

for this

if the n a m e s of the

for e a c h c u s t o m e r are f u r n i s h e d .

to s u b m i t t e n d e r s

may
Others

for t h e i r o w n a c c o u n t .

T e n d e r s w i l l be r e c e i v e d w i t h o u t d e p o s i t for t h e i r ow n

f r o m c o m m e r c i a l b a n k s and o t h e r b a n k i n g

primary dealers,

as d e f i n e d a b o v e ;

institutions;

Federally-insured

loan associations;

St a t e s ,

instrumentalities;

p u b l i c p e n s i o n and r e t i r e m e n t and o t h e r p u b l i c

funds;

and t h e i r p o l i t i c a l

s a v i n g s and

international organizations

membership;

and G o v e r n m e n t accounts.

a c c o m p a n i e d by fu l l p a y m e n t
(in the f o r m of cash,

opened,

Tenders

Federal

f r o m o t h e r s m u s t be

for the a m o u n t of s e c u r i t i e s a p p l i e d

maturing Treasury securities,

for

or r e a d i l y -

c h e c k s ) , or b y a p a y m e n t g u a r a n t e e o f 5 p e r c e n t of the

fa ce a m o u n t a p p l i e d
3.

the U n i t e d S t a t e s h o l d s

f o r e i g n c e n t r a l b a n k s and f o r e i g n st at es ;

Re se rv e Banks;

collectible

in w h i c h

s u b d i v i s i o n s or

6.

for,

f r o m a c o m m e r c i a l b a n k or a p r i m a r y d e a l e r .

I m m e d i a t e l y a f t e r th e c l o s i n g ho ur ,

t e n d e r s w i l l be

f o l l o w e d b y a p u b l i c a n n o u n c e m e n t of the a m o u n t and y i e l d

r a n g e of a c c e p t e d bi ds .

Subject

to the r e s e r v a t i o n s e x p r e s s e d

S e c t i o n 4, n o n c o m p e t i t i v e t e n d e r s w i l l be a c c e p t e d
competitive

t e n d e r s w i l l be a c c e p t e d ,

lowest yields,

to a t t a i n

accepted

y i e l d w i l l be p r o r a t e d

determination




the a m o u n t o f f e r e d .

is m a d e

and t h e n

s t a r t i n g w i t h t h o s e at the

through successively higher yields

required

in full,

in

to the e x t e n t

T e n d e r s at the h i g h e s t

if n e c e s s a r y .

as to w h i c h t e n d e r s

After

the

are a c c e p t e d ,

a coupon

-

r a t e w i l l be e s t a b l i s h e d ,
increment,
close

which results

4 -

o n the b a s i s of a 1/8 o f on e p e r c e n t
in an e q u i v a l e n t a v e r a g e a c c e p t e d p r i c e

to 1 0 0 . 0 0 0 an d a l o w e s t a c c e p t e d p r i c e a b o v e

issue d i s c o u n t limit of 99.750.
p a i d o n all o f

T h a t r a t e of i n t e r e s t w i l l be

the s e c u r i t i e s .

price on each competitive

the o r i g i n a l

Based on such

interest rate,

the

t e n d e r a l l o t t e d w i l l be d e t e r m i n e d and

e a c h s u c c e s s f u l c o m p e t i t i v e b i d d e r w i l l be r e q u i r e d to p a y the p r i c e
equivalent

to the y i e l d bi d.

Those submitting noncompetitive

t e n d e r s w i l l p a y the p r i c e e q u i v a l e n t to the w e i g h t e d a v e r a g e y i e l d
of accepted competitive tenders.

P r i c e c a l c u l a t i o n s w i l l be c a r r i e d

to t h r e e d e c i m a l p l a c e s o n the b a s i s of p r i c e p e r h u n d r e d ,
99.923,

a n d the d e t e r m i n a t i o n s of the S e c r e t a r y of the T r e a s u r y

s h a l l be fi na l.
would

e.g. ,

If the a m o u n t of n o n c o m p e t i t i v e

a b s o r b all o r m o s t of the o f f e r i n g ,

be a c c e p t e d

Tenders received

R e s e r v e B a n k s w i l l be a c c e p t e d

at the p r i c e e q u i v a l e n t to the

t e n d e r s w i l l o n l y be n o t i f i e d
o r w h e n the p r i c e

tenders.

Those submitting noncompetitive
if the t e n d e r

is n o t a c c e p t e d

in full,

is o v e r par.
4.

1.

competitive

C o m p e t i t i v e b i d d e r s w i l l be a d v i s e d of the a c c e p t a n c e

o r r e j e c t i o n of t h e i r t e n d e r s .

4.

tenders will

f r o m G o v e r n m e n t a c c o u n t s and F e d e r a l

w e i g h t e d av er ag e yield of acce pt ed
7.

competitive

in an a m o u n t s u f f i c i e n t to p r o v i d e a f a i r d e t e r m i n a t i o n

o f the y i e l d .

3.

tenders received

RESERVATIONS

T h e S e c r e t a r y of the T r e a s u r y e x p r e s s l y r e s e r v e s

r i g h t to a c c e p t o r r e j e c t a n y o r a l l t e n d e r s
to a l l o t m o r e o r l e s s

the

in w h o l e or in p a r t ,

t h a n the a m o u n t of s e c u r i t i e s s p e c i f i e d

in

S e c t i o n 1, a n d to m a k e d i f f e r e n t p e r c e n t a g e a l l o t m e n t s to v a r i o u s
c l a s s e s of a p p l i c a n t s w h e n the S e c r e t a r y c o n s i d e r s
interest.

The Secretary's
5.

5.

1.

Settlement

it in the p u b l i c

a c t i o n u n d e r t h i s S e c t i o n is final.
PAYMENT AND DELIVERY

for a l l o t t e d s e c u r i t i e s m u s t be m a d e at the

F e d e r a l R e s e r v e B a n k o r B r a n c h o r a t the B u r e a u of the P u b l i c De bt ,
wherever

the t e n d e r w a s

submitted.

allotted

to i n s t i t u t i o n a l

S e t t l e m e n t on s e c u r i t i e s

i n v e s t o r s and to o t h e r s w h o s e

a c co mp an ie d by a pa ym en t gu ar an te e

as p r o v i d e d

be m a d e o r c o m p l e t e d o n o r b e f o r e M o n d a y ,



tenders

are

in S e c t i o n 3.5. , m u s t

M a r c h 2,

1981.

Payment

5

in f u ll m u s t a c c o m p a n y t e n d e r s
P a y m e n t m u s t be in cash;
the T r e a s u r y ;
detached)

in o t h e r f u n d s

in T r e a s u r y b i l l s ,

ma tu ri ng on or before

n o t o v e r d u e as d e f i n e d
States

s u b m i t t e d b y all o t h e r i n v e s t o r s .

securities;

i m m e d i a t e l y a v a i l a b l e to

notes, or bonds

the s e t t l e m e n t d a t e b u t w h i c h are

in t h e g e n e r a l r e g u l a t i o n s g o v e r n i n g U n i t e d

or by,.check d r a w n to the o r d e r o f the i n s t i t u ­

t i o n to w h i c h the t e n d e r w a s s u b m i t t e d ,
institutional

(with all c o u p o n s

w h i c h m u s t be r e c e i v e d f r o m

investors no la t e r than Friday,

F e b r u a r y 27,

1981.

W h e n p a y m e n t h a s b e e n s u b m i t t e d w i t h the t e n d e r and the p u r c h a s e
p r i c e of a l l o t t e d s e c u r i t i e s
m u s t be c o m p l e t e d

is o v e r par,

t i m e l y , as s p e c i f i e d

s e t t l e m e n t for the p r e m i u m

in the p r e c e d i n g s e n t e n c e .

W h e n p a y m e n t h a s b e e n s u b m i t t e d w i t h the t e n d e r and the p u r c h a s e
price

is u n d e r par,

the d i s c o u n t w i l l be r e m i t t e d to the b i d d e r .

P a y m e n t w i l l n o t be c o n s i d e r e d
are requested

complete where registered

if the a p p r o p r i a t e

securities

i d e n t i f y i n g n u m b e r as r e q u i r e d on

ta x r e t u r n s and o t h e r d o c u m e n t s

submitted

Service

s e c u r i t y n u m b e r o r an e m p l o y e r

(an i n d i v i d u a l ' s

i d e n t i f i c a t i o n number)
securities,
bidder

social

is n o t f u r n i s h e d .

to the I n t e r n a l R e v e n u e

When payment

a c a s h a d j u s t m e n t w i l l be m a d e

is m a d e

in

to o r r e q u i r e d o f the

for a n y d i f f e r e n c e b e t w e e n the face a m o u n t of s e c u r i t i e s

p r e s e n t e d and the a m o u n t p a y a b l e on the s e c u r i t i e s a l l o t t e d .
5.

2.

In e v e r y c a se w h e r e fu ll p a y m e n t h a s n o t b e e n

c o m p l e t e d on time,
of

an a m o u n t of up to 5 p e r c e n t of the face a m o u n t

securities allotted,

the Treasury,
5.

3.

s h al l,

be f o r f e i t e d

at th e d i s c r e t i o n of the S e c r e t a r y of

to the U n i t e d S t a t e s .

Registered securities

tendered

s e c u r i t i e s are n o t r e q u i r e d to be a s s i g n e d
to be r e g i s t e r e d

in p a y m e n t for a l l o t t e d
if the n e w s e c u r i t i e s are

in the s a m e n a m e s and f o r m s as a p p e a r in the

r e g i s t r a t i o n s o r a s s i g n m e n t s of

the s e c u r i t i e s s u r r e n d e r e d .

the n e w s e c u r i t i e s are to be r e g i s t e r e d

When

in n a m e s and f o r m s d i f f e r e n t

from those

in the i n s c r i p t i o n s or a s s i g n m e n t s of the s e c u r i t i e s

presented,

the a s s i g n m e n t s h o u l d be to "The S e c r e t a r y o f the

T r e a s u r y for

( s e c u r i t i e s o f f e r e d b y th is c i r c u l a r )

(n am e and t a x p a y e r
coupon

identifying number)."

f o r m are d e s i r e d ,




to

If n e w s e c u r i t i e s

in

the a s s i g n m e n t s h o u l d be to " T he S e c r e t a r y

of the T r e a s u r y for c o u p o n
be d e l i v e r e d

in the n a m e of

( s e c u r i t i e s o f f e r e d b y t h is c i r c u l a r )

(name and a d d r e s s ) S p e c i f i c

instructions

to

for the

-

6 -

i s s u a n c e and d e l i v e r y o f the n e w s e c u r i t i e s ,
authorized representative,
Securities

tendered

s i g n e d b y the o w n e r o r

m u s t a c c o m p a n y the s e c u r i t i e s p r e s e n t e d .

in p a y m e n t s h o u l d be s u r r e n d e r e d

to the F e d e r a l

R e s e r v e B a n k o r B r a n c h o r to the B u r e a u of the P u b l i c Debt,
Washington,

D. C.

20 22 6. . T h e s e c u r i t i e s m u s t be d e l i v e r e d at the

e x p e n s e an d r i s k of the h o l d e r .
5.

4.

If b e a r e r s e c u r i t i e s a r e n o t r e a d y for d e l i v e r y o n the

s e t t l e m e n t date,
cates.

p u r c h a s e r s m a y e l e c t to r e c e i v e i n t e r i m c e r t i f i ­

T h e s e c e r t i f i c a t e s ~ s h a l l be i s s u e d

be exchangeable
securities

in b e a r e r f o r m and shall

fo r d e f i n i t i v e s e c u r i t i e s of th is

ar e a v a i l a b l e ,

issue, w h e n such

at a n y F e d e r a l R e s e r v e B a n k or B r a n c h or

a t the B u r e a u of the P u b l i c D e b t , W a s h i n g t o n ,

D. C.

20226.

The

i n t e r i m c e r t i f i c a t e s m u s t be r e t u r n e d at the r i s k and e x p e n s e of
th e h o l d e r .
5.

5.

D e li ve ry of securities

a f t e r the r e q u e s t e d

in r e g i s t e r e d f o r m w i l l be m a d e

f o r m o f r e g i s t r a t i o n has b e e n v a l i d a t e d ,

registered

in te re st ac co un t has been established,

securities

have been

Banks

1.

G E N E R A L PR O V I S I O N S

As f i s c a l a g e n t s o f the U n i t e d St a t e s ,

are a u t h o r i z e d and r e q u e s t e d to r e c e i v e

allotments

and the

inscribed.

6.
6.

Federal Reserve

tenders,

to m a k e

as d i r e c t e d b y the S e c r e t a r y of the T r e a s u r y ,

such notices

the

as m a y be n e c e s s a r y ,

to issue

to r e c e i v e p a y m e n t for and m a k e

d e l i v e r y of s e c u r i t i e s o n f u l l - p a i d a l l o t m e n t s ,

and to issue

i n t e r i m c e r t i f i c a t e s p e n d i n g d e l i v e r y of the d e f i n i t i v e
securities.
6.

2.

T h e S e c r e t a r y o f t h e T r e a s u r y m a y at a n y ti me issue

s u p p l e m e n t a l o r a m e n d a t o r y r u l e s and r e g u l a t i o n s g o v e r n i n g the
offering.

P u b l i c a n n o u n c e m e n t o f s u c h c h a n g e s w i l l be p r o m p t l y

provided.




Paul H. Taylor,
Fiscal A s s i s t a n t Secretary.