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Cut FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States for the Tennessee Valley Authority r T V A Offering N o. 1 ~1 L July 16, 1963 J Invitation for Bids on $ 2 5 ,0 0 0 ,0 0 0 of 127-Day TENNESSEE V A L L E Y A U T H O R IT Y P O W ER NOTES Dated July 25, 1963 Due November 29, 1963 To Certain Commercial Banks, Trust Companies, and Dealers in Investment Securities: Following is the text of an invitation authorized by the Tennessee Valley Authority to be issued today to certain commercial banks, trust companies, and dealers in investment securities: Tennessee Valley Authority ( “ T V A ” ) hereby invites bids for the purchase to the aggregate amount of $25,000,000 o f its Pow er Notes ( “ N otes” ), dated July 25, 1963, due Novem ber 29, 1963. The Notes will be issued on a discount basis and at maturity their face amount will be payable without interest at the Head Office of the Federal Reserve Bank of New York. They will be issued in bearer form in denominations of $5,000, $10,000, and $100,000 (maturity value). Denominational ex changes may be effected at the Head Office of the Federal Reserve Bank of New York. Bids will be received at the Securities Department of the Head Office of the Federal Reserve Bank of New Y ork up to the closing hour, 1:30 p.m., Eastern D aylight Saving time, Tuesday, July 23, 1963. N o bids will be accepted for a face amount o f Notes less than $1,000,000 and no award for a face amount o f Notes of more than $10,000,000 will be made to a single bidder. Bids must be for an even multiple of $5,000 and the price offered must be expressed on the basis o f 100, with not more than three decimals, e.g., 99.925. Fractions may not be used. It is urged that bids be made on the printed forms and forwarded in the special envelopes which will be supplied by the Federal Reserve Bank of New Y ork upon application therefor. Invitations for bids are being issued to certain commercial banks, trust companies, and dealers in investment securities. Other commercial banks, trust companies, or recognized dealers in investment securities desiring to bid may do so on bid forms obtained from the Federal Reserve Bank of New York. Bids submitted hereunder must be for the principal account o f the bidder and not for the account o f others. Immediately after the closing hour, bids will be opened at the Federal Reserve Bank o f New Y ork follow ing which public announcement will be made by T V A of the amount and price range o f accepted bids. Those submitting successful bids will be inform ed by the Federal Reserve Bank of New Y ork of the acceptance thereof. T V A expressly reserves the right to accept or reject any or all bids, in whole or in part, and the action of T V A in any such respect shall be final. Settlement for accepted bids must be made at the Federal Reserve Bank of New Y ork on July 25, 1963, in cash or other immediately available funds. The Notes will be issued to assist in providing capital for the power program o f T V A . They will be negotiable. They will be payable solely from T V A ’ s Net Pow er Proceeds (but may, at the option o f T V A , be paid from the proceeds of refunding obligations or other funds legally available for such paym ent). Net Pow er Proceeds are defined in, and required to be applied according to, the Basic Tennessee Valley Authority Pow er Bond Resolution ( “ Basic Resolution” ). T h e N otes will not be obligations of, nor will payment thereof be guaranteed by, the United States of America. Incom e derived from the Notes will be subject to Federal income taxation; but in the opinion of the General Counsel for T V A , under present laws and decisions, the Notes will be exempt from personal property taxes and the income therefrom will be exempt from income taxes, now or hereafter imposed by any state or local taxing authority. The Internal Revenue Service has ruled that Federal issue and transfer stamp taxes will not apply to the Notes. Circulars describing Tennessee Valley Authority and Pow er Notes issued by it, as well as copies of the Basic Resolution and periodic financial reports, may be obtained upon request directed to T V A ’s D irector of Inform ation, K noxville, T en nessee, or to the Federal Reserve Bank o f New Y ork. This Bank will receive bids in accordance with the foregoing invitation, up to 1 :30 p.m., Eastern Daylight Saving time, Tuesday, July 23, 1963, at the Securities Department of its Head Office. Please use the form on the reverse side of this notice to submit bids and return them sealed in the enclosed envelope marked “ Bid for T V A Power Notes.” Bids may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Settle ment must be made in immediately available funds at this Bank on Thursday, July 25, 1963. A lfred H ayes , President. No. Bid For TENNESSEE V A L L E Y A U T H O R IT Y 127-Day Power Notes Dated July 25, 1963 Due November 29, 1963 Dated at 1963 To F e d e r a l R e s e r v e B a n k o f N e w Y o r k , Fiscal Agent of the United States for the Tennessee Valley Authority: Pursuant to the provisions of the Invitation for Bids issued by Tennessee Valley Authority inviting bids for the above-described Power Notes and printed on the reverse side hereof, the undersigned hereby offers to purchase such Power Notes in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated b elow : $ ....................................................... (maturity value) or any lesser amount that may be awarded. P r i c e .......................................per 100 (Price must be expressed zvith not more than three decimal places, fo r example, 99.925) Subject to allotment, please issue, deliver, and accept payment for the Notes as indicated below: Pieces Maturity Value Denominations $ □ 5,000 □ □ 10,000 □ 1. Deliver over the counter to the undersigned 2. Ship to the undersigned 3. H old in safekeeping (for account of member bank on ly)* 4. Special Instructions: 100,000 Totals * If this item is checked, the undersigned hereby certifies that the Notes to be held in safekeeping will be owned solely by the undersigned. Payment will be made as follow s: □ By check in immediately available funds □ By charge to our reserve account □ By wire transfer from another Federal Reserve Bank or Branch Name of subscriber ....................................................................................................... (Please print) By ............................................. .......................................................................................... (Authorized corporation officer or partner) Title .................................................................................................................................... Address .............................................................................................................................. IN S T R U C T IO N S : 1. Submit all bids in a sealed envelope marked “ Bid for T V A Pow er Notes.” 2. N o bid for less than $1,000,000 will be considered and each bid must be for an even multiple o f $5,000 maturity value. 3. If the language o f a bid is changed from the foregoing in any respect, which, in the opinion o f the Power Financing Officer of Tennessee Valley Authority, is material, the bid may be disregarded. F ederal R eserve B a n k of N ew Y o rk F iscal A gent of the U nited States fo r the Tennessee Valley A uthority NOTICE OF A LLO TM EN T O F TENNESSEE V A L L E Y A U T H O R IT Y PO W E R NOTES Y ou r bid fo r Tennessee V alley A uthority Power Notes, dated m aturing , has been accepted at the price o f in the face amount o f $ , (per 100), Settlement therefor must be made in immediately available funds at the Federal Reserve Bank o f New Y ork on or before the issue date. Delivery o f the Notes will be made in accordance with instructions given on you r bid form and your reserve account will be charged on the issue date if you so indicated. I f additional instructions are required, a Letter o f Instructions form will be found attached, which should be completed in duplicate and returned prom ptly to the Federal Reserve Bank o f New York. F ed eral R eserve B a n k of N e w Y ork Fiscal Agent o f the United States for the Tennessee V alley Authority. Checked by. ■,* ' ■' ■ ' - ■. “ •• ... . ■ K. ■ •' ■ ' V--: T H IS L E T T E R OF IN ST R U C T IO N S (A C C O M P A N IE D B Y A T T A C H E D D U P L IC A T E C O P Y ) TO B E F IL L E D IN A N D R E T U R N E D TO F E D E R A L R E S E R V E B A N K OF N E W Y O R K LETTER OF INSTRUCTIONS To 2 F e d e ra l R eserve B an k o f N ew Y ork , Fiscal A gent of tlie United States fo r the Tennessee V alley Authority, Government Bond Division, New York, N. Y. 10045 From R eferring to our bid fo r Tennessee V alley A uthority Power Notes, dated maturing , which has been accepted at a price of in the face amount of $ (per 100), Please issue and make delivery o f the Notes as instructed below : Pieces Maturity Value Denomination $ P lease D o N ot U se T h is S pace 5,000 10,000 100,000 Totals— □ □ □ □ 1. Deliver over the counter to the undersigned 2. Ship to the undersigned 3. H old in safekeeping (fo r account of member bank on ly )* 4. Special instructions: Payment will be made as follow s: □ B y charge to our reserve account □ B y check in immediately available funds □ B y wire transfer from another Federal Reserve Bank or Branch (N o changes in delivery instructions will be accepted) I f this item is ch e c k e d , the u n d e rsig n e d h e re b y certifies that the N otes to b e h eld in s a fe k e e p in g w ill b e o w n e d s o le ly b y the u n d e rsig n e d . (Fill in all required spaces before signing) Name of Subscriber ..................... (Please print) By • • • , B y ............................................ .................................................... (Authorized signature(s) required) Street address City, Town or Village, and S t a t e ................. (S p a c e s b e lo w are f o r the use o f the F ed era l R e se rv e Bank o f N ew Y o r k ) Government Bond Division Security Custody Department Safekeeping Division PAYM ENT RECEIVED Taken from vault ........................................... signed: DELIVER AGAINST PAYM EN T Checked ................... Counted ................*........................................... OF $ .................................................... signed: Checked ............................................................ D ELIVE RY RECEIPT Received from Federal Reserve Bank of New York, Fiscal Agent o f the United States for the Tennessee Valley Authority, the above described Power Notes allotted in the amount indicated above. Date. Subscriber. By. (DUPLICATE FOR USE OF F E D E R A L RESERVE BANK OF N E W YORK) LETTER OF INSTRUCTIONS To F ed era l R eserve B an k o f N ew Y ork , Fiscal A gent of the United States fo r the Tennessee V alley Authority, Government Bond Division, New York, N. Y . 10045 From R eferring to our bid fo r Tennessee V alley A uthority Power Notes, dated maturing , which has been accepted at a price of in the face amount of $ (per 100), Please issue and make delivery of the Notes as instructed b elow : Pieces Maturity Value Denomination $ P lease Do N ot U se T h is S pace 5,000 10,000 100,000 Totals— □ Payment will be made as follow s: 1. 2. CO □ □ □ 4. on ly )* Special instructions: □ B y charge to our reserve account □ B y check in immediately available funds □ B y wire transfer from another Federal Reserve Bank or Branch (N o changes in delivery instructions will be accepted) I f this item is ch e c k e d , the u n d e rsig n e d h e r e b y certifies that the N otes to b e h eld in s a fe k e e p in g w ill b e o w n e d s o le ly b y the u n d e rsig n e d . (F ill in all required spaces before signing) Name o f Subscriber ..................... (Please print) By By ................................... .................................................... (Authorized signature(s) required) Street address City, Town or Village, and S t a t e ................. (S p a c e s b e lo w a re f o r the u se o f the F ed era l R e se rv e Bank o f N ew Y o r k ) Government Bond Division Security Custody Department Safekeeping Division PA Y M E N T RECEIVED Checked signed: DELIVER AGAIN ST PAYM EN T ...................................................... Counted ............................................................ OF $ .................................................... signed: Checked ............................................................ D ELIVE RY RECEIPT Received from Federal Reserve Bank of New York, Fiscal Agent o f the United States for the Tennessee Valley Authority, the above described Power Notes allotted in the amount indicated above. Date. Subscriber. By. Federal Reserve Bank of New Y ork 4 Fiscal A gent of the U nited States for the Tennessee Valley A uthority TVA PENDING D E L IV E R Y TIC K E T F O R TENNESSEE V A L L E Y A U T H O R IT Y P O W E R NOTES From Y our bid for Tennessee Valley A uthority Power Notes, dated maturing , has been accepted at the price of in the face amount o f $ , (per 100), P R IN C IP A L MASTER MATURITY VALUE P R IN C IP A L M ETHOD OF PAYM ENT □ Reserve Account □ Check □ Delivery Teller □ By Wire Transfer from .............................. SECURITIES DEPARTMENT COPY Y ou r bid fo r Tennessee V alley A uthority Power Notes, dated m aturing , has been accepted at the price of in the face amount o f $ C O PY FOR R ECO RD STO RAGE F ed era l R eserve B an k o f N ew Y o rk TVA Fiscal Agent o f the United States for the Tennessee Valley Authority NOTICE OF ALLO TM EN T OF TENNESSEE V A L L E Y A U T H O R IT Y P O W E R NOTES Y ou r bid fo r Tennessee V alley A uthority Power Notes, dated maturing , has been accepted at the price o f in the faee amount o f $
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