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ff T5%%^ F E D E R A L R E S E R V E BA N K O F N E W Y O R K Fiscal Agent of the United States for the Tennessee Valley Authority A Offering N o. 1 7 [ T VOctober 18, 1966 Invitation for Bids on $50,000,000 of 119-Day TENNESSEE VALLEY AUTHORITY POWER NOTES Due February 2 3 , 196 7 D a ted O c to b e r 2 7 , 1 9 6 6 T o 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: T enn essee V a lley A u th ority ( “ T V A ” ) hereby invites bids announcem ent will be made by T V A of the am ount and price for the purchase to the aggregate am ount of $50,000,000 of its range of accepted bids. P ow er N o tes dated O ctober 27, 1966, due F ebru be informed by the Federal Reserve Bank of N e w Y o r k of the ary 23, 1967. T h e N o tes will be issued on a discount basis and acceptance thereof. T V A expressly reserves the right to accept at maturity their face am ount will be payable without interest or reject any or all bids, in w hole or in part, and the action at the H ead Office of the Federal R eserve Bank of N e w Y ork . of T V A in any such respect shall be final. ( “ N o te s ” ) T h e y will be issued in bearer form in denominations of $5,000, $10,000, $100,000, and $1,000,000 (m aturity valu e). tional exchanges m ay be effected at the H ead D en om in a Office of the Federal R eserve Bank of N e w Y o rk . T h o se subm itting successful bids will Settlem ent for accepted bids m ust be made at the Federal Reserve Bank of N e w Y o r k on O ctober 27, 1966, in cash or other im m ediately available funds. T h e N o tes will be issued to assist in providing capital for Bids will be received at the Securities D epartm ent of the H ead Office of the Federal Reserve Bank of N e w Y o r k up to the closing hour, 1 :30 p.m ., T uesday, O ctob er 25, 1966. Eastern D a yligh t Savin g time, N o bids will be accepted face am ount of N o tes less than $1,000,000. for a Bids m ust be for an even multiple of $5,000 and the price offered m ust be expressed on the basis of 100, with not m ore than three decimals, e.g., 99.925. Fractions m ay not be used. It is urged that bids be made on the printed form s and forw arded in the special enve the power program of T V A . T h e y will be negotiable. They will be payable solely from T V A ’s N e t P ow er Proceeds (but m ay, at the option of T V A , be paid from the proceeds of refunding obligations or other funds legally available for such p aym en t). N et P ow er Proceeds are defined in, and required to be applied according to, the Basic T ennessee V a lle y A u th ority P ow er Bond R esolution ( “ Basic R esolution” ). T h e N o tes will not be obligations of, nor will paym ent thereof be guaranteed by, the U nited States of A m erica. lopes which w ill be supplied by the Federal Reserve Bank of N e w Y o r k upon application therefor. Incom e derived from the N o te s will be subject to Federal income taxation; but in the opinion of the General Counsel for Invitations for bids are being issued to certain com m ercial TVA, under present law s and decisions, the N o tes will be banks, trust com panies, and dealers in investm ent securities. exem pt from personal property taxes and the incom e therefrom O ther com m ercial banks, trust com panies, or recognized dealers will be exem pt from income taxes, now or hereafter imposed, in investm ent securities desiring to bid m ay do so on bid form s by any State or local taxing authority. obtained from the Federal Reserve Bank of N e w Y o r k . Bids submitted hereunder m ust be for the principal account of the bidder and not for the account of others. Circulars describing T ennessee V a lle y A uthority and P ow er N otes issued by it, as well as copies of the Basic Resolution and periodic financial reports, m ay be obtained upon request Im m ediately after the closing hour, bids will be opened at the Federal Reserve Bank of N e w Y o rk , follow ing which public directed to T V A ’s D irector of Inform ation, K n oxville, T e n nessee, or to the Federal R eserve Bank of N e w Y o r k . This Bank will receive bids in accordance with the foregoing invitation up to 1 :30 p.m., Eastern Daylight Saving time, Tuesday, October 25, 1966, 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, October 27, 1966. A lfred H ayes, President. ( over) Bid for 119-Day Tennessee Valley Authority Power Notes D a ted O c to b e r 2 7 , 1 9 6 6 N o ................ D u e F e b ru a ry 2 3 , 1 9 6 7 Dated a t ................................ 1966 T o F ed er al R eserve 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 ic e .........................................per 100 (Price must be expressed with not more than three decimal places, for example, 99.925) Subject to allotment, please issue, deliver, and accept payment for the Notes as indicated b elow : Pieces M aturity V alu e D enom inations $ 1. □ u 2. u 3. 5,000 10,000 □ 4. D eliver over the counter to the undersigned Ship to the undersigned H o ld in safekeeping (fo r account of m em ber bank o n ly )* Special instructions: 100,000 1,000,000 T o ta l * If this item is checked, the undersigned hereby certifies that the N o tes to be held in safekeeping will be owned solely by the undersigned. P aym en t will be m ade as fo llo w s: □ B y check in im m ediately available funds □ B y charge to our reserve account □ B y wire transfer from another Federal Reserve Bank or Branch N a m e of subscriber (Please print) By ................................... (Authorized corporation officer or partner) T itle ............................... A dd ress ........................ 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 N o te s.” 2. N o bid tor less than $1,000,000 will be considered maturity value. and each bid must be for an even multiple of $5,000 3. If the language o f a bid is changed from the foregoing in any respect, which, in the opinion of the Pow er Financing Officer of Tennessee V a lley A uthority, is material, the bid m ay be disregarded.
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