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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States for the Tennessee Valley Authority j" T V A Offering No. 2 2 1 U March 20, 1967 J Invitation for Bids on $50,000,000 of 119-Day TENT^ESSEE VALLEY AUTHORITY POWER NOTES Dated March 30, 1967 Due July 27, 1967 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 A uthority ( “ T V A ” ) hereby invites bids for the purchase to the aggregate amount o f $50,000,000 of its Pow er Notes ( “ N otes” ) dated March 30, 1967, due July 27, 1967. 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 o f New Y ork. Th ey will be issued in bearer form in denominations of $5,000, $10,000, $100,000, and $1,000,000 (maturity value). D enom ina tional exchanges may be effected at the Head Office o f the Federal Reserve Bank of New York. Bids will be received at the Securities Department o f the H ead Office o f the Federal Reserve Bank o f New Y ork up to the closing hour, 1:30 p.m., Eastern Standard time, Tuesday, March 28, 1967. N o bids will be accepted for a face amount o f N otes less than $1,000,000. Bids must be for an even multiple o f $5,000 and the price offered must be expressed on the basis o f 100, with not m ore than three decimals, e.g., 99.925. Frac tions 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 N ew 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 N ew Y ork. 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 N ew Y ork, follow ing which public announcement will be made by T V A of the amount and price range o f accepted bids. T h ose submitting successful bids will be inform ed by the Federal Reserve Bank o f N ew Y ork o f the acceptance thereof. T V A expressly reserves the right to accept or reject any or all bids, in w hole or in part, and the action o f T V A in any such respect shall be final. Settlement for accepted bids must be made at the Federal Reserve Bank o f N ew Y ork on M arch 30, 1967, in cash or other immediately available funds. The Notes will be issued to assist in providing capital for the pow er program of T V A . They will be negotiable. T h ey will be payable solely from T V A ’ s Net P ow er Proceeds (but may, at the option o f T V A , be paid from the proceeds o f refunding obligations or other funds legally available for such paym ent). Net P ow er Proceeds are defined in, and required to be applied according to, the Basic Tennessee V alley Authority Pow er Bond Resolution ( “ Basic Resolution” ). T h e Notes will not be obligations of, nor will payment thereof be guaranteed by, the United States o f Am erica. Incom e derived from the N otes will be subject to Federal incom e taxation; but in the opinion o f the General Counsel for T V A , under present laws and decisions, the N otes will be exempt from personal property taxes and the incom e therefrom will be exempt from incom e taxes, now or hereafter imposed, by any State or local taxing authority. Circulars describing Tennessee V alley Authority and Pow er Notes issued by it, as well as copies o f the Basic Resolution and periodic financial reports, may be obtained upon request directed to T V A ’s D irector o f Inform ation, K noxville, T en nessee, or to the Federal Reserve Bank o f N ew Y ork.' This Bank will receive bids in accordance with the foregoing invitation up to 1 :30 p m Eastern Standard time, Tuesday, March 28, 1967, at the Securities Department o f 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 Pow er 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, March 30, 1967. A lfred H ayes, President. ( over) No.............. Bid for 119-Day Tennessee Valley Authority Power Notes Dated March 30, 1967 Due July 27, 1967 Dated at 1967 T o F e d e r a l 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 i c 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 below: Pieces Denom inations $ M aturity Value □ 5,000 □ □ 10,000 □ 1. Deliver over the counter to the undersigned 2. Ship to the undersigned 3. H old in safekeeping (for account o f member bank on ly)* 4. Special instructions: 100,000 1 ,000,000 T otal * If this item is checked, the undersigned hereby certifies that the N otes to be held in safekeeping w ill be owned solely by the undersigned. Paym ent w ill be made as follow s: □ B y check in immediately available funds □ By charge to our reserve account □ B y wire transfer from another Federal Reserve Bank or Branch Name o f subscriber (Please print) B y ............................... (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 P ow er N otes.” 2. N o bid for less than $1,000,000 will be considered and each bid must be for an even multiple of $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 Pow er Financing Officer o f Tennessee V alley Authority, is material, the bid may be disregarded.
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