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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States for the Tennessee Valley Authority [ T V A O ffering N o. 3 0 N ovem ber 20, 1967 Invitation for Bids on $50,000,000 of 119-Day TENNESSEE VALLEY AUTHORITY POWER NOTES Dated November 30, 1967 Due March 28, 1968 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: T ennessee V alley Authority ( “T V A ”) hereby invites bids for the purchase to the aggregate amount of $50,000,000 of its Power N otes ( “N otes”) dated N ovem ber 30, 1967, due March 28, 1968. The N otes will be issued on a discount basis and at maturity their face amount w ill be payable without interest at the H ead Office of the Federal Reserve Bank of N ew York. T hey will be issued in bearer form in denominations of $5,000, $10,000, $100,000, and $1,000,000 (m aturity value). D enom ina tional exchanges may be effected at the Head Office of the Federal R eserve Bank of N ew York. Bids will be received at the Securities Departm ent of the Head Office of the Federal Reserve Bank of N ew York up to the closing hour, 1 :30 p.m., Eastern Standard time, Tuesday, Novem ber 28, 1967. N o bids will be accepted for a face amount of N otes less than $1,000,000. Bids must be for an even multiple of $5,000 and the price offered must be expressed on the basis of 100, with not more 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 York upon application therefor. Invitations for bids are being issued to certain commercial banks, trust companies, and dealers in investm ent securities. Other commercial banks, trust companies, or recognized dealers in investm ent securities desiring to bid may do so on bid forms obtained from the Federal Reserve Bank of N ew York. Bids submitted hereunder must be for the principal account of the bidder and not for the account of others. Im m ediately after the closing hour, bids will be opened at the Federal R eserve Bank of N ew York, follow ing which public announcement will be made by T V A of the amount and price range of accepted bids. T hose subm itting successful bids will be informed by the Federal R eserve Bank of N ew York 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. Settlem ent for accepted bids must be made at the Federal Reserve Bank of N ew York on N ovem ber 30, 1967, in cash or other im mediately available funds. The N otes will be issued to assist in providing capital for the power program of T V A . T hey will be negotiable. T hey will be payable solely from T V A ’s N et Pow er Proceeds (but may, at the option of T V A , be paid from the proceeds of refunding obligations or other funds legally available for such paym ent). N et Pow er Proceeds are defined in, and required to be applied according to, the Basic T ennessee V alley A uthority Power Bond R esolution ( “Basic R esolution”). The N otes w ill not be obligations of, nor will paym ent thereof be guaranteed by, the United States of America. Incom e derived from the N otes will be subject to Federal incom e taxation; but in the opinion of the General Counsel for T V A , under present laws and decisions, the N otes w ill be exem pt from personal property taxes and the incom e therefrom will be exem pt from income taxes, now or hereafter imposed, by any State or local taxing authority. Circulars describing T ennessee V alley A uthority and Pow er N otes issued by it, as w ell as copies of the Basic R esolution and periodic financial reports, may be obtained upon request directed to T V A ’s D irector of Information, K noxville, T en nessee, or to the Federal R eserve Bank of N ew York. This Bank will receive bids in accordance with the foregoing invitation up to 1 :30 p.m., Eastern Standard time, Tuesday, November 28, 1967, 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, November 30, 1967. A lfred H ayes, President. ( o ver ) No................................... Bid for 119-Day Tennessee Valley Authority Power Notes Dated November 30, 1967 Due March 28, 1968 Dated a t ........................................................ .............................................................. , 1967 To F ederal R eserve B a n k of N Y ew ork , Fiscal Agent of the United States for the Tennessee Valley A uthority: Pursuant to the provisions of the Invitation for Bids issued by Tennessee Valley A uthority 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 below : $ ........................................................(m aturity value) or any lesser amount that may be awarded. P r i c e .........................................per 100 (P rice 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 M aturity Value D enom inations $ □ 1. Deliver over the counter to the 5,000 □ □ 10,000 □ undersigned 2. Ship to the undersigned 3. H old in safekeeping (for account of member bank only)* 4. Special instructions: 100,000 1, 000,000 Total * 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 will be made as follow s: □ B y check in im m ediately available funds □ B y charge to our reserve account □ B y wire transfer from another Federal R eserve Bank or Branch Nam e of subscriber .......................................................................................................... (Please print) B y ............................................................................................................................................ (Authorized corporation officer or partner) Title ....................................................................................................................................... A ddress .................................................................................................................... IN S T R U C T IO N S : 1. Submit all bids sealed in an envelope marked “Bid for T V A Power 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 (m aturity value). 3. If the language of a bid is changed from the foregoing in any respect, which, in the opinion of the Power Financing Officer of T ennessee V alley Authority, is material, the bid may be disregarded.