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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States for the Tennessee Valley Authority [ T V A Offering No. 1 5 July 18, 1966 ~1 J Invitation for Bids on $50,000,000 of 120-Day TENNESSEE VALLEY AUTHORITY POW ER NOTES Dated July 28, 1966 T o Certain Commercial Due November 25, 1966 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 a lle y A u th o rity ( “ 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 ( “ N o te s ” ) dated July 28, 1966, due N o vem ber 25, be inform ed by the Federal Reserve Bank of N e w Y o r k of the T h o se subm itting successful bids will N o tes will be issued on a discount basis and at acceptance thereof. T V A expressly reserves the right to accept m aturity their face am ount will be payable w ithout interest at or reject any or all bids, in w hole or in part, and the action the H ead Office of the Federal R eserve B ank o f N e w Y o r k . o f T V A in any such respect shall be final. 1966. The T h e y will be issued in bearer form in denom inations of $5,000, $10,000, $100,000, and $1,000,000 (m aturity value). tional exchanges m ay be effected at the H ead D en om in a Office of the Settlem ent for accepted bids m ust be made at the Federal Reserve B ank o f N e w Y o r k on July 28, 1966, in cash or other im m ediately available funds. Federal R eserve B ank of N e w Y o rk . 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 R eserve Bank of N e w Y o r k up to the closing hour, 1 :30 p.m ., Eastern D a yligh t S avin g tim e, T u e s day, July 26, 1966. N o bids will be accepted for a face am ount of N o tes less than $1,000,000. 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 envelopes which will be supplied by the Federal R eserve Bank of N ew Y ork 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 a y m en t). N et P ow er Proceeds are defined in, and required to be applied according to, the B asic T ennessee V a lley A uthority Pow er B ond R esolution ( “ B asic R esolution” ). T h e N o te s will not be obligations of, nor will paym ent thereof be guaranteed by, the U nited States o f A m erica. upon application therefor. In com e derived from the N o te s will be subject to Federal incom e taxation ; but in the opinion of the General Counsel for Invitations for bids are being issued to certain com m ercial TVA, under present laws and decisions, the N o te s will be banks, trust com panies, and dealers in investm ent securities. exem pt from personal property taxes and the incom e therefrom O th er com m ercial banks, trust com panies, or recognized dealers w ill be exem pt from income taxes, now or hereafter im posed, 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 R eserve B ank 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 u th ority and P ow er N o te s issued by it, as w ell as copies of the B asic R esolution 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 r k , follow ing which public directed to T V A ’s D irector of Inform ation, K n ox ville, T e n nessee, or to the Federal Reserve Bank o f N e w Y o rk . This Bank will receive bids in accordance with the foregoing invitation, up to 1 :30 p.m., Eastern Daylight Saving time, Tuesday, July 26, 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, July 28, 1966. A lfred H ayes , President. (over) • ■5 No............. Bid for 120-Day Tennessee Valley Authority Power Notes Dated July 28, 1966 Due November 25, 1966 Dated at 1966 To F ed er al R eserve B a n k of N e w Y ork, 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 : $ .................................. I ...................(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 below : Pieces M aturity V alue D enom inations $ □ 1. D eliver over the counter to the undersigned □ 2. Ship to the undersigned 5 ,0 0 0 □ 3. 10,000 H o ld in safekeeping (for account of m em ber bank o n ly )* □ 4. Special instructions: 100,000 1,000,000 T o ta l * I f this item is checked, the undersigned hereby certifies that the N otes to be held in safekeeping will be owned solely by the undersigned. P aym ent will be made as follow s: □ By check in immediately available funds □ B y charge to our reserve account □ B y wire transfer from another Federal Reserve Bank or Branch N am e of subscriber (Please print) By ................................... (Authorized corporation officer or partner) T itle ........................ Address ...................... IN S T R U C T IO N S : 1. Subm it all bids in a sealed envelope m arked “ Bid for T V A P ow er N o te s.” 2. N o bid for less than $1,000,000 will m aturity value. be considered and each bid m ust be for an even multiple of $5,000 3. If the language of a bid is changed from the foregoing in any respect, which, in the opinion of the Pow er F inancing Officer of T ennessee V a lley A uthority, is material, the bid m ay be disregarded.
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