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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States for the Tennessee Valley Authority r TVA Offering No. 2 1 1 L February 14, 1967 J Invitation for Bids on $50,000,000 of 126-Day TENNESSEE VALLEY AUTHORITY POWER NOTES Dated February 23, 1967 Due June 29, 1967 To Certain Commercial Banks, Trust Companies, and Dealers in Investment Securities: Iloilo wing 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 $50,000,000 of its Pow er Notes ( “ N otes” ) dated February 23, 1967, due June 29, 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. They 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 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 o f New Y ork up to the closing hour, 1:30 p.m., Eastern Standard time, Tuesday, February 21, 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 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 form s 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 form s 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 of others. Immediately after the closing hour, bids will be opened at the Federal Reserve Bank of 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. T h ose submitting successful bids will be inform ed by the Federal Reserve Bank o f N ew Y ork of 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 of T V A in any such respect shall be final. Settlement for accepted bids must be made at the Federal Reserve Bank o f New Y ork on February 23, 1967, in cash or other immediately available funds. The N otes will be issued to assist in providing capital for the power 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 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 V alley Authority P ow er Bond Resolution ( “ Basic Resolution” ). The Notes will not be obligations of, nor w ill payment 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 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 Valley A uthority 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 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 Standard time, Tuesday, February 21, 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 N otes.'’ Bids may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Settle ment must be made in imriiediately available funds at this Bank on Thursday, February 23, 1967. A lfred H ayes, President. ( over) No.............. Bid for 126-Day Tennessee Valley Authority Power Notes Dated February 23, 1967 Due June 29, 1967 Dated at 1 967 To F e d e ra l R eserv e B a n k o f N ew Y o rk , 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 below : Pieces Denom inations 5 Maturity Value □ u u 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 m em ber 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 will be owned solely by the undersigned. Payment will be made as follow s: □ B y check in immediately available funds □ By charge to our reserve account □ By wire transfer from another Federal Reserve Bank or Branch Name o f 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 N otes.” maturity ^ d u e .^ ^ ^ ^ $1’000’ 000 w5U be con sidered and each bid must be for an even multiple o f $5,000 3. If the language o f a bid is changed from the foregoin g in anv resoect w hirh in Financing Officer of Tennessee Valley Authority, is m aterial! t h f bid m ay be d 'sregarde'd! ^t P t> P ° Wtr
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