The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Q y Cu x U r o FED ER A L R ESER VE BANK O F NEW YORK Fiscal Agent of the United States for the Student Loan Marketing Association r S L M A O ffe rin g N o. 3 L M a rc h 27, 1974 J Invitation for Bids on $50,000,000 of 28-Day STUDENT LOAN MARKETING ASSOCIATION NOTES ADDITIONAL AMOUNT Dated November 1, 1973, Due May 2. 1974, To Be Issued April 4, 1974 T o Certain U. S. Governm ent Bond D ealers, Com m ercial Banks, and Com m ercial P aper D ea lers: F ollow in g is the text o f an invitation authorized by the Student Loan M arketing A ssociation to be issued today to certain U . S. G overnm ent bond dealers, com m ercial banks, and com m ercial paper d e a le rs: Student Loan Marketing Association ( “ Sallie M ae” ) hereby invites bids for the purchase to the aggregate amount of $50,000,000 o f its Notes ( “ N otes” ) to be issued April 4, 1974. These Notes will represent an additional amount of Notes dated N ovem ber 1. 1973, due M ay 2, 1974, originally issued in the amount o f $100,000,000. The Notes will be issued on a discount basis at the H ead Office of the Federal Reserve Bank of N ew Y o rk and at maturity their face amount will be payable without interest at any Federal Reserve Bank or Branch. They will be issued in bearer form in denominations of $10,000, $25,000, $100,000, and $1,000,000 (maturity va lu e). Denominational exchanges may be effected at the Head Office of the Federal Reserve Bank of N ew Y ork. Bids will be received at the Securities Department of the Head Office o f the Federal Reserve Bank of N ew Y ork up to the closing hour, 1 :30 p.m., Eastern Daylight Saving time, Tuesday, April 2, 1974. N o bids will be accepted for a face amount of Notes less than $1,000,000. Bids must be for a multiple of $10,000 and the price offered must be expressed on the basis of 100, with not more than three decimals, e.g., 99.925. Fractions may 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 Reserve Bank o f N ew Y ork upon application therefor. Invitations for bids are being issued to U. S. Government bond dealers w ho make primary markets in Government securities and report daily to the Federal Reserve Bank of N ew Y ork their positions with respect to Government securities and borrow ings thereon, com mercial banks which are members of the Dealer Bank Association, and certain commercial paper dealers. Other com mercial 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 of the bidder and not for the account of others. Immediately after the closing hour, bids will be opened at the Federal Reserve Bank of N ew Y ork, follow ing which public announcement will be made by Sallie Mae of the amount and price range of accepted bids. Those submitting successful bids will be informed by the Federal Reserve Bank of N ew Y ork of the acceptance thereof. Sallie Mae expressly reserves the right to accept or reject any or all bids, in whole or in part, and its action in any such respect shall be final. Settlement for accepted bids must be made at the Federal Reserve Bank of N ew Y ork on April 4, 1974 in cash or other immediately available funds. Payment of the principal amount of the Notes when due is guaranteed by the Secretary of Health, Education and W elfare, whose guarantee is backed by the full faith and credit o f the United States. The Notes are negotiable but are not redeemable prior to maturity. The Notes will be issued pursuant to Section 4 3 9 ( h ) ( 1 ) of the 1972 Amendments to the H igher Education A ct of 1965 (the “ A ct” ) to provide funds for general corporate purposes, including programs developed by Sallie Mae for w are housing and secondary market activities designed to provide liquidity for insured student loans made by eligible lenders, in accordance with the Act. Income derived from the Notes will be subject income taxation. The A ct does not contain any specific with respect to taxes now or hereafter imposed on the or interest on the Notes by any State, or any of the of the United States, or by any local taxing authority. to Federal exemptions principal of possessions A circular describing Sallie Mae and the Notes may be obtained upon request directed to Sallie M ae’ s offices at 1750 K Street, N.-W., W ashington, D. C. 20006 or to the Federal Reserve Bank of N ew Y ork, 33 Liberty Street, N ew Y ork, N. Y . (m ailing add ress: Federal Reserve Bank of N ew Y ork, Federal Reserve P. O. Station, N ew Y ork, N. Y. 10045). T his Bank will receive bids in accordance with the foregoing invitation up to 1 :30 p.m., Eastern Daylight Saving time. T uesday. A p ril 2, 1974 at the Securities Department of its H ead 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 Sallie Mae N otes.” B ids may be submitted by telegraph, subject to written con firm ation ; they may not be submitted by telephone. Settle ment m ust be made in im mediately available funds at this Bank on Thursday, A p ril 4, 1974. A lfred H ayes, President. ( over) No............................. Bid for 28-Day Student Loan Marketing Association Notes, Additional Amount Dated November 1, 1973, Due May 2, 1974, To Be Issued April 4, 1974 Dated a t ............................................................ ................................................................... .. 1974 T o F e d er al R eserve B a n k of N e w Y o r k , Fiscal A gen t of the U nited States for the Student Loan M arketing A sso cia tio n : Pursuant to the provisions o f the Invitation for Bids issued by Student L oan M arketing A ssociation ( “ Sallie M ae” ) inviting bids for the above-described N otes and printed on the reverse side hereof, the un dersigned hereby offers to purchase such N otes in the amount indicated below, and agrees to make payment therefor at you r Bank on or before the issue date at the price indicated b e lo w : $ ............................................................(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 Maturity Value Denominations 5 □ 1. □ □ 2. 10,000 25,000 □ 4. 3. Deliver over the counter to the undersigned Ship to the undersigned Hold in safekeeping (for account of member bank only)* Special instructions: 100,000 1, 000,000 Total *T h e undersigned (member bank) hereby certifies that the Notes to be held in safekeeping will be owned solely by the undersigned. Payment will be made as follows: □ By check in immediately available funds □ By charge to our reserve account □ B y wire transfer from another Federal Reserve Bank or Branch Name of 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 sealed in an envelope marked “ Bid for Sallie Mae Notes.” 2. N o bid for less than $1,000,000 will be considered and each bid must be for a multiple of $10,000 (maturity value). 3. If the language of a bid is changed from the foregoing in any respect, which, in the opinion of Sallie Mae is material, the bid may be disregarded.
@FedFRASER