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~ ’ f Federal R eserve N ew York, Ba n k of N.V. 10045 N ew / U P \ T f \ i r -Ks York A R E A CODE 212 7 3 2 -5 7 0 0 FIS C A L AGENT OF THE UNITED STATES FOR THE TENNESSEE V A LLEY AUTHORITY December 2 9 , 1970 Results of Bidding for TVA Power Notes To Certain Commercial Banks, Trust Companies, and Dealers in Investment Securities: The following statement was authorized by the Tennessee Valley Authority for issuance today, announcing the auction results of its recent offering of Power Notes: The Tennessee Valley Authority sold at auction today $160 million par value of 1 1 9 -day discount notes at an average price of 9 8 *239.* which results in a rate of discount of 5*327 per cent per annum on a 360-day basis. The notes are dated December 31^ 1970 and mature on April 2 9 , 1971* Accepted bids ranged from a high price of 98*281 (5-200 per cent discount) to a low of 98.218 (5*391 percent discount). Fifty percent of the total amount bid for at the low price was accepted. Total bids received were $497 million, of which $l60 million were accepted. Alfred Hayes, President J
@FedFRASER