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1 4T F ederal R eserve N ew Ba nk N.V. Y o r k , of N ew York 10045 AREA CODE 212 7 3 2 - 5 7 0 0 F is c a l for the A gent of t he Tennessee Un i t e d Va l l e y States Au t h o r it y Ma r c h 23, 1971 Results of Bidding for T V A Power Notes To Certain Commercial Bank, Trust Companies, and Dealers in Investment Securities: The following statement was authorized b y the Tennessee Val l e y Aut h o r i t y for issuance today, announcing the auction results of its recent offering of Power Notes: The Tennessee Valley Authority sold at auction today $160 m i l lion par value of 126 -day discount notes at an average price of 98 .7 5 1 > which results in a rate of discount of 3*5^9 percent per annum on a 360-day basis. The notes are dated March 25, 1971 and mature on July 29, 1971* Accepted bids ranged from a high price of 98*768 (3*520 p e r cent discount) to a low of 98-731 ( 3*626 percent discount). A p p roximately 18 percent of the total amount bid for at the low price was accepted. Total bids received were $834 million, of which $l 60 million were accepted. Alfred Hayes, President <*?0'
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