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F E D E R A L R E S E R V E BANK O F NEW YORK F is c a l Agent o f the United States for the T e n n e s se e V a lle y Authority February 27, 197^ R E S U L T S OF B I D D I N G F O R TVA P O W E R NOTES T o Certain Com m ercial Banks, Trust C om panies, and D ealers in Investm ent S ecu rities: The f o l l o w i n g s t a t e m e n t was a u t h o r i z e d by the T e n n e s s e e V a l l e y A u t h o r i t y for i s s u a n c e today, a n n o u n c i n g t h e a u c t i o n re sults of its r e c e n t o f f e r i n g of P ower Notes: The Tennessee Valley A u t h ority sold at auction t o day $80 m i l lion par value of 119 -day discount notes at an average price of 97 .1+2 5 , w h i c h results in a rate of discount of 7-790 percent per annum on a 360-day basis. The notes are dated February 28, 197^ and mature on June 27, 197^* Accepted bids ranged from a high price of 97.^5*+ (7-702 percent discount) to a low of 97.^0 6 (7*8^7 percent discount). A p proximately 95 percent of the total amount b i d for at the low price was accepted. Total bids received were $356 million, of w h i c h $80 million were accepted. Alfred Hayes, President.
@FedFRASER