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A j e>. F E D E R A L R E S E R V E BANK O F NEW YO RK F is c a l A gent of th e U n ited S ta te s for th e T e n n e s s e e V alley A uthority September 2 k , 197*+ R E S U L T S OF B I D D I N G F O R T V A P O W E R N O T E S To Certain Commercial Banks, Trust Companies, and Dealers in Investment Securities: T h e T e n n e s s e e V a l l e y A u t h o r i t y has a u t h o r i z e d the i s s u a n c e of the f o l l o w i n g statement, a n n o u n c i n g the a u c t i o n r e s u l t s of its r e c e n t o f f e r i n g of P o w e r Notes: The Tennessee Valley Authority sold at auction today $50 million par value of 126-day discount notes at an average price of 96.826, which results in a rate of discount of 9*069 percent per annum on a 360-day basis. The notes are dated September 26, 197*+ and mature on January 30, 1975* Accepted bids ranged from a high price of 96.856 (8.983 percent discount) to a low of 96.79*+ (9-160 percent discount). One hundred percent of the total amount bid for at the low price was accepted. Total bids received were $317 million, of which $50 million were accepted. Al fr e d Ha ye s , President.
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