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TREASURY OFFERS $k.5 BILLIOT! OF TREASURY BILLS The Department of the Treasury, "by this public notice, invites tenders for $1*,500,000,000, or thereabouts, of 15-day Treasury bills to be issued April 6 , 1977? representing an additional amount of bills dated October 21, 1976, maturing April 21, 1977 (CUSIP No. 912793 F7 6 ). The bills vill be issued on a discount basis under competitive bidding, and at maturity their face amount vill be payable vithout interest. They vill be issued in bearer form in denominations of $1 0 ,0 0 0 , $1 5 ,0 0 0 , $ 5 0 ,0 0 0 , $1 0 0 ,0 0 0 , $ 50 0 ,0 0 0 and $1 ,0 0 0 ,0 0 0 (maturity value), and in book-entry form to designated bidders. Tenders vill be received at all Federal Reserve Banks and Branches up to 1:30 p.m., Eastern Standard time, Friday, April 1, 1977* Tenders vill not be received at the Department of the Treasury, Washington. Wire and telephone tenders may be received at the discretion of each Federal Reserve Bank or Branch. Tenders must be for a minimum of $1,000,000. Tenders over $1,000,000 must be in multiples of $1,000,000. The price on tenders offered must be expressed on the basis of 1 0 0 , vith not more than three decimals, e.g., 9 9 ‘9 2 5 Fractions may not be used. Banking institutions and dealers vho make primary markets in Government securities and report daily to the Federal Reserve Bank of Nev York their positions vith respect to Government securities and borrovings thereon may submit tenders for account of customers provided the names of the customers are set forth in such tenders. Others vill not be permitted to submit tenders except for their ovn account. Tenders vill be received vithout deposit from incorporated banks and trust companies and from responsible and recognized dealers in invest ment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Public announcement vill be made by the Department of the Treasury of the amount and price range of accepted bids. Those submitting tenders vill be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in vhole or in part, and his action in any such respect shall be final. Settlement for accepted tenders in accordance vith the bids must be made at the Federal Reserve Bank or Branch on April 6 , 1977- in immediately available funds. Under Sections U5Mb) and 1221(5) of the Internal Revenue Code of 1 9 5 ^+ the amount of discount at vhich bills issued hereunder are sold is considered to accrue vhen the bills are sold, redeemed or otherwise disposed of, and the bills are excluded from consideration as capital assets. Accordingly, the owner of bills (other than life insurance companies) issued hereunder must include in his Federal income tax return, as ordinary gain or loss, the difference betveen the price paid for the bills, vhether on original issue or on subsequent purchase, and the amount actually received upon sale or redemption at maturity during the taxable year for vhich the return is made. Department of the Treasury Circular No. Ul8 (current revision) and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. (Closing date for receipt of this tender is 1:30 Friday, April 1, 1977) TENDER FOR 15-DAY TREASURY BILLS Additional Amount, Series Dated October 21, 1976, Maturing April 21, 1977 (To Be Issued April 6, 1977) To F ederal R eserve B ank of N ew Y Dated a t ...................................................... ............................... . 19__ ork, Fiscal Agent of the United States Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi sions of the public notice issued by the Treasury Department inviting tenders for the above-described Treasury bills, the undersigned hereby otters to purchase such Treasury bills in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below: COMPETITIVE TENDER S........................................................ (maturity value) or any lesser amount that may be awarded. Price: ..................................................per 100. (P r ic e m u st be e x p r e s s e d w ith n o t m o re than three d ecim a l p la ce s, f o r ex a m p le , 99.925) Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below: Maturity value Pieces Denomination $ 10,000 □ 1. Deliver over the counter to the undersigned □ 2. Ship to the undersigned 15,000 □ 3. Hold in safekeeping (for mem ber bank only) in— 50,000 100,000 □ Investment Account □ General Account 500,000 □ Trust Account 1,000,000 Payment will be made as follows: □ By charge to our reserve account □ By cash or check in im m e d ia te ly ava ila b le fu n d s on delivery (P a y m e n t can n ot be m ade th ro u g h T r e a s u r y T a x an d L o a n A c c o u n t) □ 5. Special instructions: □ 4. Allotment transfer (see list attached) ( N o ch an ges in d e liv e r y in stru c tio n s w ill be a c c e p te d ) Totals The undersigned (member bank) hereby certifies that the Treasury bills which you are hereby instructed to dispose of in the manner indicated in item 3 above are owned solely by the undersigned. (Name of subscriber—please print or type) Insert this tender in special envelope marked “Tender for Treasury Bills (Address—inch City and State) (Tel. No.) (Sijnature of subscriber or authorized signature) ” (Title of authorized signer) (Banking institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider) IN ST R U C T IO N S : (Name of customer) (Name of customer) 1. No tender for less than $1 million will be considered, and each tender must be for an even multiple of $1 million (maturity value). 2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in doing so, they may consolidate competitive tenders at the same price and may consolidate noncompetitive tenders, provided a list is attached showing the name of each bidder and the amount bid for his account. Others will not be permitted to submit tenders except for their own account. 3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a representation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a member of the firm, who should sign in the form **.............................................................................. . a copartnership, by .............................. ........................................... a member of the firm.” 4. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for. unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. All checks must be drawn to the order of the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. 5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary oi the Treasury, is material, the tender may be disregarded. R*v. 3/76 (Over)