nycirc_1979_08557.pdf

F E D E R A L R E S E R V E BA N KO F N E W Y O R K

Fiscal Agent of the United States

[circular No. 8557April 19, 1979

TREASURY TO AUCTION $2,500 MILLION OF 2-YEAR NOTES

To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District:

T h e f o l lo w in g s ta te m e n t w a s is s u e d y e s te r d a y b y th e T r e a su r y D e p a r tm e n t :

T h e D ep artm ent o f th e T reasury w ill au ction $ 2 ,5 0 0 m illio n o f 2-year n otes to refun d $ 1 ,8 3 3 m illio n o f n o tes m aturing A p ril 30 , 1979, and to raise $667 m illion new cash . T he $1 ,833 m illio n o f m atu rin g n o te s are th o se held by the p u b lic , in clu d in g $593 m illion currently held by F ederal R eserve B an ks as agen ts fo r fore ign and in tern a tion a l m on etary au th orities.

In a d d ition to the p u b lic h o ld in g s , G overn m en t a cco u n ts and F ederal R eserve B an k s, fo r their ow n a c co u n ts , h o ld $159 m illion o f th e m aturing securities that m ay b e refun ded by issu in g a d d ition a l a m o u n ts o f the new n otes at th e average price o f accep ted co m p etitiv e tenders. A d d it io n a l am o u n ts o f th e new securities m ay a lso b e issued at the average p rice to F ederal R eserve B an ks, as agen ts for fore ign and in tern a tion a l m on etary a u th oritie s , to the exten t that th e aggregate am ou n t o f tenders fo r su ch a cco u n ts exceeds th e aggregate am ou n t o f m aturing securities held by them .

P r in te d o n th e re v er se s id e is a ta b le s u m m a r iz in g th e h ig h l ig h t s o f th e o f f e r in g . C o p ie s o f th e o f f i c ia l

o f f e r in g c ir c u la r w ill b e fu r n is h e d u p o n r e q u e s t d ir e c te d to o u r T r e a s u r y a n d A g e n c y I s su e s D iv is io n (T e l . N o . 2 1 2 -7 9 1 -6 6 1 9 ) .

E n c lo s e d is a c o p y o f a s ta n d a r d fo r m th a t c a n b e u se d in s u b m it t in g te n d e r s fo r th is o f f e r in g (o r fo r a n y s u b s e q u e n t o f f e r in g o f 2 -y e a r n o te s ) .

T h is B a n k w ill r e c e iv e te n d e r s u p to 1 :3 0 p .m . , E a s te r n S ta n d a r d t im e , T u e s d a y , A p r il 2 4 , 1 9 7 9 , a t th e S e c u r it ie s D e p a r tm e n t o f its H e a d O f f i c e a n d a t its B u f f a lo B r a n c h . All competitive tenders, w h e th e r t r a n s m it te d b y m a il o r b y o th e r m e a n s , m u s t r e a c h th is B a n k o r its B r a n c h b y th a t t im e . H o w e v e r , f o r in v e s to r s w h o w ish t o s u b m it n o n c o m p e t it iv e te n d e r s a n d w h o f in d it m o r e c o n v e n ie n t t o m a il th e ir t e n d e r s th a n to p r e s e n t th e m in p e r s o n , th e o f f i c ia l o f f e r in g c ir c u la r p r o v id e s th a t noncompetitive t e n d e r s w ill b e c o n s id e r e d t im e ly r e c e iv e d i f th e y a re m a ile d to th is B a n k o r its B r a n c h u n d e r a p o s tm a r k no later than April 23.

B id d e r s s u b m it t in g n o n c o m p e t it iv e te n d e r s s h o u ld r e a liz e th a t it is p o s s ib le th a t th e a v e r a g e p r ic e m a y

b e a b o v e p a r , in w h ic h c a s e th e y w o u ld h a v e t o p a y m o r e th a n th e f a c e v a lu e fo r th e s e c u r it ie s .

P a y m e n t m a y b e m a d e b y p e r s o n a l c h e c k , o r a n o f f i c ia l b a n k c h e c k , p a y a b le o n its f a c e t o th e F e d e r a l R e se r v e B a n k o f N e w Y o r k ; checks endorsed to this Bank will not be accepted. A p e r s o n a l c h e c k s u b m it te d

w ith th e t e n d e r , e ith e r a s a d e p o s it o r fo r th e f a c e a m o u n t o f th e s e c u r it ie s , d o e s n o t h a v e t o b e c e r t if ie d . H o w e v e r , in c a s e s w h e r e o n ly a d e p o s it is su b m it te d w ith th e t e n d e r , a p e r s o n a l c h e c k s u b m it te d fo r th e f in a l p a y m e n t m u s t b e c e r t if ie d .

A s p r o v id e d in th e o f f i c ia l o f f e r in g c ir c u la r , “ in e v e r y c a s e w h e r e fu ll p a y m e n t is n o t c o m p le t e d o n

t im e , th e d e p o s it s u b m it te d w ith th e te n d e r , u p to 5 p e r c e n t o f th e f a c e a m o u n t o f s e c u r it ie s a l lo t t e d , s h a ll , a t th e d is c r e t io n o f th e S e c r e ta r y o f th e T r e a s u r y , b e fo r f e i t e d to th e U n ite d S t a t e s .”

A r e c o r d e d m e s s a g e (a t th e H e a d O f f i c e — T e l . N o . 2 1 2 -7 9 1 -5 8 2 3 ; a t th e B u f fa lo B r a n c h — T e l . N o . 7 1 6 - 8 4 9 -5 0 4 6 ) p r o v id e s in fo r m a t io n a b o u t th is a n d o th e r T r e a su r y o f f e r in g s ; a d d it io n a l in q u ir ie s r e g a r d in g th is o f f e r in g m a y b e m a d e b y c a l l in g , a t th e H e a d O f f i c e , T e l . N o . 2 1 2 -7 9 1 -6 6 1 9 , o r , a t th e B u f f a lo B r a n c h , T e l. N o . 7 1 6 -8 4 9 -5 0 1 6 .

P A U L A . V O L C K E R , President.

(Over)Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HIGHLIGHTS OF TREASURY OFFERING TO THE PUBLIC

OF 2-YEAR NOTES TO BE ISSUED APRIL 30, 1979

(Delivery date for coupon securities is May 8, 1979)

Amount Offered:T o the p ub lic $ 2 ,5 0 0 m illion

Description of Security:T erm an d type o f s e c u r ity ...............

Series an d C U S IP d esig n a tio n . . .

M aturity d a t e ........................................

C all d a t e ...................................................

In terest c o u p o n r a t e .........................

In vestm en t y ie ld ....................................

P rem ium or d isc o u n t .........................

Interest p aym ent d a t e s ....................

M in im u m d en o m in a tio n ava ilab le

2-year n otes

Series S-1981(C U S IP N o . 912827 JP 8)

A pril 30 , 1981

N o p rov ision

T o be d eterm in ed , based o n the average o f accep ted b ids

T o b e determ ined at au ction

T o be d eterm ined after au ction

O ctob er 31 and A pril 30

$ 5 ,000

Terms of Sale:M eth od o f s a l e ........................................................................................................................... Y ield au ction

A ccru ed in terest p ayab le by in v e s to r .............................................................................. N o n e

P referred a llo tm e n t ................................................................................................................. N o n co m p etitiv e bid for$ 1 ,0 0 0 ,0 0 0 or less

D ep o sit r e q u ir e m e n t ............................................................................................................... 5% o f face am ou n t

D ep o sit gu aran tee by d esign ated in s t itu t io n s ............................................................ A ccep tab le

Key Dates:D ead lin e for receipt o f te n d e r s ........................................................................................... T u esd ay , A pril 24 , 1979 ,

by 1:30 p .m ., E ST

S ettlem en t d ate (fin a l p aym en t d ue)a) cash or Federal fu n d s .................................................................................................. M on d ay , A pril 30 , 1979

b) check draw n on bank w ith in FR B district w here s u b m it t e d .................. F riday , A pril 27 , 1979

c) check draw n on bank o u ts id e F R B d istrict w here su b m it te d .................. T h ursd ay , A pril 26 , 1979

D elivery d ate for co u p o n s e c u r it ie s ................................................................................. Tuesday, May 8,1979

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IMPORTANT— This is a standard form. Its terms are subject to change at any time by the Treasury. This tender will be construed as a bid to purchase the 2-year notes for which the Treasury has outstanding an invitation for tenders on the date received by the Federal Reserve Bank of New York or its Buffalo Branch.

TENDER FOR 2-YEAR TREASURY NOTES

ifl.S § 1v 1/3 oJ-3 ̂ U“ ’§•£.§ w-s •*•8 cUU O ?

t s i^2 3 «G to <5

I Wk_a <2

c m•5 v

*g!

I l l

To F ederal R eserve B a n k of N ew Y ork Fiscal Agent of the United States

New York, N.Y. 10045

D ated at

, 19.

Pursuant to the provisions of the public notice issued by the Treasury Department inviting tenders for the current offering of 2-year Treasury notes, the undersigned hereby offers to purchase such currently offered Treasury notes in the amount indicated below, and agrees to make payment therefor at your Bank on or before.the issue date at the price awarded on this tender.

COMPETITIVE TENDER Do not fill in both Competitive and Noncompetitive tenders on one form NONCOMPETITIVE TENDER

$...................................................... (maturity value)or any lesser am ount that m ay be awarded.

Yield: ..... .......(Yield must be expressed with not more than two

decimal places, for example, 7.11)

$...................................................... (maturity value)(Not to exceed $1,000,000 for one bidder through all sources)at the average price of accepted competitive bids.

Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and on the reverse side (if registered securities are desired, please also complete schedule on reverse side):

Pieces Denominations Maturity value

$ 5,000

$ 10,000

$ 100,000

$1,000,000

Totals

□ Deliver over the counter to the undersigned O)

□ Ship to the undersigned (2)□ Hold in safekeeping (for member

bank only) in—□ Investment Account(4)□ General Account (5)□ Trust Account (*)

□ Hold as collateral for Treasury Tax and Loan Account* (2)

□ Wire to

Payment will be made as follows:□ By charge to our reserve account□ By cash or check in immediately

available funds (F)□ By surrender of maturing securities <■)□ By charge to my correspondent

bank ............................................. (D>(Name of bank)

□ Special instructions

......... ............................................ .............. .................(»)(E xact Receiving Bank W ire Address/Account)

* The undersigned certifies that the allotted securities will be owned solely by the undersigned.(If a commercial bank or dealer is subscribing for its own account or for account of customers, the following

certifications are made a part of this tender.)W e H ereby C ertify that w e have not m ade and w ill not m ake any agreem ents for the sale or purchase

of any securities of th is issue prior to the closing tim e for receipt o f th is tender.W e F u r th er C er tify that w e have received tenders from custom ers in the am ounts set forth opposite

their nam es on the list w hich is m ade a part of th is tender, and that w e Have received and are hold ing for the T reasury, or that w e guarantee paym ent to the T reasury, o f the deposits stipulated in the official offering circular.

W e F u r t h e r C ertify that tenders received by us, if any, from other com m ercial banks or prim ary dealers for their ow n account, and for the account of their custom ers, have been entered w ith us under the sam e conditions, agreem ents, and certifications set forth in this form.

Insert this tender in special envelope marked

“Tender for Treasury Notes or Bonds”

Name of Subscriber (Please P rin t or Type)

Address

City State Zip

Phone (Include A rea Code) Signature of Subscriber or Authorized Signature

Title of Authorized Signer

(Institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider)

(Name of custom er) (Nam e of customer)

INSTRUCTIONS:1. No tender for less than $5,000 will be considered; and each tender must be for a multiple of $5,000 (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 yield 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. Tenders will be received without deposit from commercial and other banks for their own account, Federally-insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign States, deajers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon, and Government accounts. Tenders from others must be accompanied by payment of at least 5 percent of the face amount of the securities applied for.

4. A personal check, cash, or Treasury securities maturing on or before the issue date of the new securities may be submitted with the tender. Personal checks submitted with the tender, either as a deposit or for the face amount of the securities, do not have to be certified. However, in cases where only a deposit is submitted with the tender, a personal check submitted for the final payment must be certified and received at this Bank on the payment date (which is generally three business days before the issue date) shown on the “Notice of Balance Due" that will be mailed to you. All checks must be payable on its face to the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted: Settlement on the issue date must be in cash or in other immediately available funds.

5. A recorded message (at the Head Office—Tel. No. 212-791-5823; at the Buffalo Branch—Tel. No. 716-849-5046) provides information about Treasury offerings; additional inquiries regarding Treasury offerings may be made by calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016. (If the inquiry relates to competitive tenders, however, the Head Office number to call is 212-791-5465.)

6. If the language of this tender is changed in any respect that, iri the opinion of the Secretary of the Treasury, is material, the tender may be disregarded.

( o v e r )


SCHEDULE FOR ISSUE OF REGISTERED 2-YEAR TREASURY NOTES

SUBSCRIBER'S NAME

DELIVER'

□ DELIVEI

t INSTRUCTIONS PAYMENT INSTRUCTIONS

OVER THE COUNTER □ BY CHARGE TO OURRESERVE ACCOUNT

) SUBSCRIBER□ BY CASH OR CHECK

INSTRUCTIONS: IN IM M E D IA T E L Y A V A ILA B L E FU N D S

□ BY SURRENDER OF MATURING SECURITIES

ADDRESS□ SHIP TC

CITY STATE□ OTHER

ZIP

SUBSCRIPTION NO.

SIGNATURE

FOR FRB USE ONLY

TRANS. ACCOUNTING DATE

ISSUE AGENT 12

□ BY CHARGE TO MY CORRESPONDENT BANK

IN T E R E S T COMP. DATE

LOAN CODE

110-01

REGISTRATION INSTRUCTIONS NO. OF PIECES DENOM. AMOUNT SERIAL NOS.

(LEAVE BLANK) FOR FRB USE ONLY

NAME|S) 32 5,000

34 10,000

38—

100,000

ID OR S.S. NO. 42 1,000,000

ADDRESS99 TOTAL

CITY STATE ZIP TR. CASE NO.

NAME(S) 32 5,000

34 10,000

38 100,000

42 1,000,000ID OR S.S. NO.

99 TOTALADDRESS

CITY STATE ZIP TR. CASE NO.

NAME(S) 32 3,000

34 10,000

38 100,000

ID OR S.S. NO. 42 1,000,000

ADDRESS 99 TOTAL

CITY STATE ZIPTR. CASE NO.

L .


U N I T E D S T A T E S O F A M E R I C A

T R E A S U R Y N O T E S O F A P R I L 3 0 , 1 9 8 1

S E R I E S S - 1 9 8 1

DEPARTMENT CIRCULAR DEPARTMENT OF THE TREASURY,Public Debt Series - No. 8-79 OFFICE OF THE SECRETARY,

Washington, April 19, 1979.1. INVITATION FOR TENDERS

1. 1. The Secretary of the Treasury, under the authority of the Second Liberty Bond Act, as amended, invites tenders for approximately $2,500/000,000 of United States securities, designated Treasury Notes of April 30, 1981, Series S-1981 (CUSIP No. 912827 JP 8). The securities will be sold at auction with bidding on the basis of yield. Payment will be required at the price equivalent of the bid yield of each accepted tender. The interest rate on the securities and the price equivalent of each accepted bid will be determined in the manner described below. Additional amounts of these securities may be issued to Government accounts and Federal Reserve Banks for their own account in exchange for maturing Treasury securities. Additional amounts of the new securities may also be issued at the average price to Federal Reserve Banks, as agents for foreign and international monetary authorities, to the extent that the aggregate amount of tenders for such accounts exceeds the aggregate amount of maturing securities held by them.

2. DESCRIPTION OF SECURITIES2. 1. The securities will be dated April 30, 1979, and

will bear interest from that date, payable on a semiannual basis on October 31, 1979, a. d each subsequent 6 months on April 30 and October 31, until the principal becomes payable. They will mature April 30, 1981, and will not be subject to call for redemption prior to maturity.

2. 2. The income derived from the securities is subjectto all taxes imposed under the Internal Revenue Code of 1954.The securities are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, any possession of the United States, or any local taxing authority.


- 2 -

2. 3. The securities will be acceptable to secure depositsof public monies. They will not be acceptable in payment of taxes.

2. 4. Bearer securities with interest coupons attached,and securities registered as to principal and interest, will be issued in denominations of $5,000, $10,000, $100,000, and $1,000,000. Book-entry securities will be available to eligible bidders in multiples of those amounts. Interchanges of securities of different denominations and of coupon, registered and book-entry securities, and the transfer of registered securities will be permitted.

2. 5. The Department of the Treasury's general regulations governing United States securities apply to the securities offered in this circular. These general regulations include those currently in effect, as well as those that may be issued at a later date.

3. SALE PROCEDURES3. 1. Tenders will be received at Federal Reserve Banks

and Branches and at the Bureau of the Public Debt, Washington,D. C. 20226, up to 1:30 p.m., Eastern Standard time, Tuesday, April 24, 1979. Noncompetitive tenders as defined below will be considered timely if postmarked no later than Monday, April 23, 1979.

3. 2. Each tender must state the face amount of securitiesbid for. The minimum bid is $5,000 and larger bids must be in multiples of that amount. Competitive tenders must also show the yield desired, expressed in terms of an annual yield with two decimals, e.g., 7.11%. Common fractions may not be used. Noncompetitive tenders must show the term "noncompetitive" on the tender form in lieu of a specified yield. No bidder may submit more than one noncompetitive tender and the amount may not exceed $1,000,000.

3. 3. All bidders must certify that they have not made andwill not make any agreements for the sale or purchase of any securities of this issue prior to the deadline established in Section 3.1. for receipt of tenders. Those authorized to submit tenders for the account of customers will be required to certify


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that such tenders are submitted under the same conditions, agreements, and certifications as tenders submitted directly by bidders for their own account.

3. 4. Commercial banks, which for this purpose are definedas banks accepting demand deposits, and primary dealers, which for this purpose are defined as dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions in and borrowings on such securities, may submit tenders for account of customers if the names of the customers and the amount for each customer are furnished. Others are only permitted to submit tenders for their own account.

3. 5. Tenders will be received without deposit for theirown account from commercial banks and other banking institutions; primary dealers, as defined above; Federally-insured savings and loan associations; States, and their political subdivisions or instrumentalities; public pension and retirement and other public funds; international organizations in which the United States holds membership; foreign central banks and foreign states; Federal Reserve Banks; and Government accounts. Tenders from others must be accompanied by a deposit of 5% of the face amount of securities applied for (in the form of cash, maturing Treasury securities or readily collectible checks), or by a guarantee of such deposit by a commercial bank or a primary dealer.

3. 6. Immediately after the closing hour, tenders will beopened, followed by a public announcement of the amount and yield range of accepted bids. Subject to the reservations expressed in Section 4, noncompetitive tenders will be accepted in full, and then competitive tenders will be accepted, starting with those at the lowest yields, through successively higher yields to the extent required to attain the amount offered. Tenders at the highest accepted yield will be prorated if necessary. After the determination is made as to which tenders are accepted, a coupon rate will be established, on the basis of a 1/8 of one percent increment, which results in an equivalent average accepted price close to 100.000 and a lowest accepted price above the original issue discount limit of 99.500. That rate of interest will be


- 4 -

paid on all of the securities. Based on such interest rate, the price on each competitive tender allotted will be determined and each successful competitive bidder will be required to pay the price equivalent to the yield bid. Those submitting noncompetitive tenders will pay the price equivalent to the weighted average yield of accepted competitive tenders. Price calculations will be carried to three decimal places on the basis of price per hundred, e.g., 99.923, and the determinations of the Secretary of the Treasury shall be final. If the amount of noncompetitive tenders received would absorb all or most of the offering, competitive tenders will be accepted in an amount sufficient to provide a fair determination of the yield. Tenders received from Government accounts and Federal Reserve Banks will be accepted at the price equivalent to the weighted average yield of accepted competitive tenders.

3. 7. Competitive bidders will be advised of the acceptance or rejection of their tenders. Those submitting noncompetitive tenders will only be notified if the tender is not accepted in full, or when the price is over par.

4. RESERVATIONS4. 1. The Secretary of the Treasury expressly reserves the

right to accept or reject any or all tenders in whole or in part, to allot more or less than the amount of securities specified in Section 1, and to make different percentage allotments to various classes of applicants when the Secretary considers it in the public interest. The Secretary's action under thid Section isf inal.

5. PAYMENT AND DELIVERY5. 1. Settlement for allotted securities must be made or

completed on or before Monday, April 30, 1979, at the Federal Reserve Bank or Branch or at the Bureau of the Public Debt, wherever the tender was submitted. Payment must be in cash; in other funds immediately available to the Treasury; in Treasury bills, notes or bonds (with all coupons detached) maturing on or before the settlement date but which are not overdue as defined in the general regulations governing United States securities; or by check drawn to the order of the institution to which the


- 5 -

tender was submitted, which must be received at such institution no later than:

(a) Friday, April 27, 1979, if the check is drawn on a bank in the Federal Reserve District of the institution to which the check is submitted (the Fifth Federal Reserve District in case of the Bureau of the Public Debt), or

(b) Thursday, April 26, 1979, if the check is drawn on a bank in another Federal Reserve District.

Checks received after the dates set forth in the preceding sentence will not be accepted unless they are payable at the applicable Federal Reserve Bank. Payment will not be considered complete where registered securities are requested if the appropriate identifying number as required on tax returns and other documents submitted to the Internal Revenue Service (an individual's social security number or an employer identification number) is not furnished. When payment is made in securities, a cash adjustment will be made to or required of the bidder for any difference between the face amount of securities presented and the amount payable on the securities allotted.

5. 2. In every case where full payment is not completedon time, the deposit submitted with the tender, up to 5 percent of the face amount of securities allotted, shall, at the discretion of the Secretary of the Treasury, be forfeited to the United States.

5. 3. Registered securities tendered as deposits and inpayment for allotted securities are not required to be assigned if the new securities are to be registered in the same names and forms as appear in the registrations or assignments of the securities surrendered. When the new securities are to be registered in names and forms different from those in the inscriptions or assignments of the securities presented, the assignment should be to "The Secretary of the Treasury for (securities offered by this circular) in the name of (name and taxpayer identifying number)." If new securities in coupon form are desired, the assignment should be to "The Secretary of the Treasury for coupon (securities offered by this circular) to be


delivered to (name and address)." Specific instructions for the issuance and delivery of the new securities, signed by the owner or authorized representative, must accompany the securities presented. Securities tendered in payment should be surrendered to the Federal Reserve Bank or Branch or to the Bureau of the Public Debt, Washington, D. C. 20226. The securities must be delivered at the expense and risk of the holder.

5. 4. If bearer securities are not ready for delivery onthe settlement date, purchasers may elect to receive interim certificates. These certificates shall be issued in bearer form and shall be exchangeable for definitive securities of this issue, when such securities are available, at any Federal Reserve Bank or Branch or at the Bureau of the Public Debt, Washington, D. C. 20226. The interim certificates must be returned at the risk and expense of the holder.

5. 5. Delivery of securities in registered form will be made after the requested form of registration has been validated, the registered interest account has been established, and the securities have been inscribed.

6. GENERAL PROVISIONS6. 1. As fiscal agents of the United States, Federal

Reserve Banks are authorized and requested to receive tenders, to make allotments as directed by the Secretary of the Treasury, to issue such notices as may be necessary, to receive payment for and make delivery of securities on full-paid allotments, and to issue interim certificates pending delivery of the definitive securities.

6. 2. The Secretary of the Treasury may at any time issuesupplemental or amendatory rules and regulations governing the offering. Public announcement of such changes will be promptly provided.

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Paul H. Taylor,Fiscal Assistant Secretary.


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