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

Fiscal Agent of the United States

[C ircular N o . 8646 O ctob er 1, 1979 0

TREASURY TO AUCTION $1,500 MILLION OF 15-YEAR 1-MONTH BONDS

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

The following statement was issued by the Treasury Department:The Department of the Treasury will auction $1,500 million of 15-year 1-month bonds to raise new cash.

Additional amounts of the bonds may be issued to Federal Reserve Banks as agents of foreign and internationalmonetary authorities at the average price of accepted competitive tenders.

Printed on the reverse side is a table summarizing the highlights of the offering. Copies of the official offering circular will be furnished upon request directed to our Treasury and Agency Issues Division (Tel. No. 212-791-6619). In addition, enclosed is a copy of the form to be used in submitting tenders.

This Bank will receive tenders up to 1:30 p.m., Eastern Daylight Saving time, Tuesday, October 9, 1979, at the Securities Department of its Head Office and at its Buffalo Branch. A l l c o m p e t i t iv e te n d e rs , whether transmitted by mail or by other means, must reach this Bank or its Branch by that time. However, for investors who wish to submit noncompetitive tenders and who find it more convenient to mail their tenders than to present them in person, the official offering circular provides that n o n c o m p e t i t iv e tenders will be considered timely received if they are mailed to this Bank or its Branch under a postmark n o la te r th a n O c to b e r 8.

Bidders submitting noncompetitive tenders should realize that it is possible that the average price may be above par, in which case they would have to pay more than the face value for the securities.

Payment may be made by personal check, or an official bank check, payable on its face to the Federal Reserve Bank of New York; c h e c k s e n d o r s e d to th is B a n k w ill n o t b e a c c e p te d . A personal check submitted with the tender, either as a deposit or for the face amount of the securities, does 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.

As provided in the official offering circular, “ in every case where full payment is not completed on 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.”

A recorded message (at the Head Office — Tel. No. 212-791-5823; at the Buffalo Branch — Tel. No. 716-849-5046) provides information about this and other Treasury offerings; additional inquiries regarding this offering may be made by calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016.

THOMAS M. TIMLEN,F irs t V ice P r e s id e n t.

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HIGHLIGHTS OF TREASURY OFFERING TO THE PUBLIC

OF 15-YEAR 1-MONTH BONDS TO BE ISSUED OCTOBER 16, 1979

(D elivery d a te f o r cou pon securities is O c to b er 26, 1979)

Amount Offered:To the public................................................................................................. $1,500 million

Description of Security:Term and type of security.............................................................................. 15-year 1-month bondsSeries and CUSIP designation...................................................................... Bonds of 1994

(CUSIP No. 912810 CJ5)Maturity date................................................................................................. November 15, 1994Call date......................................................................................................... No provisionInterest coupon rate...................................................................................... To be determined, based on

the average of accepted bids

Investment yield............................................................................................. To be determined at auction

Premium or discount...................................................................................... To be determined after auction

Interest payment dates.................................................................................. May 15 and November 15 (first payment on May 15, 1980)

Minimum denomination available................................................................ $1,000

Terms of Sale:Method of sale............................................................................................... Yield auction

Accrued interest payable by investor............................................................ None

Preferred allotment....................................................................................... Noncompetitive bid for $1,000,000 or less

Deposit requirement..................................................................................... 5% of face amount

Deposit guarantee by designated institutions............................................... Acceptable

Key Dates:Deadline for receipt of tenders...................................................................... Tuesday, October 9, 1979,

by 1:30 p.m., EDST

Settlement date (final payment due)a) cash or Federal funds............................................................................ Tuesday, October 16, 1979

b) check drawn on bank within FRB district where submitted.............. Friday, October 12, 1979

c) check drawn on bank outside FRB district where submitted.............. Thursday, October 11, 1979

Delivery date for coupon securities.............................................................. Friday, October 26, 1979

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October 1, 1979

CORRECTION NOTICE

To the Addressee:

The heading on the tender form for the bond o f fer in g should read:

"TENDER FOR 15-YEAR 1-MONTH TREASURY BONDS OF 1994"

Circulars D iv is io nFEDERAL RESERVE BANK OF NEW YORK

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UNITED STATES OF AMERICA TREASURY BONDS OF 1994

DEPARTMENT CIRCULARP u b l i c D ebt S e r i e s - No. 2 3 -7 9

DEPARTMENT OF THE TREASURY, OFFICE OF THE SECRETARY,

W a sh in g to n , O cto b er 1 , 19791 . INVITATION FOR TENDERS

1 . 1 . The S e c r e t a r y o f th e T r e a s u r y , under th e a u t h o r i t y o fth e Second L ib e r t y Bond A c t , a s amended, i n v i t e s t e n d e r s f o r a p p r o x im a te ly $ 1 , 5 0 0 , 0 0 0 , 0 0 0 o f U n ite d S t a t e s s e c u r i t i e s , d e s i g n a t e d T r e a su r y Bonds o f 1994 (CUSIP No. 912810 CJ 5 ) . The s e c u r i t i e s w i l l be s o l d a t a u c t io n w ith b id d in g on th e b a s i s o f y i e l d . Payment w i l l be r e q u ir e d a t th e p r i c e e q u i v a l e n t o f th e b id y i e l d o f ea ch a c c e p t e d t e n d e r . The i n t e r e s t r a t e on th e s e c u r i t i e s and th e p r i c e e q u i v a l e n t o f each a c c e p t e d b id w i l l be d e te r m in e d in th e manner d e s c r i b e d b e lo w . A d d i t i o n a l amounts o f t h e s e s e c u r i t i e s may be i s s u e d a t th e a v e r a g e p r i c e to F e d e r a l R e se r v e B anks, as a g e n t f o r f o r e i g n and i n t e r n a t i o n a l m on etary a u t h o r i t i e s .

2 . 1 . The s e c u r i t i e s w i l l be d a ted O cto b er 1 6 , 1 9 7 9 , andw i l l b ea r i n t e r e s t from t h a t d a t e , p a y a b le on a s em ia n n u a l b a s i s on May 1 5 , 1 9 8 0 ,- and each s u b s e q u e n t 6 months on November 15 and May 1 5 , u n t i l th e p r i n c i p a l becom es p a y a b le . They w i l l mature November 1 5 , 19.94, and w i l l n o t be s u b j e c t to c a l l f o r red em p tio n p r i o r to m a t u r i t y .

2 . 2 . The income d e r iv e d from th e s e c u r i t i e s i s s u b j e c t toa l l t a x e s im posed under th e I n t e r n a l Revenue Code o f 1 9 5 4 . The s e c u r i t i e s a re s u b j e c t to e s t a t e , i n h e r i t a n c e , g i f t or o th e r e x c i s e t a x e s , w h e th e r F e d e r a l or S t a t e , b u t a re exem pt from a i l t a x a t i o n now or h e r e a f t e r im posed on th e p r i n c i p a l or i n t e r e s t t h e r e o f by any S t a t e , any p o s s e s s i o n o f th e U n ite d S t a t e s , or any l o c a l t a x in g

a u t h o r i t y .2 . 3 . The s e c u r i t i e s w i l l be a c c e p t a b l e to s e c u r e d e p o s i t s

o f p u b l i c m o n ie s . They w i l l n o t be a c c e p t a b l e in paym ent o f t a x e s .

2 . DESCRIPTION OF SECURITIES

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

2 . 4 . 3 e a r e r s e c u r i t i e s w ith i n t e r e s t coupon s a t t a c h e d , ands e c u r i t i e s r e g i s t e r e d as to p r i n c i p a l and i n t e r e s t , w i l l be i s s u e d in d e n o m in a t io n s o f $ 1 , 0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , and $ 1 , 0 0 0 , 0 0 0 . B o o k -e n t r y s e c u r i t i e s w i l l be a v a i l a b l e to e l i g i b l e b id d e r s in m u l t i p l e s o f th o s e am ou nts . I n t e r c h a n g e s o f s e c u r i t i e s o f d i f f e r e n t d e n o m in a t io n s and o f cou p on , r e g i s t e r e d and b o o k -e n tr y s e c u r i t i e s , and th e t r a n s f e r o f r e g i s t e r e d s e c u r i t i e s w i l l be perm i t t e d .

2 . 5 . The D epartm ent o f th e T r e a s u r y ' s g e n e r a l r e g u l a t i o n s g o v e r n in g U n ite d S t a t e s s e c u r i t i e s a p p ly to th e s e c u r i t i e s o f f e r e d in t h i s c i r c u l a r . T hese g e n e r a l r e g u l a t i o n s in c lu d e th o s e c u r r e n t l y in e f f e c t , as w e l l as t h o s e t h a t may be i s s u e d a t a l a t e r d a t e .

3. SALS PROCEDURES3 . 1. T en d ers w i l l be r e c e i v e d a t F e d e r a l R e se rv e 3anks

and 3 r a n c h e s and a t th e Bureau o f th e P u b l i c D eb t , W ash in gton ,D. C. 2 0 2 2 5 , up to 1 :3 0 p .m . , E a s te r n D a y l ig h t S a v in g t im e ,T u e sd a y , O c to b e r 9 , 1 9 7 9 . N o n c o m p e t i t iv e t e n d e r s as d e f in e d below w i l l be c o n s id e r e d t im e ly i f postm arked no l a t e r than Monday, O c to b er 3 , 1 9 7 9 .

3 . 2 . Each te n d e r must s t a t e th e f a c e amount o fs e c u r i t i e s b id f o r . The minimum b id i s $ 1 ,0 0 0 and l a r g e r b id s must be in m u l t i p l e s o f t h a t amount. C o m p e t i t iv e t e n d e r s must a l s o show th e y i e l d d e s i r e d , e x p r e s s e d in term s o f an a n n u a l y i e l d w i t h two^ d e c i m a l s , e . g . , * 7 . 1 1 % . Common f r a c t i o n s may n o t be u sed . N o n c o m p e t i t iv e t e n d e r s must show th e term " n o n c o m p e t i t iv e " on th e t e n d e r form in l i e u o f a s p e c i f i e d y i e l d . No b id d e r may su b m it more th an one n o n c o m p e t i t iv e t e n d e r and th e amount may n e t e x ceed $ 1 , 0 0 0 , 0 0 0 .

3 . 3 . A l l b id d e r s must c e r t i f y t h a t th e y have not made andw i l l n o t make any a g r ee m e n ts f o r th e s a l e or p u r c h a se o f any s e c u r i t i e s o f t h i s i s s u e p r i o r t o th e d e a d l i n e e s t a b l i s h e d in S e c t i o n 3 . 1 . f o r r e c e i p t o f t e n d e r s . Those a u t h o r iz e d to su b m it t e n d e r s f o r th e a c c o u n t o f c u s to m e rs w i l l be r e q u ir e d to c e r t i f y t h a t such t e n d e r s a re su b m it te d under th e same c o n d i t i o n s , a g r e e ­m e n ts , and c e r t i f i c a t i o n s as t e n d e r s s u b m it te d d i r e c t l y by b id d e r s

f o r t h e i r own a c c o u n t .

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3 . 4 . Com m ercial b a n k s , w hich f o r t h i s p u rp o se a re d e f i n e da s banks a c c e p t i n g demand d e p o s i t s , and prim ary d e a l e r s , w hich f o r t h i s p u rp o se a re d e f in e d as d e a l e r s who make p r im ary m ark ets in Governm ent s e c u r i t i e s and r e p o r t d a i l y to th e F e d e r a l R e se r v e Bank o f New York t h e i r p o s i t i o n s in and b o r r o w in g s on such s e c u r i t i e s , may su b m it t e n d e r s f o r a c c o u n t o f c u s to m e r s i f th e names o f th e c u s to m e r s and th e amount f o r ea ch c u s to m er a re f u r n i s h e d . O th ers a re o n ly p e r m it t e d to su b m it t e n d e r s f o r t h e i r own a c c o u n t .

3 . 5 . T en d ers w i l l be r e c e i v e d w i t h o u t d e p o s i t f o r t h e i r owna c c o u n t from co m m erc ia l banks and o t h e r b an k in g i n s t i t u t i o n s ? p rim ary d e a l e r s , as d e f i n e d above; F e d e r a l l y - i n s u r e d s a v in g s and lo a n a s s o c i a t i o n s ; S t a t e s , and t h e i r p o l i t i c a l s u b d i v i s i o n s or i n s t r u m e n t a l i t i e s ; p u b l i c p e n s io n and r e t i r e m e n t and o t h e r p u b l i c fu n d s ; i n t e r n a t i o n a l o r g a n i z a t i o n s in w hich th e U n ite d S t a t e s h o ld s m em bership; f o r e i g n c e n t r a l banks and f o r e i g n s t a t e s ; F e d e r a l R e se r v e 3 a n k s; and G overnm ent a c c o u n t s . T en d ers from o t h e r s m ust be accom panied by a d e p o s i t o f 5% o f th e f a c e amount o f s e c u r i t i e s a p p l i e d fo r ( i n th e form o f c a s h , m a tu r in g T r e a su r y s e c u r i t i e s or r e a d i l y c o l l e c t i b l e c h e c k s ) , or by a g u a r a n t e e o f such d e p o s i t by a co m m erc ia l bank or a pr im ary d e a l e r .

3 . 6 . I m m e d ia te ly a f t e r th e c l o s i n g h o u r , t e n d e r s w i l l beo p e n e d , f o l l o w e d by a p u b l i c announcem ent o f th e amount and y i e l d ran ge o f a c c e p t e d b i d s . S u b j e c t to th e r e s e r v a t i o n s e x p r e s s e d in S e c t i o n 4 , n o n c o m p e t i t iv e t e n d e r s w i l l be a c c e p t e d in f u l l , and th en c o m p e t i t i v e t e n d e r s w i l l be a c c e p t e d , s t a r t i n g w i t h t h o s e a t th e l o w e s t y i e l d s , th rou gh s u c c e s s i v e l y h ig h e r y i e l d s to th e e x t e n t r e q u ir e d to a t t a i n th e amount o f f e r e d . T en d ers a t th e h i g h e s t a c c e p t e d y i e l d w i l l be p r o r a te d i f n e c e s s a r y . A f t e r th e d e t e r m i n a t i o n i s made as to w hich t e n d e r s are a c c e p t e d , a coupon r a t e w i l l be e s t a b l i s h e d , on th e b a s i s o f a 1 /8 o f one p e r c e n t in c r e m e n t , w hich r e s u l t s in an e q u i v a l e n t a v e r a g e a c c e p t e d p r i c e c l o s e to 1 0 0 .0 0 0 and a l o w e s t a c c e p t e d p r i c e above th e o r i g i n a l i s s u e d i s c o u n t l i m i t o f 9 6 . 2 5 0 . T hat r a t e o f i n t e r e s t w i l l be p a id on a l l o f th e s e c u r i t i e s . Based on such i n t e r e s t r a t e , th e p r i c e on ea ch c o m p e t i t i v e t e n d e r a l l o t t e d w i l l be d e te r m in e d and each s u c c e s s f u l c o m p e t i t i v e b id d e r w i l l be r e q u ir e d to pay th e p r i c e e e q u iv a len t to th e y i e l d b i d . Those s u b m i t t in g n o n c o m p e t i t iv e

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t e n d e r s w i l l pay th e p r i c e e q u i v a l e n t to th e w e ig h te d a v e r a g e y i e l d o f a c c e p t e d c o m p e t i t i v e t e n d e r s . P r i c e c a l c u l a t i o n s w i l l be c a r r i e d to t h r e e d e c im a l p l a c e s on th e b a s i s o f p r i c e p er hundred ,e . g . , 9 9 . 9 2 3 , and th e d e t e r m in a t io n s o f th e S e c r e t a r y o f th e T r e a su r y s h a l l be f i n a l . I f th e amount o f n o n c o m p e t i t iv e r e n d e r s r e c e i v e d w ould a b so r b a l l or m ost o f th e o f f e r i n g , c o m p e t i t i v e t e n d e r s w i l l be a c c e p t e d in an amount s u f f i c i e n t to p r o v id e a f a i r d e t e r m in a t io n o f th e y i e l d . T en ders r e c e i v e d from Government a c c o u n t s and F e d e r a l R e se r v e 3anks w i l l be a c c e p t e d a t th e p r i c e e q u i v a l e n t to th e w e ig h te d a v e r a g e y i e l d o f a c c e p t e d c o m p e t i t i v e t e n d e r s .

3 . 7 . C o m p e t i t iv e b id d e r s w i l l be a d v i s e d o f th e a c c e p t a n c e o r r e j e c t i o n o f t h e i r t e n d e r s . Those s u b m i t t in g n o n c o m p e t i t iv e t e n d e r s w i l l o n ly be n o t i f i e d i f th e t e n d e r i s n o t a c c e p t e d in f u l l , o r when th e p r i c e i s o v e r p a r .

4 . RESERVATIONS4 . 1 . The S e c r e t a r y o f th e T r e a su r y e x p r e s s l y r e s e r v e s

th e r i g h t to a c c e p t or r e j e c t any or a l l t e n d e r s in w hole or in p a r t , to a l l o t more or l e s s th an th e amount o f s e c u r i t i e s s p e c i f i e d in S e c t i o n 1 , and to make d i f f e r e n t p e r c e n t a g e a l l o t m e n t s to v a r i o u s c l a s s e s o f a p p l i c a n t s when th e S e c r e t a r y c o n s i d e r s i t in th e p u b l i c i n t e r e s t . The S e c r e t a r y ' s a c t i o n under t h i s S e c t i o n i s f i n a l .

5. PAYMENT AND DELIVERY5 . I . S e t t l e m e n t f o r a l l o t t e d s e c u r i t i e s must be made or

c o m p le te d on or b e f o r e T u e sd a y , O cto b er 1 6 , 1 9 7 9 , a t th e F e d e r a l

R e se rv e Bank or Branch or a t th e Bureau o f th e P u c i i c D ebt, w h e r ev e r th e te n d e r was s u b m it t e d . Payment must be in c a sh ; in o t h e r fu nds im m e d ia te ly a v a i l a b l e to th e T r e a s u r y ; in T r e a su r y b i l l s , n o t e s or bonds (w i t h a l l coupon s d e ta c h e d ) m a tu r in g on or b e f o r e th e s e t t l e m e n t d a t e b u t w hich a re n o t o v erd u e as d e f i n e d in th e g e n e r a l r e g u l a t i o n s g o v e r n in g U n ite d S t a t e s s e c u r i t i e s ; or by c h eck drawn to th e o r d e r o f th e i n s t i t u t i o n to w hich th et e n d e r was s u b m i t t e d , w hich must be r e c e i v e d a t such i n s t i t u t i o n no l a t e r th an;

(a) F r id a y , O c to b e r 1 2 , 1 9 7 9 , i f th e c h eck i s drawn on abank in th e F e d e r a l R e se rv e D i s t r i c t o f th e i n s t i t u t i o n

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to w hich th e ch eck i s s u b m it te d ( t h e F i f t h F e d e r a l R e se rv e D i s t r i c t in c a s e o f th e Bureau o f th e P u b l i c D e b t) , or

(b) T h u rsd a y , O c to b er 1 1 , 1979 , i f th e ch eck i s drawn on a bank in a n o th e r F e d e r a l R e se r v e D i s t r i c t .

Checks r e c e i v e d a f t e r th e d a t e s s e t f o r t h in th e p r e c e d in g s e n t e n c e w i l l n o t be a c c e p t e d u n l e s s th ey a re p a y a b le a t th e a p p l i c a b l e F e d e r a l R e se r v e Bank. Payment w i l l n o t be c o n s id e r e d c o m p le te where r e g i s t e r e d s e c u r i t i e s are r e q u e s t e d i f th e a p p r o p r ia t e i d e n t i f y i n g number as r e q u ir e d on ta x r e t u r n s and o t h e r docum ents s u b m it te d to th e I n t e r n a l Revenue S e r v i c e (an i n d i v i d u a l ' s s o c i a l s e c u r i t y number or an em p loyer i d e n t i f i c a t i o n number) i s n o t f u r n i s h e d . When payment i s made in s e c u r i t i e s , a c a sh a d ju s tm e n t w i l l be made to or r e q u ir e d o f th e b id d e r f o r any d i f f e r e n c e b etw een th e f a c e amount o f s e c u r i t i e s p r e s e n t e d and th e amount p a y a b le on th e s e c u r i t i e s a l l o t t e d .

5. 2 . In e v e r y c a s e where f u l l paym ent i s n o t co m p le te don t im e , th e d e p o s i t su b m it te d w ith th e t e n d e r , up to 5 p e r c e n t o f th e f a c e amount o f s e c u r i t i e s a l l o t t e d , s h a l l , a t th e d i s c r e t i o n o f th e S e c r e t a r y o f th e T r e a s u r y , be f o r f e i t e d to th e U n ite d S t a t e s .

5 . 3 . R e g i s t e r e d s e c u r i t i e s t e n d e r e d as d e p o s i t s and inpaym ent f o r a l l o t t e d s e c u r i t i e s a re n o t r e q u ir e d to be a s s ig n e d i f th e new s e c u r i t i e s a re to be r e g i s t e r e d in th e same names and form s as ap p ear in th e r e g i s t r a t i o n s or a s s ig n m e n t s o f th e s e c u r i t i e s s u r r e n d e r e d . When th e new s e c u r i t i e s a re to be r e g i s t e r e d in names and form s d i f f e r e n t from t h o s e in th e i n s c r i p t i o n s or a s s ig n m e n t s o f th e s e c u r i t i e s p r e s e n t e d , th e a s s ig n m e n t s h o u ld be to "The S e c r e t a r y o f th e T r e a s u r y fo r ( s e c u r i t i e s o f f e r e d by t h i s c i r c u l a r ) in th e name o f (name and ta x p a y e r i d e n t i f y i n g num ber)." I f new s e c u r i t i e s in coupon form a re d e s i r e d , th e a s s ig n m e n t sh o u ld be to "The S e c r e t a r y o f th e T r e a su r y f o r coupon ( s e c u r i t i e s o f f e r e d by t h i s c i r c u l a r ) t o be d e l i v e r e d to (name and a d d r e s s ) ." S p e c i f i c i n s t r u c t i o n s fo r th e i s s u a n c e and d e l i v e r y o f th e new s e c u r i t i e s , s ig n e d by th e owner

or a u t h o r iz e d r e p r e s e n t a t i v e , must accompany th e s e c u r i t i e s

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

- 6 -

p r e s e n t e d . S e c u r i t i e s t e n d e r e d in paym ent shou t o th e F e d e r a l R e se r v e 3ank or Branch or to th e P u b l i c D e b t , W a sh in g to n , D. C. 2 0 2 2 6 . The s e c u d e l i v e r e d a t th e e x p e n s e and r i s k o f th e h o ld e r

5 . 4 . I f b e a r e r s e c u r i t i e s a re n o t read yth e s e t t l e m e n t d a t e , p u r c h a s e r s may e l e c t to re c e r t i f i c a t e s . T h ese c e r t i f i c a t e s s h a l l be i s s u and s h a l l be e x c h a n g e a b le f o r d e f i n i t i v e s e c u r i i s s u e , when such s e c u r i t i e s a re a v a i l a b l e , a t a R e se r v e 3ank or Branch or a t th e Bureau o f th e W a sh in g to n , D. C. 2 0 2 2 6 . The in t e r im c e r t i f i e s r e t u r n e d a t th e r i s k and e x p e n s e o f th e h o l d e r .

5 . 5 . D e l i v e r y o f s e c u r i t i e s in r e g i s t e rmade a f t e r th e r e q u e s t e d form o f r e g i s t r a t i o n h v a l i d a t e d , th e r e g i s t e r e d i n t e r e s t a c c o u n t has and th e s e c u r i t i e s have been i n s c r i b e d .

Id be su r r e n d e r e dBureau o f th e

r i t i e s must be

f o r d e l i v e r y on c e i v e in t e r im ed in b e a r e r form t i e s o f t h i s ny F e d e r a l P u b l i c D eb t , t e s must be

ed form w i l l

: e nas be< been e s t a b l i

be

shed t

6 . GENERAL PROVISIONS6 . 1 . As f i s c a l a g e n t s o f th e U n ite d S t a t e s , F e d e r a l

R e se r v e 3ank s a re a u t h o r iz e d and r e q u e s t e d to r e c e i v e t e n d e r s , to make a l l o t m e n t s as d i r e c t e d by th e S e c r e t a r y o f the T r e a s u r y , to i s s u e su ch n o t i c e s as may be n e c e s s a r y , to r e c e i v e paym ent f o r and make d e l i v e r y o f s e c u r i t i e s on f u l l - p a i d a l l o t m e n t s , and to i s s u e in t e r i m c e r t i f i c a t e s p en d in g d e l i v e r y o f th e d e f i n i t i v e s e c u r i t i e s .

6 . 2 . The S e c r e t a r y o f th e T r e a su r y may a t any tim e i s s u es u p p le m e n t a l or am endatory r u l e s and r e g u l a t i o n s g o v e r n in g the o f f e r i n g . P u b l i c announcem ent o f such c h a n g e s w i l l be prom p tly

p r o v i d e d .

Pau l H. T a y lo r ,F i s c a l A s s i s t a n t S e c r e t a r y

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