FEDERAL RESERVE BANK OF NEW YORKFiscal Agent of the United States

[ Circular No. 8043 *lJanuary 27, 1977 J

Offering of $2,930,000,000 of 364-Day Treasury BillsDated February 8, 1977 Due February 7, 1978

To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District:

Following is the text of a notice issued yesterday by the Treasury Department:The Department of the Treasury, by this public notice, invites

tenders for $2,930 million, or thereabouts, of 364-day Treasury bills to be dated February 8, 1977, and to mature February 7, 1978 (CUSIP No. 912793 M37). The bills, with a limited exception, will be available in book-entry form only, and will be issued for cash and in exchange for Treasury bills maturing February 8, 1977.

This issue will not provide new money for the Treasury as the maturing issue is outstanding in the amount of $2,930 million, of which $2,027 million is held by the public and $903 million is held by Government accounts and the Federal Reserve Banks for them­selves and as agents of foreign and international monetary authori­ties. Additional amounts of the bills may be issued to Federal Reserve Banks as agents of foreign and international monetary authorities. Tenders from Government accounts and the Federal Reserve Banks for themselves and as agents of foreign and inter­national monetary authorities will be accepted at the average price of accepted tenders.

The bills will be issued on a discount basis under competitive and noncompetitive bidding, and at maturity their par amount will be payable without interest. Except for definitive bills in the $100,000 denomination, which will be available only to investors who are able to show that they are required by law or regulation to hold securities in physical form, this series of bills will be issued entirely in book-entry form on the records either of the Federal Reserve Banks and Branches, or of the Department of the Treasury.

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, Wednesday, February 2, 1977. Form PD 4632-1 should be used to submit tenders for bills to be maintained on the book-entry records of the Department of the T reasury.

Each tender must be for a minimum of $10,000. Tenders over $10,000 must be in multiples of $5,000. In the case of competitive tenders, the price offered must be expressed on the basis of 100, wijth not more than three decimals, e.g., 99.925. Fractions may not be used.

Banking institutions and dealers 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 may submit tenders for account of customers, provided the names of the customers are set forth in such tenders. Others will not be permitted to submit tenders except for their own account.

Payment for the full par amount of the bills applied for must accompany all tenders submitted for bills to be maintained on the

book-entry records of the Department of the Treasury. A cash adjustment will be made for the difference between the par pay­ment submitted and the actual issue price as determined in the auction.

No deposit need accompany tenders from incorporated banks and trust companies and from responsible and recognized dealers in investment securities, for bills to be maintained on the book-entry records of Federal Reserve Banks and Branches, or for definitive bills, where authorized. A deposit of 2 percent of the par amount of the bills applied for must accompany tenders for such bills from others, unless an express guaranty of payment by an incorporated bank or trust company accompanies the tenders.

Public announcement will be made by the Department of the Treasury of the amount and price range of accepted bids. Those submitting competitive tenders will 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 whole or in part, and his action in any such respect shall be final. Subject to these reservations, noncompetitive tenders for $500,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids.

Settlement for accepted tenders for bills to be maintained on the records of Federal Reserve Banks and Branches must be made or completed at the Federal Reserve Bank or Branch on February 8, 1977, in cash or other immediately available funds or in Treasury bills maturing February 8, 1977. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills.

Under Sections 454(b) and 1221(5) of the Internal Revenue Code of 1954 the amount of discount at which bills issued hereunder are sold is considered to accrue when 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 between the price paid for the bills, whether on original issue or on a subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made.

Department of the Treasury Circulars, Public Debt Series—Nos. 26-76 and 27-76, and this notice, prescribe the terms of these Treasury bills and govern the conditions of their issue. Copies of the circulars and tender forms may be obtained from any Federal Re­serve Bank or Branch, or from the Bureau of the Public Debt.

Tenders will be received up to 1 :30 p.m., Eastern Standard time, Wednesday, February 2, 1977 at the Securities Department of this Bank’s Head Office, at our Buffalo Br inch, or at the Bureau of the Public Debt. Please use the appropriate enclosed form to submit a tender. Tenders not requiring a deposit may be submitted by telegraph, subject to written confirmation; no tenders may be submitted by telephone. Payment for the Treasury bills cannot be made by credit through the Treasury Tax and Loan Account. Settlement must be made in cash or other immediately available funds or in maturing Treasury bills.

P a u l A . V o l c k e r ,President.

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c O R M * C 4632-1

U«C t. Of the Treasuryd u i . i* the P' . iO iiC Oeot

TENOEH FOR TREASURY BILLS IN BOOK-ENTRY FORM AT THE

DEPARTMENT OF THE TREASURY52-WEEK BILLS O N LY

M A IL TO :□ Bureau of the Public Debt, Securities Transactions Branch

Washington, D.C. 20226 D F<sderai Reserve Sank or Branch

of your District a t:___________ __ _________ _

FOR OFFICIAL USE ONLY FR8 Request No_______________

r~nIssue Date

Due Date ________________________________

Cusip Nn 912793__________________iu r t iiM n i if t ■ • - ^ - ^ r n r , r i r n « a M ^ M-,‘--i~Tiry i n m r - ' ^ r - rnr-ii t iTn n r — - - t

BEFORE COM PLETING THIS FORM READ TH E ACCOM PANYING INSTRUCTIONS C A R EFU LLY

Pursuant to the provisions of Department of the Treasury Circular. Public Debt Series No. 27-76, the public announcement .ssued by the Department of the Treasury, and the regulations set forth in Department Circular, Public Debt Series No 26-76 i hereby submit this tender, in accordance with the terms as marked, for currently offered U.S. Treasury bills for my account. (Competitive tenders must be expressed on the basis of i00, with three decimals. Fractions may not be used.) I understand that noncompetitive tenders will be accepted in full at the average price of accepted competitive bids and that a noncompetitive tender by any one bidder may not exceed $500,000.

T Y P E O F BIDNONCOMPETITIVE □ or COMPETITIVE □ at: Price

A M O U N T O F TEN D ER _?___________________________________________________________(M in im um of $ 1 0 ,0 0 0 . Over $ 1 0 ,00 0 must be in multiples of $ 3 ,000 .)

A C C O U N T ID E N T IF IC A T IO N : (Please type or print dtarty using a ball-point pen becausethis information will be used as a mailing label.)

Depositor(s).............................................................................. ............... .. .....................................................................

P R IV A C Y A CT N O T IC E" The Individually identifiable information re­

quired on this form Is necessary to permit the—----------- --—....... - ---------------------------------- -------------------- -- 1 ............ tender to be processed and the bills to be

issued. In accordance w ith the general reguie- A rtrirm** tlons governing United States book-entry

— T re as u iV b llls (Departm ent Circular PO Series N o. 2 6 -7 6 ). The transaction will not be com-

--------------------------------------------------------------------------------------------------------------------------— — — ------------ pleted unless all required data Is furnished.

DEPOSITOR(S)IDENTIFICATIONNUMBER

SOCIAL. S E C U R IT Y N U M B E RF! RST _NAMED 1 1 1 1 L___L__

S O C IA L S E C U R IT Y N U M B E R

SECOND _NAMED _ _ L _______L _ J _ _

D IS P O S ITIO N O F PR O CEED SThe par amount of tha account will be paid at maturity unlass you elect to

have Treasury reinvest (roll-over) the proceeds of the maturing bills. (Saa below)

C I hereby request noncompetitive reinvestment of the proceeds in book- entry Treasury bills.

E M P L O Y E R I D E N T IF IC A T IO N N O .

OR ~

M ETH O D OF P A Y M EN TTOTALSUBM ITTED S------------------------------- Cash $------------ :----------------- Check $

Maturing Treasury Securities $

D E P O S ITO R 'S A U T H O R IZ A T IO N

Telephone Num berSignature____________________________ ______ ___________ Data —................. „ -------- During Buslneis Hours

~ FO R O F F IC IA L USE O N L Y -

Received by D a te

issue Discount Price Amount of DiscountS T A T E M E N T O F A C C O U N T

Date TransactionPar Amount Transacted Account

BalanceAuthorityReference Validation

Decrease Increase

$ $ $

*

A: Department of the Treasury Copy (Over)

CCOUNT NO.

I ALPHA-CROSS-REF.

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INSTRUCTIONS FOR COMPLETING FORM PD 4632 T "TENDER FOR TREASURY BILLS IN BOOK-ENTRY FORM

AT THE DEPARTMENT OF THE TREASURY 52-WEEK BILLS ONLY"

USE O F TE N D E R FORMThis form should be used only to submit a bid for the purchase of 52-week Treasury bills in book-entry form if the Department of t^e Treasury is to establish and maintain the book-entry account for the securities. If bills are to be held in book-entry form by a financial institution or a dealer in securities, the institution or dealer will supply the form to be used.

TE N D E R S MUST BE SUBMITTED IN ACCORDANCE WITH THE INSTRUCTIONS IN THE CURRENT PUBLIC ANNOUNCE­MENT REGULATIONS GOVERNING BOOK-ENTRY TREASURY BILLS ARE CONTAINED IN DEPARTMENT CIRCULAR, PUBLIC DEBT SERIES NO. 26-76.

The following instructions are keyed to the headings on the form:

FOR O F F IC IA L USE O N L YDo not write in these spaces.

M A IL T OThis tender may be submitted either to the Bureau of the Public Debt, Securities Transactions Branch, Washington, D.C. 20226, or to the Federal Reserve Bank of your district. If the latter, indicate the name of the Bank or Branch. Tenders must be timely sub­mitted, as provided under “ Type of Bid” .

TY P E O F BIDN O N C O M P E T IT IV E

Check this block if the tender is being submitted on a noncompetitive basis. To be considered timely, a noncompetitive bid must be received by the Treasury or a Federal Reserve Bank or Branch no later than 1:30 p.m., Eastern time, on the auction date, or, in the case of direct submission by mail to the Treasury, postmarked no later than midnight the prior day.

C O M P E T IT IV ECheck this block if the tender is being submitted on a competitive basis. If this block is checked, enter the price offered, which must be expressed on the basis of 100, with three decimals, e.g., 99.920. Fractions may not be used. To be con­sidered timely, a competitive bid must be received by the Bureau of the Public Debt or a Federal Reserve Bank or Branch no later than 1:30 p.m., Eastern time, on the auction date.

IF N E IT H E R B L O C K IS C H E C K E D O R IF N O PRICE IS E N T E R E D , T H E T E N D E R W IL L BE C O N S ID E R E D NONCOMPETITIVE

A M O U N T O F T E N D E REnter the total par amount of bills being requested. Amount must be a minimum of $10,000 or a multiple of $5,000 over the minimum amount.

A C C O U N T I D E N T IF IC A T IO Na. Enter the name or title of the Depositor for whom the account is to be maintained on the books of the Bureau of the

Public Debt. Accounts will be established in the name or names of individuals, executors, trustees, partners, officers of corporations or unincorporated associations, natural or voluntary guardians, etc. Accounts for individuals must be shown in one of two forms: (i) single name, or (ii) two names joined by the connective “ or” . No other form of recordation in the names of individuals is permitted. Accounts for corporations, associations, fiduciaries, partnerships, etc., must show the name of the entity. Paragraphs 3.a. and b. of the general information sheet provide examples of the forms in which accounts will be maintained.

b. Enter the Depositor’s home address or the address to which the Bureau of the Public Debt is to mail notices and payments.

c. Enter the Depositor's taxpayer identifying number. If recordation in the names of two individuals is requested, enter the appropriate number for each Depositor. Treasury bills will not be recorded on the books of the Bureau of the Public Debt unless the appropriate number(s) is furnished. Paragraph 3.c. of the genera! information sheet provides instructions re­garding the number to be used.

D ISP O SITIO N O F PROCEEDSIf reinvestment (roll-over) is desired, check this block. See paragraph 5 of the general information sheet for details.

M E TH O D O F P A Y M E N T _PAYMENT IN FULL MUST ACCOMPANY ANY TENDER SUBMITTED DIRECTLY TO THE BUREAU OF THE PUBLIC DEBT OR A FEDERAL RESERVE BANK OR BRANCH. The amount of the payment should be shown on the form. If payment is made by check, the check must be issued by a commercial bank, savings or th rift institution, savings and loan association, or credit union; or the check must be certified. Checks must be drawn to the order of (a) the Bureau of the Public Debt if this tender is submitted to the Bureau of the Public Debt, or (b) a Federal Reserve Bank or Branch if the tender is submitted to one of them. If matured or maturing Treasury securities are submitted for redemption and the proceeds are to be applied to the purchase price of Treasury bills, enter the par amount of securities presented. Describe the securities by title in the space above the words “ Maturing Treasury Se­curities” , e.g., Treasury bills, Issued 12-16-75, Due 12-14-76.

D E P O S IT O R 'S A U T H O R I Z A T I O N . L . . . .Sign and date the tender. A telephone number is requested so that you may be contacted in the event questions arise concerning theaccount.

G P O 9 0 8 - 9 9 6

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IMPORTANT— ! 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 securities 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.

O -1 O ~O *

f uo zz

TENDER FOR 12-MONTH BOOK-ENTRY TREASURY BILLS (For Use in Subscribing Through a Financial Institution)

Do Not Use This Form for Direct Subscriptions to the Treasury

To F ederal Reserve Bank of New York, Fiscal Agent of the United States New York, N.Y. 10045

Dated at.

19.

P u rsu a n t and sub ject to the provisions of T reasu ry D epartm ent C irculars No. 26-76 and No. 27-76, PublicDebt Series, and to the provisions of the public notice issued by the T reasu ry D epartm ent inviting tenders forthe current offering of 12-month Treasury bills, the undersigned hereby offers to purchase such currently of­fered 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 Do not fill in both Competitive and Noncompetitive tenders on one form NONCOMPETITIVE TENDER

$......................................................... (maturity value)or any lesser amount that may be awarded.Price: ...............................................per 100.

(Price must be expressed with not more than three decimal places, for example, 99.925)

$........................................................ (maturity value)(Not to exceed $500,000 for one bidder through all sources)

at the average price of accepted competitive bids.

Subject to allotm ent, please issue and accept paym ent for the bills as indicated below:

□

□□

Safekeeping or Delivery Instructions Payment Instructions(No changes will be accepted) Payment will be made as follows :

1. Hold in safekeeping (for member bank only) in—□ Investment Account□ General Account□ Trust Account

2. Hold as collateral for Treasury Tax and Loan Account*3. Issue in definitive formf (in $100,000 denominations only) and—

□ Deliver over the counter to the undersigned□ Ship to the undersigned

□ Bv charge to our reserve account□ By cash or check in immediately

available funds□ By surrender of eligible maturing

securities(Payment cannot be made through Treasury Tax and Loan Account)

* The undersigned certifies that the allotted securities will be owned solely by the undersigned.t This tender is submitted by the undersigned for..................................................................... which is required by law

(Name of entity)or regulation (................................................................. ) to hold or pledge securities in definitive form. (Separate tender

(Give citation)forms must be submitted for each such entity.)

Insert this tender in envelope

marked “Tender for Treasury Bills” (Tel. No.)

(Name of subscriber— please print or type)

(Address— incl. City and State)

(Signature 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)

(Name of customer) (Name of customer)

INSTRUCTIONS:1. No tender for less than $10,000 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 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 that such officer has been so authorized. If the tender is made by a partnership, it should be signed by amember 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; and personal checks should be certified. 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 of the Treasury, is material, the tender may be disregarded.

Re’.. 11/76

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