[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR203.19]

[Page 20]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 203--PAYMENT OF FEDERAL TAXES AND THE TREASURY TAX AND LOAN PROGRAM--Table of Contents
 
                     Subpart C--Federal Tax Deposits
 
Sec. 203.19  Note option.

    (a) Late delivery of advices of credit. If an advice of credit does 
not arrive at the FRB before the designated cutoff hour for receipt of 
such advices, the FRB will post the funds to the main note balance as of 
the next business day after the date on the advice of credit. This is 
the date on which funds will begin to earn interest for Treasury.
    (b) Transfer of funds from TT&L account to the main note balance. 
For a depositary selecting the note option, funds equivalent to the 
amount of deposits credited by a depositary to the TT&L account shall be 
withdrawn by the depositary and credited to the main note balance on the 
business day following the receipt of the tax payment.

[67 FR 11576, Mar. 15, 2002]