[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: 31CFR340.6]

[Page 237-238]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 340--REGULATIONS GOVERNING THE SALE OF TREASURY BONDS THROUGH COMPETITIVE BIDDING--Table of Contents
 
Sec. 340.6  Submission of bids.

    (a) General. Bids will be received only at the place specified and 
not later than the time designated in the public notice. Each bid must 
be submitted on the official form referred to in the public notice and 
should be enclosed and sealed in the special envelope provided by the 
Treasury Department. Forms

[[Page 238]]

and envelopes may be obtained from any Federal Reserve Bank or Branch or 
the Bureau of the Public Debt, Treasury Department, Washington, DC 
20220. Bids shall be irrevocable.
    (b) Bidding. Bids, except noncompetitive bids when authorized, must 
be expressed as a percentage of the principal amount in not to exceed 
five decimals, e.g., 100.01038 percent. Provisions relating to the 
coupon rate of interest on the bonds, if not set forth in the public 
notice, will be made in a supplemental announcement. The public notice 
will indicate the timing of any such announcement. If the bidders are 
required to specify the coupon rate, each bidder shall specify a single 
coupon rate of interest, which shall be a multiple of \1/8\ of 1 percent 
but not in excess of 4\1/4\ percent. The Secretary of the Treasury may 
limit the premium above or the discount below par.
    (c) Group bids. A syndicate or other group submitting a bid must act 
through a representative who must be a member of the group. The 
representative must warrant to the Secretary of the Treasury that he has 
all necessary power and authority to act for each member and to bind the 
members jointly and severally. In addition to whatever other data may be 
required by the Secretary of the Treasury, in the case of a syndicate, 
the representative must file, within one hour after the time for opening 
of bids, at the place specified in the public notice for receipt of bids 
a final statement of the composition of the syndicate membership and the 
amount of each member's underwriting participation.