[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR344.8]

[Page 282-283]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 344_U.S. TREASURY SECURITIES_STATE AND LOCAL GOVERNMENT SERIES
--Table of Contents
 
                   Subpart C_Demand Deposit Securities
 
Sec.  344.8  What other provisions apply to subscriptions for Demand 
Deposit securities?

    (a) When is my subscription due? The subscriber must fix the issue 
date of each security in the subscription. You cannot change the issue 
date to require issuance earlier or later than the issue date originally 
specified; provided, however, you may change the issue date up to seven 
days after the original issue date if you establish to the satisfaction 
of Treasury that such change is required as a result of circumstances 
that were unforeseen at the time of the subscription and are beyond the 
issuer's control (for example, a natural disaster). The issue date must 
be a business day. The issue date cannot be more than sixty days after 
the date BPD receives the subscription. If the subscription is for $10 
million or less, BPD must receive the subscription at least five days 
before the issue date. If

[[Page 283]]

the subscription is for more than $10 million, BPD must receive the 
subscription at least seven days before the issue date.
    (b) How do I start the subscription process? A subscriber starts the 
subscription process by entering into SLGSafe the following information:
    (1) The issue date;
    (2) The total principal amount;
    (3) The issuer's name and Taxpayer Identification Number;
    (4) The title of an official authorized to purchase SLGS securities;
    (5) A description of the tax-exempt bond issue; and
    (6) The certification required by Sec.  344.2(e)(1), if the 
subscription is submitted by an agent of the issuer.
    (c) Under what circumstances can I cancel a subscription? You cannot 
cancel a subscription unless you establish, to the satisfaction of 
Treasury, that the cancellation is required for reasons unrelated to the 
use of the SLGS program to create a cost-free option.
    (d) How do I change a subscription? You can change a subscription on 
or before 3 p.m., Eastern time, on the issue date. You may change the 
aggregate principal amount specified in the subscription by no more than 
ten percent, above or below the amount originally specified in the 
subscription.
    (e) How do I complete the subscription process? The subscription 
must:
    (1) Be dated and submitted electronically by an official authorized 
to make the purchase;
    (2) Include the certifications required by Sec.  344.2(e)(2)(i) 
(relating to yield); and
    (3) Include the information required under paragraph (b) of this 
section, if not already provided.