31 CFR 340.8 - Acceptance of bids.

§ 340.8 Acceptance of bids.

(a)Opening of bids. Bids will be opened at the time and place specified in the public notice.

(b)Method of determining accepted bids. The lowest basis cost of money 2 computed from the date of the bonds to the date of maturity will be used in determining successful bids.

2 In cases where bidders are required to specify the coupon rate, the lowest basis cost of money will be determined by reference to a specially prepared table of bond yields, a copy of which will be made available to all prospective bidders upon written request to the Federal Reserve Bank of New York, or the Bureau of the Fiscal Service, Treasury Department, Washington, DC 20220. Straightline interpolation will be applied if necessary.

(c)Acceptance of successful bid. The Secretary of the Treasury, or his representative, will notify any successful bidder of acceptance in the manner and form specified in the public notice.

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United States Code