United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2012_register executive 2012-06-07 article Rules and Regulations D09002ee1c7fce37b D09002ee1c7fce3f4 United States Department of the Treasury originator org United States Government Agency or Subagency United States Fiscal Service originator org United States Government Agency or Subagency The Department of the Treasury (Treasury) is issuing this final rule to revise the regulations governing State and Local Government Series (SLGS) securities. SLGS securities are non-marketable Treasury securities that are only available for purchase by issuers of tax-exempt securities. Current financial market conditions have resulted in extraordinarily low yields in the secondary market for some marketable Treasury securities. As a result, rates applicable to non- marketable State and Local Government Series (SLGS) securities sold to issuers of tax-exempt securities could be negative. To prevent this, Treasury is instituting a floor on the daily SLGS rate, by amending the definition of "SLGS rate" and the definition of the "annualized effective Demand Deposit rate" for Demand Deposit SLGS securities. Additionally, Treasury is revising the definition of "Y" in the annualized effective Demand Deposit rate calculation formula to clarify the calculation method to be used during a year that contains a leap day. 77 FR 33634 https://www.govinfo.gov/app/details/FR-2012-06-07/2012-13779 2012-13779 fr07jn12-9 4810-39-P Department of the Treasury Circular, Public Debt Series No. 3-72 https://www.govinfo.gov/app/details/FR-2012-06-07/2012-13779 https://www.govinfo.gov/content/pkg/FR-2012-06-07/html/2012-13779.htm https://www.govinfo.gov/content/pkg/FR-2012-06-07/pdf/2012-13779.pdf Bonds Government Securities Reporting and Recordkeeping Requirements 2 p. 33634 33635 77 FR 33634 Title 31 Part 344 31 CFR Part 344 U.S. Treasury Securities-State and Local Government Series; Federal Register Vol. 77, Issue RULE 2012-13779 DEPARTMENT OF THE TREASURY Fiscal Service 2012-06-07 Department of the Treasury Circular, Public Debt Series No. 3-72 4810-39-P 2012-13779 Final rule.

The Department of the Treasury (Treasury) is issuing this final rule to revise the regulations governing State and Local Government Series (SLGS) securities. SLGS securities are non-marketable Treasury securities that are only available for purchase by issuers of tax-exempt securities. Current financial market conditions have resulted in extraordinarily low yields in the secondary market for some marketable Treasury securities. As a result, rates applicable to non- marketable State and Local Government Series (SLGS) securities sold to issuers of tax-exempt securities could be negative. To prevent this, Treasury is instituting a floor on the daily SLGS rate, by amending the definition of "SLGS rate" and the definition of the "annualized effective Demand Deposit rate" for Demand Deposit SLGS securities. Additionally, Treasury is revising the definition of "Y" in the annualized effective Demand Deposit rate calculation formula to clarify the calculation method to be used during a year that contains a leap day.

This final rule is effective June 7, 2012. Debra Hines, Assistant Commissioner, Office of the Assistant Commissioner for Public Debt Accounting, Bureau of the Public Debt, at (304) 480-5101 or opda-sib@bpd.treas.gov, Edward Gronseth, Deputy Chief Counsel, Elizabeth Spears, Senior Attorney, or Brian Metz, Attorney-Adviser, Office of the Chief Counsel, Bureau of the Public Debt at (304) 480-8692. Bonds Government Securities Reporting and Recordkeeping Requirements U.S. Treasury SecuritiesState and Local Government Series , opda-sib@bpd.treas.gov http://www.gpo.gov http://www.publicdebt.treas.gov http://www.regulations.gov Vol. 77, no. 110 Office of the Federal Register, National Archives and Records Administration 2012-06-07 continuing daily deposited born digital 359 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2012-06-07 P0b002ee18286cc2c 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr07jn12 https://www.govinfo.gov/app/details/FR-2012-06-07 https://www.govinfo.gov/content/pkg/FR-2012-06-07/pdf/FR-2012-06-07.pdf https://www.govinfo.gov/content/pkg/FR-2012-06-07/xml/FR-2012-06-07.xml fdlp 33595 33944 DGPO 2012-06-07 2024-06-03 FR-2012-06-07 machine generated eng FR FR-2012-06-07 77 110