PART 352—OFFERING OF UNITED STATES SAVINGS BONDS, SERIES HH Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3105. Source: 54 FR 40249, Sept. 29, 1989, unless otherwise noted. § 352.0 Offering of bonds. The Secretary of the Treasury offered to the people of the United States, United States Savings Bonds of Series HH in exchange for eligible United States Savings Bonds of Series E and EE and United States Savings Notes (Freedom Shares). This offering is being withdrawn and will terminate at the close of business on August 31, 2004. [69 FR 40318, July 2, 2004] § 352.1 Governing regulations. Series HH bonds are subject to the regulations of the Department of the Treasury, now or hereafter prescribed, governing United States Savings Bonds of Series EE and HH contained in Department of the Treasury Circular, Fiscal Service Series No. 3-80, as amended (31 CFR part 353), hereinafter referred to as Circular No. 3-80. § 352.2 Description of bonds. (a) General. (b) Denominations and prices. (c) Term. (d) Redemption. (e) Investment yield (interest). (i) Bonds with issue dates of January 1, 2003, and thereafter. (ii) Bonds with issue dates of March 1, 1993, through December 1, 2002. (iii) Bonds with issue dates of November 1, 1986, through February 1, 1993. (iv) Bonds with issue dates of November 1, 1986, through September 1, 1989. (v) Bonds with issue dates of November 1, 1982, through October 1, 1986. (vi) Bonds with issue dates of May 1, 1981, through October 1, 1982. (vii) Bonds with issue dates of November 1, 1980, through April 1, 1981. (viii) Bonds with issue dates of January 1, 1980, through October 1, 1980. (2) During extended maturity. (i) Bonds that enter an extended maturity period on or after January 1, 2003. (ii) Bonds that entered an extended maturity period from March 1, 1993, through December 1, 2002. (iii) Bonds that entered an extended maturity period from January 1, 1990, through February 1, 1993. (f) Payment of interest. (1) Bonds issued on or after October 1, 1989. (2) Bonds issued prior to October 1, 1989. (i) By check drawn to the order of the registered owner or both coowners; or (ii) Upon request, by the ACH method to the owner or coowner's account at a financial institution. (g) Rules governing payment of interest by the ACH method. (1) Is required under paragraph (f)(1) of this section; (2) Is requested by an owner or coowner on or after October 1, 1989, pursuant to paragraph (f)(2) of this section; or (3) Was requested by an owner or coowner prior to October 1, 1989. Interest payments made by the ACH method on and after October 1, 1989, will be processed in accordance with 31 CFR part 370. (Approved by the Office of Management and Budget under control number 1535-0094) (h) Tables of interest payments and redemption values. [54 FR 40249, Sept. 29, 1989, as amended at 58 FR 60947, Nov. 18, 1993; 59 FR 10540, Mar. 4, 1994; 67 FR 79384, Dec. 24, 2002; 69 FR 40318, July 2, 2004] § 352.3 Registration and issue. (a) Registration. (b) Validity of issue. (c) Taxpayer identifying number. [54 FR 40249, Sept. 29, 1989, as amended at 57 FR 14286, Apr. 17, 1992; 71 FR 46857, Aug. 15, 2006] § 352.4 Limitation on purchases. Series HH bonds issued under the terms of this Circular were not subject to a purchase limitation. [54 FR 40249, Sept. 29, 1989, as amended at 69 FR 40318, July 2, 2004] § 352.5 Authorized issuing and paying agents. Series HH bonds were issued and may be redeemed only by Federal Reserve Banks (see § 352.13) and the Bureau of the Fiscal Service. [69 FR 40318, July 2, 2004] § 352.6 [Reserved] § 352.7 Issues on exchange. (a) Securities eligible for exchange. (b) Basis for issue. (c) Role of financial institutions. (d) Computation of issue price. (1) To add the cash necessary to bring the amount of the application to the next higher multiple of $500, or (2) To receive a payment to reduce the amount of the application to the next lower multiple of $500. (e) Registration. (1) If the securities submitted for exchange were in single ownership form, the owner was required to be named as owner or first-named coowner on the Series HH bonds. A coowner or beneficiary was permitted to be named. (2) If the securities submitted for exchange were in coownership form, and one coowner was the “principal coowner”, that person was required to be named as owner or first-named coowner on the Series HH bonds. A coowner or beneficiary was also permitted to be named. The “principal coowner” was the coowner who purchased the securities presented for exchange with his or her own funds, or received them as a gift, inheritance or legacy, or as a result of judicial proceedings, and had them reissued in coownership form, provided he or she had received no contribution in money or money's worth for designating the other coowner on the securities. (3) If the securities presented for exchange were in coownership form, and both coowners shared in their purchase or received them jointly as a gift, inheritance, or legacy or as a result of judicial proceedings, both persons were required to be named as coowners on the Series HH bonds. (4) If the securities presented for exchange were in beneficiary form, the owner was required to be named on the Series HH bonds as owner or first-named coowner. If the owner was deceased, a surviving beneficiary was required to be named as owner or first-named coowner. In either case, a coowner or beneficiary was permitted to be named. (f) Issue date. (g) Tax-deferred exchanges. (2) Tax deferral legend. (3) Reporting of interest paid to owner. (h) Exchanges without tax deferral. [69 FR 40318, July 2, 2004] § 352.8 Reinvestment of matured Series H bonds. (a) General. (b) Rules. [54 FR 40249, Sept. 29, 1989, as amended at 69 FR 40319, July 2, 2004] § 352.9 Delivery of bonds. Authorized issuing agents delivered Series HH bonds by mail at the risk and expense of the United States to the address given by the applicant, if it is within the United States, one of its territories or possessions, or the Commonwealth of Puerto Rico. No mail deliveries elsewhere were made. Bonds acquired by a citizen of the United States residing abroad were delivered only to such address in the United States as the applicant directs. [54 FR 40249, Sept. 29, 1989, as amended at 69 FR 40319, July 2, 2004] § 352.10 Taxation. The interest paid on Series HH bonds is subject to all taxes imposed under the Internal Revenue Code of 1954, as amended. The bonds are subject to estate, inheritance, gift, or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest by any State or any local taxing authority. § 352.11 Reservation as to issue of bonds. The Commissioner of the Fiscal Service, as delegate of the Secretary of the Treasury, reserved the right to reject any application for Series HH bonds, in whole or in part, and to refuse to issue or permit to be issued any bonds in any case or class of cases, if the action was deemed to be in the public interest. The Commissioner's action in such respect was final. [54 FR 40249, Sept. 29, 1989, as amended at 69 FR 40319, July 2, 2004] § 352.12 Waiver. The Commissioner of the Fiscal Service, as delegate of the Secretary of the Treasury, may waive or modify any provision of this Circular in any particular case or class of cases for the convenience of the United States or in order to relieve any person or persons of unnecessary hardship if: (a) Such action would not be inconsistent with law or equity; (b) It does not impair any existing rights; and (c) The Commissioner is satisfied that such action would not subject the United States to any substantial expense or liability. § 352.13 Fiscal agents. (a) Federal Reserve Banks and Branches, referred to below, as fiscal agents of the United States, are authorized to perform such services as may be requested of them by the Secretary of the Treasury, or his or her delegate, in connection with the issue, servicing, and redemption of Series HH bonds. (b)(1) The following Federal Reserve Offices have been designated to provide savings bond services: Servicing office Reserve districts served Geographic area served Federal Reserve Bank, Buffalo Branch, P.O. Box 961, Buffalo, NY 14240 New York, Boston CT, MA, ME, NH, NJ (northern half), NY (City & State), RI, VT, Puerto Rico and Virgin Islands. Federal Reserve Bank, Pittsburgh Branch, P.O. Box 867, Pittsburgh, PA 15230 Cleveland, Philadelphia DE, KY (eastern half), NJ (southern half), OH, PA, WV (northern panhandle). Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond, VA 23261 Richmond, Atlanta AL, DC, FL, LA (southern half), MD, MS (southern half), NC, SC, TN (eastern half), VA, WV (except northern panhandle). Federal Reserve Bank of Minneapolis, 250 Marquette Avenue, Minneapolis, MN 55480 Minneapolis, Chicago IA, IL (northern half), IN (northern half), MN, MT, ND, SD, WI. Federal Reserve Bank of Kansas City, 925 Grand Avenue, Kansas City, MO 64198 Dallas, San Francisco, Kansas City, St. Louis AK, AR, AZ, CA, CO, HI, ID, IL (southern half), IN (southern half), KS, KY (western half), LA (northern half), MO, MS (northern half), NE, NM, NV, OK, OR, TN (western half), TX, WA, WY, UT and GU. (2) Until March 1, 1996, other Federal Reserve Offices may continue to provide some savings bond services, but such services will be phased out over the period prior to that date. [59 FR 10541, Mar. 4, 1994] § 352.14 Reservation as to terms of offer. The Secretary of the Treasury may at any time or from time to time supplement or amend the terms of this offering of bonds.