(Archived Content)
Treasury announced today that it is waiving late payment assessments and administrative penalties for State and Local Government Series (SLGS) securities customers who are unable to settle as a result of the disruptions caused by the attack on New York. The waiver applies to subscriptions received prior to September 12, 2001.
Treasury will waive the late payment assessments, which include an amount equal to the interest that would have accrued from the requested issue date to the date of actual settlement plus a $100 fee per subscription for those customers who are unable to settle timely as a result of the disruptions in the financial district in New York. Affected customers should contact the Public Debt's Division of Special Investments at 304-480-5299. Treasury will also waive the administrative penalty, which is a 6-month suspension of eligibility to purchase SLGS.
The State and Local Government Series are non-marketable Treasury securities made available to State and local government entities to help them comply with IRS arbitrage rebate requirements.