Development Savings Bonds issued by the State of Israel on and after April 1, 1954 will become eligible for redemption as of tomorrow, it was announced today by Abraham Feinberg, president of the Israel Bond Organization.
Mr. Feinberg declared that matured savings bonds will be redeemed at 150 per cent of the issue price. He estimated that during 1964 Israel would make redemption payments amounting to approximately $14, 000,000 in principal and accrued interest on the Development Savings Bonds that were sold ten years ago.
In addition, he said, a total of about $29, 000, 000 in principal and interest will be paid out on the 12-year Israel Independence Savings Bonds, issued in 1952, which will fall due this year. In 1963, the sum of $24,500, 000 was paid out by Israel on the first Independence Savings Bonds sold in 1951.
The Israel Bond Organization is currently engaged in a campaign to sell $85,000, 000 in 1964 as part of the new Third Development Bonds issued on March 1 of this year. Two types of Development Bonds are being offered: 1) 15-year coupon bonds which pay four per cent per annum; 2) 12-year savings bonds which, at maturity, will pay 160 per cent of the issue price.
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