The Bureau of Public Debt took action to assist victims of flooding in Minnesota by expediting the replacement or payment of United States Savings Bonds for owners in the affected areas. The emergency procedures are effective immediately for paying agents and owners in those areas of Minnesota affected by the storms. These procedures will remain in effect through May 31, 1997. Public Debt's action waives the normal six-month minimum holding period for Series EE savings bonds presented to authorized paying agents for redemption by residents of the affected area.
Most financial institutions serve as paying agents for savings bonds.
Minnesota counties involved are Benton, Big Stone, Brown, Chippewa, Clay, Kittson, Lac Qui Parle, Marshall, Norman, Pennington, Polk, Red Lake, Roseau, Sherburne, Stearns, Swift, Traverse, Washington, Wilkin, Wright, and Yellow Stone. Should additional counties be declared disaster areas the emergency procedures for savings bonds owners will go into effect for those areas. The replacement of bonds lost or destroyed will also be expedited by Public Debt. Bond owners should complete form PD-1048, available at most financial institutions or the Federal Reserve Bank. Bond owners should include as much information as possible about the lost bonds on the form.