The poster contest began in 1992 as a fun way for students to learn the value of saving. The Bureau of the Public Debt manages the Savings Bond Program. Sponsor of this year's contest is Kenneth Derr, Chairman of the Board and CEO of Chevron Corporation who chaired the 1997 U.S. Savings Bond Volunteer Committee. State winners were selected earlier this year. First-place entries from each State and the District of Columbia then were submitted to a panel of judges for selection of the national winners.
Savings bonds have many advantages for investors.
They are also available through payroll savings plans in many private companies and other organizations. Savings bonds are safe, backed by the U.S. Government and can be replaced if lost, stolen, or destroyed. Series EE bonds are exempt from State and local income taxes and the Federal income tax liability on earnings can be deferred until the bonds are redeemed or reach final maturity. There are special tax benefits available when bonds are used for education. Investors who qualify can exclude all or part of the interest earned in Series EE bonds from income when the bonds are redeemed to pay for post-secondary education.