Public Income Notes, represent general, unsecured, unsubordinated obligations of a company that are sold to the general public in small amounts usually $25, trade on the stock exchanges, pay fixed specified quarterly interest payments, are redeemable at par plus accrued interest at the option of the company after a specified period (generally 5 years), and mature in 30 to 50 years. PINES trade flat on the markets (the price does not include accrued interest in the trading price). PINES rank equally with the company's other unsecured and unsubordinated debt.