Imperial Valley press., 1936-10-25
LEGAL ADVERTISEMENT
NOTICE OF PROPOSED RURAL
ELECTRFICATION ADMIN
ISTRATION CONTRACT

ISTRATlON CONTkACT
90
NOTICE IS HEREBY GIVEN Il
the electors of Imperial Irrigation
District that the Rural Electrifica.
ton Administration, acting for ant
on behalf of the United States o.
America, has proposed a contrac1
to the Imperial Irrigation District
the nature of which, in substance
is as follows:
The Rural Identification Admin
istration, under and pursuant to the
Rural Electrification Administration
Act of 1896, by and on behalf of the
United States of America proposes
to lend to the Imperial Irrigation
District an amount not to exceed
100000 for the purpose of enabling
the District to construct rural
electrification project las more fully
described in said contracD consist
ing of lines for the transmission and
distribution of electrical energy in
rural areas in Imperial Irrigation
District and consisting of approxi-
mately 500 miles of transmission
lines and primary and secondary
distribution lines, together with the
necessary appurtenances and facil-
tiles to constitute a complete elec-
trio distribution system for the pur-
pose of furnishing electric energy
to approximately 1900 rural con-
sumers, the proceeds of said loan to
be applied to the cost of said prof.
LOT IN, 20 orfl tn
cluding interest on the revenue
bonds hereinafter referred to during
such construction.
That the consideration therefor
is the issuance by Imperial Irriga-
ton District of revenue bonds not
to exceed in aggregate principal
amount S700, 900, to be dated Oct
ober /, 1886, or such later date as
may be satisfactory to the parties;
to bear interest at a rate equal to
the average rate of interest pay
able by the United States of Amer
lea on its obligations having a ma
turity of ten years or more from
the dates thereof, issued during the
fiscal year ending June 80, 1886. as
determined by the Administrator,
but not to exceed in any event
So per annum, to be payable semi
annually; to mature serially in
semi-annual installments commenc-
ing January l, 1941 and ending July
/, 1856, is not less than $1,000 nor
more than S27 900 per each semi
annual installment, and to be pay
able exclusively out of the special
fund to be designated Fifth Special
Issue United States Contract Fund, y
derived from the revenues Of said
rural electrification project to be
constructed from the proceeds Of
said bonds (and in no event from
assessments or water toll9; said
bonds to be sold and delivered TO
the United States of America by
and through the Rural Electrifica-
ton Administrator for not less
than the par value thereof and ac-
crued interest thereon to date of
delivery.
That said contract shall become
effective on the date following the
approval thereof by the qualified
electors of Imperial Irrigation Dis
trict voting at special election
to be called and held for that pur-
pose (and for the purpose of auth
orizing the issuance of said revenue
bonds in the manner provided by
law and when duly executed by the
parties thereto upon the approval
thereof by the California Districts
Securities Commission. Particular
notice is hereby given that the
Board of Directors intends to cal
and hold said election as soon as
practicable.
That brief summary of the con-
tents of said contracts are as fol-
lows: Said contract provides for
the construction by said District BY
force account of rural electrifica-
ton project hereinbefore referred
TO, in accordance with plans anc
specifications to be prepared by the
District and approval by the Rura
Electrification Administration. Pay.
ment for said work shall be made
through funds advanced by th'
Rural Electrification Administrator
through the purchase Of revenu,
bonds to be issued by the District
containing the terms and subjec
to the conditions hereinbefore re
ferred to- The District is require,
TO comply with all applicable law
and to furnish proper records o
account and 10 cause said revenu
bonds to be issued in complianc
with the terms and conditions O
said contract as herein briefly sum
married. A copy Of said contrac
is now spread upon the minutes @
the Board of Directors Of Imperis
Irrigation District and copy there
of is on file in the office Of tn
Secretary of said District and ope
to the inspection of all intereste
persons during business hours. Ref
erence is hereby made to said Rurs
Identification Administration Con
tract so filed and entered for furthe
particulars thereof and the sam
Is hereby Incorporated herein an
hereby made a part hereof
Dated FL Centre, Imperia
County. California, this Goth day G
BY ORDER OF THE BOARD o.