Imperial Valley press., 1936-10-23
LEGAL ADVERTISEMENT
NOTICE OF PROPOSED RURAL
ELECTRIFICATIO ADMIN
ISTRATION CONTRACT

NOTICE IS HEREBY GIVEN to
the electors of Imperial Irrigation
District that the Rural Electrical
ton Administration, acting for and
on behalf of the United States of
America, has proposed contract
to the Imperial Irrigation District
the nature of which, in substance,
is as follows:
The Rural Electrification Admin
istration, under and pursuant to the
Rural Identification 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 (as 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 approx
mately 500 miles of transmission
lines and primary and secondary
distribution lines, together with the
necessary appurtenances and facil-
tiles to constitute complete elec-
trio distribution system for the pur-
pose of furnishing electric energy
to approximately 1900 rural con-
sumcrs, the proceeds of said loan to
be applied to the cost of saio prof.
ect (as defined in said contracD in
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 100000, to be dated Oct
ober l, 1886, or such later date as
may be satisfactory to the parties;
to bear interest at rate equal to
the average rate of interest pay
able by the United States of Amer
lea on its obligations having ma
turity of ten years or more from
the dates thereof, issued during the
fiscal year ending June 80, 1896, 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 /, 1941 and ending July
|. 1856, is not less than $1,000 nor
more than $4,000 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"
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 tolls); said
bonds to be sold and delivered to
the United States of America by
and through the Rural Electrified
ton Administration 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 a 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 call
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 a rural electrifica-
ton project hereinbefore referred
to, in accordance with plans and
specifications to be prepared by the
District and approval by the Rural
Electrification Administration. Pay
ment for said work shall be made
through funds advanced by the
Rural Identification Administration
through the purchase of revenue