Imperial Valley press., 1937-05-13

NOTICE is HEREBY GIVEN TO
the electors of Imperial Irrigation
District that the United States of
America hereinafter called tn G
"Government') acting through the
Federal Emergency Administrator
of Public Works hereinafter called
the "Administrator), has proposed
contract to the Imperial Irrigation
District in accordance with an Of
fer to said District. the nature of
which in substance is as follows:
The United States of America. act
ing through the Federal Emergency
Administrator Of Public Works, pro-
poses to aid the Imperial Irrigation
District in financing the following
project. to-Wit: The construction of
a hydro electric generating plant
nov designated by the Bureau of
Reclamation of the Department of
the Interior as All-American Canal
Power Plant No. a., additions and
improvements to an existing diesel
electric generating plant at Braw-
ley, and an electric transmission
and distribution system, including
necessary equipment and the ac-
QUESTION of necessary land and
rights-of- therefor, by making
a grant to Imperial Irrigation Dis
trict in the amount of forty-five
(45) per cent of the cost of said
project upon completion, as deter
mined by the Federal Emergency
Administrator of Public Works, but
not to exceed in any event the sum
Of Sl.242. 900, and by purchasing
from the District $1,518,000 principal
amount of bonds of the District at
par and accrued interest.
That the consideration therefor is
the issuance by Imperial Irrigation
District of revenue bonds in the ag-
gregate principal amount of $1,5l8,-
600 to be dated as of the first day of
the month pcxt succeeding the date
on which the question of the issu-
ance of said bonds shall be sub
mitted to the electors of said Dis
triCt: to bear interest at the rate of
4fo: per annum. payable semi-an-
nually: to mature Serially in annual
inStallmentS commencing January
I, 1941, and ending January |, 1867.
in not less than $4,000 nor more
than $4,000 for each installment
and to be payable exclusively (cx-
Ccpt as to certain amount of in
terest during construction out of
the special fund to be designated
Sixth Issue United States Contract
Fund" derived from the revenues of
the electric system of the District
now or hereafter acquired and con-
structed but excluding therefrom
the portion of the electric system fl
nanced by the Rural Identification
Administration Gncluding cOnSum-
erS service connections thereto):
said bonds TO be sold and delivered
to the United States of America for
rot less than the par value thereof
and accrued interest thereon to the
date of delivery.
That said offer shall be accepted
and become 2 binding contract on
the day following the approval
thereof by the qualified electors of
Imperial Irrigation District voting
at a special election to be called and
held for that purpose ,and for the
purpose of authorizing the issuance
of said revenue bonds) in the man
ner provided by law and when an
acceptance thereof is duly executed
by the District 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 offer is as follows: Said
offer provides for The construction
by said District of an clcctrification
project hereinbefore referred to. in
accordance with plans and Specifi-
cations to be prepared by the Dis
trict Payment for said work shall
be made through funds advanced by
the Government through the pur-
chase of the revenue bonds to be is
sued by the District, containing the
provisions and subject to the condi-
tions hereinbefore referred to and
through proposed grant from the
Government. Said offer provides
that said grant shall be in the
amount of 45% of the cost of said
project upon completion, as de-
termined by the Federal Emer-
gency administrators of Public
Works, but that the Government
shall not be required to increase
said grant to an amount in excess
Of $1,242, ,000 The District is requir-
ed to comply with all applicable
laws and to furnish proper records
of account and to cause said revenue
bonds to be issued in compliance
with the terms and conditions of
said offer as herein briefly sum-
married. A copy of said offer is
now spread upon the minutes of
the Board of Directors of Imperial
Irrigation District and a copy there
of in on file in the office of the Sec
retary of said District and open to
the inspection of all interested per-
sons during business hours. Refer
erce is hereby made to said Pub
lie Works Administration Offer
March 27, 1880 so filed and en-
tered for further particulars there
of and the same is hereby incor-
porated herein and hereby made a
part hereof.
Dated: Ell Centro, Imperial Coun-
ty, California, this 18th day of
May, 1897.
BY ORDER OF THE BOARD
OF DIRECTORS OF IMPERIAL
IRRIGATION DISTRICT.
w. w. GOODSON