Imperial Valley press., 1943-09-09

Bonds maturing on and after July l, 1854
are calable as a whole, or in part, in in
verse order of maturities Cor by lot within
maturities) at the option of the District on
any interest payment date on and after
January l, 1854, at the principal amount
thereof and accrued interest to date of re-
demption, plus premium of
go of such principal amount if re-
deemed on and after January l.
1854, and prior TO January l. 1859;
go of such principal amount if re-
deemed on and after January l.,
1852 and prior to January l. 1864;
and
10 of such principal amount if re-
deemed on and after January l.,
1864, and prior TO January l. 1869
and
Callable as a whole, or in part, by
lot at the option Of the District on
any interest payment date from and
after January !, 1869, at the prin-
cipal amount thereof and accrued
interest to the date of redemption
Said bonds are revenue bonds and are pay
able both principal and interest, exclusively
from the revenues of the Electric System OF
the District on parity with the present
outstanding Sl,398,0 900 principal amount of
the Sixth Issue of Electric Revenue Bonds
of the District and 1895. 900 principal amount
of the Seventh Issue of Electric Revenue
Bonds Of the District.
The Electric System of the District includes
all present and future facilities of the Dis
trict for the generation, transmission and
distribution of electric energy, Except rural
transmission and distribution lines financed
In whole or in part by the Rural Electrifica-
tlon Administration and customers service
connections TO said linesD including all ex-
tensions thereof and additions, betterments,
and improvements thereto and including the
properties Of the California Electric Power
Company proposed TO be acquired. The gross
revenues Of said Electric System, after first
deducting therefrom only the reasonable
cost OF maintenance and operation of the
Electric System, have been pledged to the
payment Of the principal of and interest on
said bonds of said Sixth, Seventh and Eighth
Issues, and said pledge constitutes an irrevoc-
able first pledge (after such deduction) Of
said revenues, superior to all other charges
and subject to the rights Of the holders of
additional bonds which may be issued on
parity with said Sixth, Seventh and Eighth
Issues.
Additional bonds on parity with the bonds
of the Eighth Issue (and also of the Sixth
and Seventh Issues may be issued only to
construct or acquire extensions of, or addi-
tions betterments or improvements to the
Electric System, and only pursuant to an af
firmative vote Of at least a majority of the
qualified electors of the District and an
estimate by qualified engineers that the
gross revenues of the Electric System, as
proposed TO be extended after deduction OF
the reasonable cost OF maintenance anc
operation thereof will be sufficient to pay
the principal of and interest on the Electric
Revenue Bonds on a parity Herewith ther
outstanding and of the additional bonds pro-
posed TO be issued as the same become due
and payable. Such additional bonds must
be sold for not less than the principal
amount thereof and accrued interest thereon
and the proceeds applied solely for the pur-
pose OF constructing and acquiring exten.
sions, additions. betterments and improve.
ments to the Electric System.