Imperial Valley press., 1943-06-04

I'd State Streets, Ell Centre, Imperial County,
e of S138l5000 principal amount OF Imperial
Refunding Issue of Bonds, more particularly
900 principal amount constituting
the entire issue, of the denomination OF
81 900 each to be dated June 81, l943, to ma
ture January l, 1888; both principal and in
terest payable in lawful money of the United
States of America at the office of the Treas
urer of the District, in Ell Centre, California.
Maximum three and one-half (3l4) per cent
per annum, payable seni-annually on jan
uary lst and July 1st in each year, COM
mcncing from July l, 1943
Bidders must specify the rate of interest
which the bonds hereby offered for sale
shall bear. Bidders will be permitted to bid
different rates of interest, but the interest
rate stated in the bid must be in multiple
of one fourth or one-tenth of one per cent
per annum, payable semi-annually.
Said bonds will be made callable prior to
their fixed maturity at not exceeding the
par value thereof and accrued interest there
on at such dates and in such amounts as
may be specified in the bid of the successful
bidder.
Said bonds will be limited obligations of the
District, payable from annual assessments
upon the lands in the District (uness funds
are otherwise provided by the DISTRICT in
accordance with the California Irrigation
District Act, but subject to the terms Of
refunding plan dated May II, 1943 under
which the minimum debt service assessment
is $650000 per year and the maximum debt
service assessment in any one year is $7150OO,
to be computed and levied as provided in
said refunding plan. Said refunding plan
dated May II, 1943 provides that the pro-
ceedS of said debt service assessment shall
be deposited in the Redemption Fund Gre
ated Hereunder and applied first, to the
payment of interest on the Second Refund
ing Bonds and Registered Warrants, aggre
eating in principal amount $738O9O25; sec
Ond to the payment of certain specified
amounts for the retirement of said Regis
tered Warrants; third, to the Bond Reserve
Fund; and fourth, to the Sinking Fund.
Reference is hereby made to the refunding
plan dated May H. 1943 all of the terms and
conditions of which are hereby Incorporated
in this Notice of Sale.
The District has outstanding $l3,8l5,000
principal amount OF bonds payable from us"
Sessments which are now subject TO the Re-
funding Plan adopted by the District on
December 16, 1882, and the Modification
thereof dated January l, 1899, by virtue Of
q Decree of the United State District Court
for the Southern District of California and
by the United States Circuit Court of APP
peals for the Ninth Circuit approving and
affirming the plan of composition submitted
by the District under the National Bank
ruptcy Act. Pursuant to these DEGREES all
of said outstanding $13,315000 principal
amount of bonds are subject to call and re-
demption at the option of the District, and
the District intends to call said bonds for
redemption on July l, 1943.
The sale of said bonds of the Second Re-
funding Issue is subject to the further con-
dition that prior thereto arrangements shall
have been made, satisfactory to the Board of
Directors, for the refunding of the outstand-
ing $738,090.25 principal amount of Regis
tered Warrants of the District. Any bidder
desiring to bid for the bonds of the Second
Refunding Issue may, in his discretion (but
is not required to) submit in a separate
sealed envelope at the time and place above
designated, his proposal for the purchase of
refunding warrants to refund said outstand-
ing Registered Warrants.
Said refunding bonds are to be issued for
the purpose of providing funds lin whole or
i'm parD for the redemption of outstanding
S138l5O0O principal amount of bonds of the
District payable from assessments upon the