Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-12-17
PROPOSALS
NOTICE QP SALE
PRELIMINARY LOAN NOTES

PRELIMINARY LOAN NOTES
plsrRIcr % coLuslgsIvAAcv
RFDEvEI. OPMENr LAND AGENCY
T TAsssaESsES y p iss s.
a..,.d nroposals Mi be received By
ne above-identified local public
seency hereinafter called ihe
Local Public Ageney } A. 30
MAINE AVENUE s.w IN TIE
CITY or WASHINGTON, D G.
until and publicly opened ~ one
O'Clock Pm, EST. on JANUARY
s, 1855. for the purchase o.
Saf 900 900 Of notes OF tns Loe =.
PUBLIC Aseney 20 ne o, snoS SIC.
oND sFRfEs. B1'" beinG issued %
Sld In financing it's urban renewal
protect, designated Project NO,
n RI, for which the United
States ot America acting oy Ano
through the HOUSING and Home
FfnAnce Administrator has asieea
10 make q loan under Title ! oi
the Housing Act OF 1888 .fuonS
jslv * igfSl as amended ard
svpplenentedl 70 the Local Pub
he Agency 70 assist In the latter
uudertakins and carving OUT
he notes viii be dated FEBRUARY
il, 1855. will be payable 70 orarer
on AUGUST 90. 1855. VII pear 10
tereEt a. the rate or ratee ~
annum fxed ~ me pfopos NM.
shase Of such notes, viii be issued
IN such denominAtions.. and potn
nrincipai and interest thereof WI.
s. PAYABLE at such tneorp9feieo
Rank having trust powers or M
coTporated Trust Company. ~ the
purchaser designates IN his pro-
posai Such Bank or Trust CEN
pany must be . member oi ne
s scsrsl Rs sna,,s S insurance 81 corpo
ratior, and must have an unim-
paired capital and rurplas OF not
less than the aggregate prineipAl
amount OF notes designated IN the
proposal or proposals submitted py
me purchaser, provided. however
that such unimpairec eanltai ano
surplus need not exceed one NIL
lion Dollars The notes Til PIG,
vide that they are noi ss Hn1,r nnnil
has signed the agreement. ap-
pearing on each note, 70 ct o.
naying agent. The notes viii be
fransnnitted TO such Bank or
Trust Company for delivery g
the purchaser upon receipt and
disbursement BY such Bank OF
Trust Company u ne purenase
price thereof IN seeordance WV,
b Ss,ESei asese, i Eissr ,sRins dsi1i
CIV Of me notes the purchaser
shall obtsln the signature OF such
Bank OF Trust Company upon the
notes as aforesaid. All ices OF
CHARGES, N any. Of said Bank or
Trust Company shall be paid oy
such purchaser. -
SAID notes will be special obligh-
lions Of the Local Public Agency
seeured By \ reauisition agree-
Agency and the United States 81
America under the terms OF which
aereement the United. states OF
America agrees TO lend the Local
Public Agency prior to the matur-
ity OF said notes an amount SUM
Gent to pay the principal and
interest OF all said notes hnd
agrees to cause so much OF me
proceeds Of such loan Is shall o .,
and interest upon any Of said
notes 10 be deposited at the re-
spective Bank or Trust Company
a. which said notes are payable
for the benefit Of the holder or
holders OF said notes Under the
PROCEEDINGS authorizing said notes,
the proceeds OF such loan. pay.
ment will be irrevocabiv pledged
first, 70 the payment ~ maturity
Of the principal OF and Interest
The validity OF the Preliminary
Loan Notes and OF said reduisition
MFssRs cAiDwEf.L' MARSHALL
TRfMBLE AND MITCHELL. 1la
BROADWAY. NEW YORK y, NEW
YORK. and such attorneys opin-
ion viii be furnished 20 the sue
cessful purchaser without eharee
said notes shall be suomitted In n
form approved By the Local Pub
lie Agency. Copies OF such form
Of proposal may be obtained from
the Local Public Agency ct the
address Indicated above
Proposals may be for all or any
part Of the notes and separate
proposals will be required fol. each
part Of said notes for which q
notes will be awarded At the low,
est interest rate or rates nfered
In the proposals, without reference
to premium: provided. however.
that as among proposals specify
ina the same lowest interest rate,
award will be made on the basis
Of the highest premium per az llar
PRINCIPAL amount OF notes Speclilei
In such proposals. No bid Ter less
than $4,000 principal amount Of
said notes or for less than par
and accrued interest (Which in
terest shall be computed on a
aRO-day basisl will be entertained
and the Local public Agency re-
serves the riRnt 20 award 10 any
bidder all or any part OF the notes
which such bidder offers TO pur-
chase In his proposal upon the
basis Of such proposal II only q
part Of. the notes bid ior IN z
proposal are awarded by the Local
any, offered IN such proposal shall
be prorated and said notes will be
Issued in denominations In the
order OF the lowest denominations
specified in such proposal pro-
vided,. that one note may be Is
sued In q smaller denomlnatio
than Is otherwise specified. The
further right g reserved TO reject
Title I OF said Housing Act OF 1919
provides as follows Civilizations.
Including Interest thereon issued
hy local public agencies for prot
ects assisted pursuant 10 this title.
and Income derived by such reen-
cies from such. protects, shall be
exempt from all taxation now or
hereafter imposed BY the United
In the event that prior 10 the de-
livery Of any OF the notes 70 the
successful bidder therefore the in
come received by private holders
from pblieations OF. the same type
and character shall BE- taxable BY
the terms Of any Federal income
tax law hereafter enacted, the
successful bidder may, at his cleo
ton, be relieved Of his obllgations
under the contract to purchase
'A'1 pIsTRicr OF COLUMBIA
|REpEVEoLPMENT LAND AGENCY
by MALCOLM a BURROWS.