Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-03-05

NV. upon deposi. Of certified
check for $4,000 per set. payable
70 Collector OF Taxes. d c. (Tel
MA $4,000; Ext. 237s1
mhl @.4.5,G.1
NOTICE OF SALE OF PRELIMINARY
LOAN NOTES OF DISTRICT OF CO.
LuMRIA. REINFORCEMENT LAND
AGENCY. Washington. D. c.
Maren D. 1887. Sealed proposals
MI! ne received by the above
ioentliied LEGAL losal public sseney 1heIe-
Agency'D at 6S5 Maine Avenue
SW. In the City OF Westminster
D e, until and publicly opened
az o'clock pm, (E. S. II, on
March ~. 1857. for the purchase
OF 50, 81 600 OF notes OF the Local
Public Agency to be known as "Pre.
hminary Loan Notes Fifth Series
financing its urban renewal project
DESIGNATED Project No. UR D c
I'll. for which the United states
Of America acting by and through
the Housing and Homo Finance
Administrator has aereed to MAKE
a loan under Title o! the Housing
Act o. 1919 Public Law III
slst CONGRESS. approved July I5
1919, as amended and supplement
ed to the Local Public Aeencv TO
assist In the latters undertaking
and carving out thereof. The
notes viii be dated April o. 1877
Will De PAYABLE to bearer on Jan.
uary. 10, 1858. viii bear interest
a. the rate or rates per annum
liked in. the proposal or proposals
accepted Tor the purchase Of such
notes notes. VII be issued n such de,
and interest thereof will be pay.
able at such Incorporated Bank
having trust powers or incorporated
trust Company, as the purchaser
designates In his proposal Such
Bank or Trust Company must be
member Of the Federal Reserve
system. or OF the Federal Deposit
insurance Corporation. and must
have an unimpsired capital and
surplus OF not less than the aegro-
Pate principal amount OF notes
designated In the proposal or pro-
posals submitted by the purchaser
provided. however. that such I'm
impaired capital and surplus need
not exceed One Million Dollars
Ihe notes will provide that they
or Trust Company has sisned thu
agreement. appearing on each note
10 act rs paving agent The notes
Will be transmitted TO such Bank
or Trust Company for delivery 10
the purchaser upon receipt and dis.
hursemeut by such Bank or Trust
company OF the purchase price
thereof in accordance With in
strueiions from the Local Public
Agency After taking delivery Of
the notes the purchaser shall ob.
tain the Signature Of such Bank
or Trust Company upon the notes
as aforesaid. All fees or charges
u any Of such Bank or Trust
Company shall be paid nv such
purchaser. Said notes will be spe.
GA oblisations of the Local Public
agreement between the Local Public
Agency and the United States ci
America under the terms o. which
agreement the United States OF
America agrees Ia lend the Local
Public Agency prior 10 the ma :
turity OF said notes an amount
sufhcient 70 pay the principal and
interest oil all said notes and agrees
10 cause so much Of the proceeds Of
such loan as shall be sufficient 10
pay the principal OF and interest
upon any OF said notes to be de-
posted at the respective Bank or
Trust COMPANY AZ which said notes
are payable for the benefit OF the
holder or holders Of said notes
Under the proceedings authorizinr
SAID notes. the proceeds Of such
pledged hrst, TO the payment. a.
maturity, Of the principal Of and
interest on said notes. The VALIDITY
o. the Preliminary Loan Notes and
81 said reQuisition agreement will
Do approved by Caldwell. Marshall
Trsmble and Mitchell, rs Broad.
way. New York q. N Y, and such
att2[rneys opinion will be furnished
70 the successful purchaser without
charge All proposals for the pur.
chase OF said notes shall bc sub.
United in form approved by the
Local Public Agency. Copies OF
such form Of proposal may be OBJ
FAMED from the Local Public
Agency a. the address Indicated
above Proposals may be for ali
or any part Of the notes and sep
arate proposals will he required
Tor. each part OF said notes for
which a separate Interest rate Is
Did Said notes Will be awarded
At the lowest interest rate or rates
offered IN the proposals. without
reference 10 premium provided
however. that as among proposals
peciiyinR the same lowest interest
basis Of the highest premium per
dollar principal amount OF notes
speeihed In such proposals. No
bid for less than S5U,0OO prin.
opal amount Of said notes or for
less than par and accrued Interest
(which interest shall be computed
on a JB0-day basis Will be enter.
tained and the Local Public Agency
reserves the riRht TO award to 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 a
part OF the notes bid for In n
proposal are awarded by the Local
Public :. Agency, the premium. n
any, ohered In such proposal shall
be proTated. and said notes will be
issued IN organizations in the
order Of the lowest denominations
specified In such proposal; nrovid
cd that one note may he issued
IN. a smaller denomination than "
otherwise specified The further
rlRht Is reserved 70 reject anY OF
s AZ proposals =, T die ! q said
follows Civilizations, including In.
tefesl thereon issued BY iocal pub
lie agencies for protects assisted
pursuant to this title. and income
derived by such agencies from such
projects. shall be excmpt from hll
taxation now or hereafter I'M
posed BY. the United States In
the event that prior TO the de-.
livery Of any Of the notes 10 The
successful bidder therefor the In
come received by private holders
from obligations OF the same type
and character shall be taxable BY
the terms OF any Fedora income
tax law hereafter enacted. the sue
cessiul bidder may. at his election
be relieved Of his obligations under
the contract to purchase laid
notes DISTRICT OF COLUMBIA
UNEMPLOYMENT LAND AGENCY
by JOHN II SEARLES, JR Ex-
eeutiye Director. mh5