Evening star., 1958-07-08
PROPOSALS
NOTICE OF SALE
OF
PRELIMINARY LOAN NOTES

DISTRICT OF COLUMBIA
UNEMPLOYMENT LAND AGENCY
WASHINGTON. D. c.
Sealed proposals will be received
BY the above-identifled local public
ageney !hereinafter called the ''Lo-
cal Public Assncy"l st 6e5 Maine
inEton, b. C., until: ana pubiiciy
opened at one o'clock p. M. 1EsTJ.
on July %, 1858, for the purchase
Of $45. $50, 900 Of notes Of the Local
Public Agency to be known as Pre-
lIminarY Loan Notes Third Series.
b." being issued to aid In financ-
ing Its urban renewal project, des-
ignated Project No. D. c. Ri, for
which the United States of America
acting BY and through the HousinR
and Home Finance Administrator
has agreed to make q loan under
Title l Of the Housing Act Of 1919
approved July is. I94s. as smended
and supplementary to the Local
Public Agency to assist In the lat
ters undertaking and carrying out
thereof.
The notes will be dated August
10. 1858, will be payable to bearer
on May %, 1869, will bear interest
ct the rate or rates per annum
fxed In the proposal or proposals
accepted for the purchase Of such
notes, will be issued in such de-
nominations, and both principal
and interest thereof win be payable
at such Incorporated Bank having
trust powers or incorporated Trust
Company, as the purchaser desig-
mates In his proposal. Such Bank
Or Trust Company must be 9 MEM
or Of the Federal Deposit Insurance
Corporation, and. must have an un-
impaired capital and surplus of not
less than the aggregate principal
amount OF notes DESIGNATED in the
proposal or proposals submitted by
the purchaser, provided. however,
that such unimpaired capital and
surplus need not exceed One Million
Dollars. The notes will provide that
they are not valid until after such
Bank or Trust Company has signed
the agreement, appearing on each
note. to act as payine agent. The
Bank or Trust Company for de-
livery to the purchaser upon re-
ceipt and disbursement by such Bank
or Trust Company Of the purchase
price thereof in accordance with
instructions from the Local Public
Agency. After taking delivery OF
the notes the purchaser shall obtain
the signatufe of such Bank or Trust
Company upon the notes as afore-
said. All fees or charges. If any,
OF such Bank or Trust Company
shall be paid by such purchaser.
Said notes will be special obliga-
tions Of the Local Public Agency
secured by reouisition agreement
between the Local Public Agency
under I t the rT terms eS q which NJ Aasrses asree.
ment the United states Of America
agrees to lend the Local Public
Agency prior to the maturity OF
said notes an amount suficient to
pay the principal and interest of
all said notes and agrees to 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 deposited at
the respective Bank or Trust Com
pany at which said notes are pay
holders of said notes. Under the
authorizing said notes,
the proceeds Of such loan payment
will be irrevocablv pledged FIRST, to
the payment, at maturity, Of the
principal of and interest on said
notes.
The validity Of the Preliminary
Loan Notes and Of said reuuisition
agreement will be approved. by
Caldwell. Marshall, Trimble
and Mitchell, 116 Broadway, New
York 8, New York, and such attor-
ney's opinion will be furnished to
the successful purchaser without
All proposals for the purchase of
said notes shall be. submitted in
. form approved By the Local Public
Copies Of such form Of pro-
posal may be obtained from the
Local PUBLIC Agency at the address
indicated above.
Proposals may be for all or any
part OF the notes and separate pro
posals win be required for each
SSss SEPARATE M interest @ OfSS rate % Is BID. | Said
notes will be awarded at the lowest
rate or rates offered in
the proposals, without reference to
premium; provided. however, that
rs among proposals specifying the
same lowest interest rate. award
will be made on the basis of the
highest premium per dollar princi-
pal amount Of notes specified in
such proposals. No bid for less |
han $4,000 principal amount Of
said notes or for less than par
and accrued interest (which In
lay basisl will be entertained and
he Local Public Agency reserves
the right to award to any bidder |
all or any part Of the notes which |
such bidder offers to purchase in |
his proposal, upon the basis of /
such proposal. If only q part of
The notes. bid for in q proposal are |
awarded by the Local Public Agen- |
~, the premium, If any, offered !
N such proposal shall be proreted, |
md said notes will be issued in !
ienominations in the order Of the
such proposal; provided. that one
note may be issued in q smaller !
denomination than is otherwise |
specified. The further right is re-
served to reject any or all pro-
oosals.
Title I Of said Housing Act Of |
l949 provides as follows: "Obliga-
lions, including interest thereon,
ssued by local public agencies for
projects assisted pursuant to this |
title, and income derived by such
agencies from such projects, shall
be exempt from all taxation now
y hereafter imposed by the United
In the event that prior to the
delivery of any Of the notes to
the successful bidder therefor the
income received by private holders
from obligations Of the same type
and character shall be taxable by
The terms of any Federal income
cessful bidder may. at his election,
Dc relieved Of his obliRations under
the contract to purchase said notes,
DISTRICT OF COLUMBIA RE-
LAND AGENCY.
By JOHN r. SEARLES. Jr., Execu-
tive Director. jyS
D. C. GOVT. DEPT. OF HIGH
SEALED is PRoPosAIs PRoPosAIs1 viii be s'rS. re.
ceived in Room 4O4, 400 Pa. Ave
NV, Wash. D. c., until 2 PM.
lEDT.). JULY is, 1855. and then
publicly opened and read for RE-
SURFACING (HEATER METHOD
VARIOUS ROADWAYS IN THE
DISTRICT OF COLUMBIA WITH
ASPHALTlC MATERIALS-SEC-
TRACT, 1858, consisting Of ap-
proximately $500 tons Of surface
mixture as used for sheet asphalt
pavement for resurfaeing BIZ
luminous pavements BY the
heater method complete in place
Of depth as directed and $500
tons Of surface mixture as used
for sheet asphalt pavements. for
resurfacing bituminous payements
by the heater method (spot heater |
complete in place on portions Of
various roadways as directed. Pro-
posal forms and specifications OBJ
tainable from Supervisor. Bid and
Contract Section. PToeu55esrnssnat 5s sa
Ave. NV. (Tel.: Ma. $4,000, Ext
237sl. ty7.S.9.l0.11.12