Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-07-21

CORRECTION OF TIME
FROM EST
TO EDST
RUN IN
JULY =, 1865
EVENING STAR
NOTICE OF SALE
-nv,uru.nyoFo.v Norr,

PRELIMINARY LOAN NOTES
DISTRICT OF COLUMBIA
REDEVELOPMENT LAND AGENCY
washington; AL, D. o E. ,oks
Sealed proposals viii be received
by the ve-identified local pub.
lie agency hereinafter called the
Local Public AgencyO at 6Ss
Maine Avenue s.W. in the City Of
washington, d. c., until, and pub.
hcly opened at one o'clock Pm
(EDST). on July ~, 1858, for the
purchase Of $45,S50.O00 Of note.
OF the Local Public Agency to bI
known as Preliminary Loan Notei
(Third Series, b., being issued L
aid in financing Its urban renewa
project, DESIGNATED Project No
p. c. Rel, for which the United
states of America acting by ane
through the Housing and HomI
Finance Administrator has agreed
TO make a loan under Title l o.
the Housing Act OF 1919 Publll
Law 171-Slst Congress, approved
July Is, l949 las amended anc
eupplementedl TO the Local Pub
lie Agency to assist In the lat
tsr's undertaking and carrying on
The notes will be dated August 10
1888, will be payable to bearer OF
May ~, 1859, will bear interes
81 the rate or rates per annun
nxed in the proposal or proposals
accepted for the purchase Of Suci
notes. will be issued In such de.
nominations, and both principa
and interest thereof will be pay
sole At such incorporated Banl
having trust powers or incorpo.
rated Trust Company, as the pur,
chaser designates IN his proposal
Such Bank or Trust Company mus
serve system. or OF the Federa
Deposit Insurance Corporation
and must have an unimpairet
capital and surplus Of not lesl
than the aggregate principa
amount Of notes designated in thu
proposal or proposals submitted
by the purchaser, provided, haw
ever, that such unimpaired capita
and surplus need not exceed on,
Million Dollars. The notes vii
provide that they are not ValiC
until after such Bank nr Trusi
Company has signed the agree,
ment appearing on each note, Z,
acs as paying agent. The notel
~ " HAlu DALI
or Trust Company for delivery t
the purchaser upon receipt anC
disbursement by such Bank Of
Trust Company Of the purchase
price thereof in accordance Will
Instructions from the Local Pub
lie Agency. After taking deliver,
OF the notes the purchaser shall
obtain the signature OF such Banl
or Trust Company. upon the note
rs aforesaid. All fees or charges
Il any, Of such Bank or Trust
Company shall be paid BY suci
SAID notes will be special oblira.
lions Of the Local Public Agenel
ment between the Local PUBL,
Agency and the United States o
America under the terms Of which
agreement the United States O
America agrees to lend the Loca
Public Agency prior to the matur
ity OF said notes an amount sum
Gent to pay the principal and in
terest OF all said notes and aeree
TO cause so much Of the proceed
of such loan as shall be suficien
to pay the principal Of and inter
est upon any OF said notes to b.
deposited at the respective Banl
or Trust Company at which sail
notes are PAYABLE for the bench
notes. Under the proceedings au
thorizinR said notes. the proceed
of such loan payment will be ir
revoeably pledged FIRST, to the pay
ment, at maturity Of the principa
Of and interest on said notes.
The validity OF the Preliminar,
Loan Notes and Of said reuuisitioi
agreement will be approved b,
Messrs. Caldwell, Marshall. Trim
bic and Mitchell, lis Broadway
New York q, New York, and sucl
attorneys opinion will be fur
nished to the successful purchase
without charge.
All proposals for the purchase O
form approved by the Local Publ
Agency. Copies Of such form 0
proposal may be obtained from
the Local Public Agency at tn
address indicated above.
Proposals may be for all or an
part Of the notes and separat
proposals will be required for eacl
part Of said notes for which
separate interest rate is bid. Sal
notes will be awarded at the low
est interest rate or rates offerei
in the proposals. without referenc
20 premium: provided, however
that as among proposals speci
flying the same lowest interes
basis OF the highest premium pc
dollar principal amount Of note
specitied in such proposals. No BIZ
for less than $4,000 principa
amount Of said notes or for les
than par and accrued interes
(which interest shall be compute
on q 360-day basis) will be en-
tertained and the Local Publ
Agency reserves the right 10 awar
TO any bidder all or any part o
the notes which such bidder ofier
TO purchase In his proposal, upot
the basis Of such proposal. II onl
a part OF the notes bid for IN
proposal are awarded By the Loee
Public AGENCY, the premium;
any. offered In such proposal sha
be issued in denominations in tn
order OF the lowest denomination
specified In such proposal; provid
ed, that one note may be issue
in a smaller denomination than
otherwise specified The furthe
right is reserved to reject any o
all proposals.
Title Of said Housing Act OF 1914
provides as follows, "Obligationl
including interest thereon, issue
by local public asencies for prof
eCts assisted pursuant 70 this till,
and income derived BY such aRen
cies from such projects. shall b
exempt from all taxation now c
hereafter imposed BY the Unite
States"
In the event that prior 20 the dc
livery Of any Of the notes 10 IN
successful bidder therefore the in
come received by private holder
from obligations Of the same tyu
and character shall be taxable b
the terms Of any Federal incom
tax law hereafter enacted, IN
successful bidder may. at his cleo
tion. be relieved Of his ohlisa tior
under the contract to purchas
pfsTRIST OF COLUMBIA RI
DEVELOPMENT LAND AGENCY
BY JOHN r. SEARLES, Jr., Execu
tive Director, jy2l