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<br />designated "'C'ity of Redwood City 1949 Sewer Bonds,"' each of which issues is more particularly
<br />described below.
<br />Said'1944 City Plan Bonds,Series C. constitute -part of the balance of an issue of $998,000
<br />aggregate principal amount of 1944 City Plan Bonds authorized at an election held in said City
<br />of Redwood City on November 7, 1944. $$200,000 principal amount of said 1944 City?lan Bonds, —
<br />designated "Series A," and $600,000 principal amount, designated "Series B,1" have heretofore
<br />been issued and sold. The remaining $150,000 principal amount of said 1944 City Plan Bonds
<br />will not be issued or sold prior to September 1, 1949.
<br />"Said $125,000 principal amount of said 1949 Sewer Bonds constitute part of an issue of
<br />$150,000 aggregate principal amount of 1949 Sewer Bonds authorized at an election held in sAid
<br />City of Redwood City on April 5,1949. The remaining $$25,000 principal amount of said 1949 Sewer
<br />Bonds will not be issued or sold prior to September 1, 1949.
<br />ISSUES: $$48,000 principal amount of 1944 City Plan Bonds, designated "Series C",
<br />consisting of 48 bonds of the denomination of $1,000 egch, numbered 01 to
<br />C48, both inclusive, all dated June 15, 1949; and $$125,000 principal amount
<br />of 1949 Sewer Bonds, consisting of 125 bonds of the denomination of $$1,000 each, numbered 1 to
<br />^ 125, both inclusive, all dated June 15, 1949,
<br />INTEREST RATE: Mdximu* five (5) per cent per annum, payable' semi-annually on June 15th and
<br />t' December 15th in each year. Bidders must specify the rate of interest which
<br />the bonds hereby offered for sale shall bear. Bidders will be permitted to
<br />bid different rates of•interest and to split rates irrespective of the maturities of said bdnds.
<br />The interest rate stated in the bid must be in a multiple of one-quarter of one per cent per
<br />annum, payable semi-snnually.
<br />MATURITIES,: Said bonds mature serially in consecutive numerical order, from lower to h�gher,
<br />as follows: 1944 Citv Plan Bonds. Series C: $5,000 principal amount on JUne 15
<br />in each of the years 1950 to 1958, both inclusive, and
<br />$3,000 principal amount of June 15, 1959.
<br />1949 Sewer Bonds: $5,000 principal amount of June 15 in each of
<br />the years 1950 to 1959, both inclusive; $10,000 principal
<br />amount on June 15 in each of the years 1960 to 1966, both
<br />inclusive; and $5,000 principal am6unt'ofi'Jun6 15,, 1967.
<br />PAYMENT: Both principal and interest payable in lawful money of the United States of
<br />America at the office of the Treasurer of the City, in Redwood City, California.
<br />REGISTRATION: Coupon bonds will be issued by the City. Such bonds are registerable only as
<br />to both principal and interest.
<br />PURPOSE OF Said 1944 City Plan Bonds, Series C, are authorized for the purpose of acquir-
<br />ISSUE: ing, constructing and completing municipal improvements in one group, as set
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<br />forth in the 1944 City Plan of the City of Redwood City, whico Plan and the
<br />proposal to incur a bonded indebtedness required to carry it out were approved
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<br />by.more than two-thirds vote of the voters at an eleetion held in said City on November 7, 1944. Said
<br />1949 Sewer Bonds are authorized by vote o8 two-thirds of the qualified voters voting at a special
<br />election held in said City on April 5, 1949 for the purpose of authorizing bonds for the acquisition, +-
<br />construction and completion of a•sewage disposal project of said City.'
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<br />SECURITY; Said bonds are general obligations of the City of Redwood City, and the City has
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<br />taxes for the payment of said bonds and the interest thereon upon all property
<br />within the City of Redwood City subject to taxation by said City (except certain
<br />intangible personal property, which is taxable at limited rates), without limitation of rate or
<br />amount.
<br />TAX EXEMPT In the event that prior to the delivery of the bonds the income received by
<br />STATUS: private holders from bonds of the same type and character shall .
<br />be declared to.be,taxable under any Federal Income Tax laws, either by the terms
<br />of such laws or by ruling of a Federal Income Tax authority or official which
<br />Is followed by the Bureau of Internal Revenuer, or by decision of any Federal Court, the successful
<br />bidder may, at his option, prior to the tender of said bonds by the City, be relieved of his ob-
<br />ligation under the contract to purchase the bonds and in such event the deposit accompanying his
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<br />bid will be returned.
<br />LEGAL OPINION; The legal opinion of Messrs. Orrick, Dahlquist, Neff & Herrington, Bond Counsel,
<br />of San Francisco,California, approving the validity of said bonds, will be fur-
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<br />nished to the successful bidder without charge.
<br />TERNLS OF SALE
<br />Highest Bid: The bonds will be awarded to the highest &nd best bidder considering the interest
<br />rate or bates specified and the premium offered, if any. The premium bi&will be
<br />determined by deducting the amount of the premium bid (if any) from the total amount of interest
<br />which the City would be required to pay from the date of said bonds to the respective maturity dates
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<br />at the coupon rate or rates specified in the bid, and the award will be made on the basis of the
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<br />lowest net interest cost to the City. The lowest net iintereat cost Ahallebbiagmputed between the
<br />dates aforesaid accouding to standard bond interest thbles. The purchaser must pay accrued interest
<br />from the date of the bonds to the date of delivery. The cost of printing the bonds will be borne
<br />by the City.
<br />Right of The City of Redwood City reserves the right in its discretion, to reject ani
<br />Resection: and all bids.and to waive any irregularity or informality in any bid.
<br />Eromnt Award: The Council of•theCity of Redwood City will take action awarding the bonds or
<br />refectirg all bids not later than 24 hours after the expiration of the time
<br />herein prescribed for the receipt of proposals; provided that the award may be made after the
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