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$lSO,OOO,consisting of lSObonds, numbered 1 to 150, both inclusive, of the denomination of $1,000 each, all dated December 15, 19S6. ,MATURITIES: Said bonds mature serially in consecutive numerical order, from lower to higher, on ~~ne lSth in each year as follows:$S,OOO principal amount in 'Ieaoh of the years 1958 to 1963, both inclusive, and $10,000 in each of the years 1964 to 1975, both inclusive, without option of prior payment. ISSUE: ,,;j't INTEREST RATE: Maximum five (5) per cent. per annum, payable annually the first year on December lS, 1957, and 'thereafter semi-annually on June 15' and December 15 in each year. ":Bidders must specify the rate of interest which the bonds hereby offered for sale shall bear. Bidders will be permitted to bid different rates of interest and to split rates irrespective of the maturities of said bonds except that no bond may bear more than one interest rate or more than one coupon to evidence any interest payment. The interest rate stated in the bid must be tH!IDultiple of 1/8 or 1/20 of one per cent per annum payable as aforesaido 1 PAYMENT: Both principal and interest payable in lawful money of the United states of America at;, the office of the Treasurer of the City of Redwood City, in San Mateo County, California. REGISTRATION: Coupon bonds will be issued by the City. Such bonds are registerable only as to both principal and interest. PURPOSE OF Said bonds are authorized by vote of two-thirds ISSUE: of the qualified voters voting at a special election for the purpose of authorizing bonds for a police station for the City of Redwood City. SECURITY: Said bonds are general obligations of the City of Redwood City, and said City has power and is obligated to levy ad valorem taxes for the payment of said, bonds and the interest thereon upon all property within the City of Redwood City subject to taxation by said City (except certain intangible personal property, which is taxable at limited rates) without limitation of rate or amount. TAX EXEMPT In the event that prior to the delivery of the STATUS: bonds the income received by private holders from bonds of the same type and character shall be declared to be taxable under any Federal Income Tax Laws, either by the terms of such laws or by ruling of a.,Federal Income Tax authority or official which is followed b~ the Internal Revenue Service, or by decision of any Federal Court, the successful bidder may, at his option, prior to the tender of said bonds by the City, be relieved of his obligation under the contract to purchase the bonds and in such cases the deposit accompanying his bid will be returned. LEGAL OPINION: The legal opinion of Messrs. Orrick, Dahlquist, Herrington & Sutcliffe, of San Francisco, California, approving the validity of sai.~>>onds, will be furnished to the successful blader wi thoutr:'eharge. ., 2