Res69 6018 - Laserfiche WebLink

Browse Search

1--- --- .~. - . . The bonds will be coupon bonds executed by the manual signature of at least one official authorized to execute the bonds. EXECUTION: REGISTRATION: The bonds are re~istrable as to principal only or as to both principal and interest. Registered bonds are convertible into coupon bonds at the owner's expense. PURPOSE OF ISSUE: The Reclamation Bonds and Facilities Bonds are authorized by a majority vote of the qualified voters voting at a special bond election in the District for the purpose of authorizin~ bonds for, respectively, reclamation improvements for the District, and street, sewer system, water system and park and recreation improvements for the District. SECURITY: The bonds are general obligations of the District. The Council has power and is obligated to levy ad valorem taxes for the payment of the Reclamation Bonds and the interest thereon on all taxable land (exclusive of improvements and personal property) in the District subject to taxation by the City for District purposes and for the payment of the Facilities Bonds and the interest thereon on all taxable land and improvements (exclusive of personal property) in the District subject to taxation by the City for District purposes, in either case without limitation of rate or amount. TAX EXEMPT STATUS: In the event that prior to the delivery of the bonds of either issue 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 by the Internal Revenue Service, or by decision of any Federal court, the successful bidder may, at his option, prior to the tender of the bonds of such issue by the City, be relieved of his obligation under the contract to purchase the bonds of such issue, and in such case the deposit accompanyin~ his bid for such issue will be returned. LEGAL OPINION: The legal opinion of Messrs. Orrick, Herrin~ton, Rowley & Sutcliffe, of San Francisco, California, approving the validity of the bonds of each issue, will be furnished to the respective successful bidders without char~e. A copy of the appropriate le~al opinion, certified by the official in whose office the ori~inal is filed, will be printed on each bond without charge to the successful bidder. TERMS OF SALE ing the offered The Reclamation Bonds and Facilities Bonds will each be awarded separately to the highest bidder for each issue, consider- interest rate or rates specified and the premium or discount bid, if any. The highest bid for each issue HIGHEST BIDS: 14