WSP12366 - Laserfiche WebLink

Home Browse Search

~..-,"" '., ;... ~. , B METROPOLITAN WATER DISTIlleT bonds were surrendered to the District in exchange for a like aggre- gate amount of 3~;"% temporary refunding bonds. The average interest rate on the $147,000,000 issue is approximately 41'" The $147,000,000 of temporary refunding bonds were subse- quently sold by the Reconstruction Finance Corporation. Definitive refunding bonds were prepared, and up to June 30,1940 temporary refunding bonds aggregating in amount $146,85\\,000 have been snrrendered to the District in exchange for a like aggregate amount of definitive refunding bonds. On June 10, 1940 an agreement was entered into between the Reconstruction Finance Corporation and the Bank of America National Trust and Saving Association, whereby the bank pur- chased from the Corporation the aforementioned interim certificates evidencing payment of $20,088,000 of bonds, being part of the $60,000,000 sale of March 4, 1938, bearing interest at the rate of 5% per annum, and agreed to deliver said interim certificates to the District in exchange for $20,088,000 of refunding bonds bear- ing interest at the rate of 4% per annum. On June 21, 1940 the board of direetors of the District authorized the issuance of $20,- 088,000 of 4% refunding bonds and the delivery thereof in exchange for said interim certificates. The definitive refunding bonds are being prepared and the transaction will be completed in the very near fnture. The total amount of bonds outstanding on June 30,1940 is $168,- 588,000 and the average interest rate thereon is approximately 4% per annum. The bonds consist of: Il\'TEIlf.'iT TYPE RATE ~::~:;~~!~~ :.................. ........ .........::::i~~ Kefllllding ._..LP~ Origin:ll .. ............................._____.......4 AMOUNT g 10,992,1100 93.644,000 56,452.000 1.500.000' $I6B.58B,000 An analysis of District costs to June 30, 1940 for pI'eliminary engineering and organization, U. S. Government charges, and aqueduct construction is given in table 2; a condensed balance sheet as of the same date in table 3; and a statement of tax assessments and collections in table 4. 1 These bonds were sold to the Public Works Administration in 1934 (see previolls report). In November 1938 the interim certificate evidencing payment for E:aid bonds was purchased by the Bank of America National Trust and Savings Association, and on No\'ember 15, 1938 definitive bonds in !he aggrega.!e a.mount of $1,500,000 bearing in!eresl at the rale of 4% per annum were delivered 10 the hank and Ihe interim certificate surrendered to the District.