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<br />1."l'Q
<br />LVUu
<br />
<br />. 12
<br />
<br />METROPOLITAN WATER DISTRICT
<br />
<br />$10,584,000 thereof to bear interest at the rate of 31/2 % per annum.
<br />The issuance and exchange of the refunding bonds were authorized
<br />by the Board of Directors, and on November I, 1940, $1,512,000
<br />of 4 % and $10,584,000 of 31/2 % temporary refunding bonds were
<br />deiivered to the Corporation in exchange for the interim certi-
<br />ficates evidencing payment for the $12,096,000 of 5 % bonds. Snb-
<br />seqnently, the Reconstrnction Finance Corporation offered to ex-
<br />change these temporary refunding bonds for $12,096,000 of refund-
<br />ing bonds bearing interest at the rate of 3 % per annum. Appro-
<br />priate action to authorize the transaction waS taken by the Board
<br />of Directors, and on November 25,1940, the $1,512,000 of 4% and
<br />the $10,584,000 of 3V2 % temporary refunding bonds were sur-
<br />rendered to the District in exchange for $12,096,000 of 3 % tem-
<br />porary refunding bonds, The 3 % temporary refunding bonds were
<br />subsequently said by the Reconstruction Finance Corporation, and
<br />on December 9, 1940 the purchaser surrendered the temporary
<br />bonds to the District in exchange for $12,096,000 of 3% refund-
<br />ing bonds in definitive form.
<br />As of June 30,1941, the total amount of bonds issued was $180,-
<br />684,000, and the average interest rate thereon is approximately
<br />3.933 % per annum. The bonds consist of:
<br />
<br />TYPE
<br />
<br />J/IIHnEST
<br />HAT!::
<br />
<br />A~1Uur;T
<br />
<br />Rdundinp:
<br />Hefunding
<br />Refunning
<br />Original
<br />Rdundin{; .
<br />
<br />........................... .........:]
<br />................. .........." y,
<br />................. ........4
<br />.. ............................4
<br />..............~]4
<br />
<br />S 12,096.000
<br />16,992,000
<br />93,644.000
<br />1,500.000
<br />51>,4'\2,000
<br />$180,684,000
<br />
<br />AIi of the bonds are now in definitive form, and on June 30, 19-11
<br />ali but $27,000 of the temporary bonds which were delivered to the
<br />purchasers, pending the preparation of definitive bonds, have been
<br />surrendered to the District in exchange for definitive bonds.
<br />Of the $1,500,000 of 4 % original bonds $50,000 matured in Sep-
<br />tember 1940, and were paid.
<br />A condensed baiance sheet of the District is given in table 3, and
<br />a statement of tax assessmenis and coliections in table 4, both as of
<br />June 30, 1941.
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