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! ~' ~ ,- ~ ,~o .. w ''a ,-I CH..\P1'ER 8. FINANCING THE original financing of the Colorado River aqneduct project is described in detail in the History and First Annual Re- port of the Diotrict issued in ,January 1939. In brief, it may be repeated that prior to December 1932 all costs of prelimi- nary organization, surveys, and engineering were paid from the proceed, of taxation, or from fund, advanced by constituent areas, particularly the City of Pasadena and the City of Los Angeles, and later repaid with interest from Di,trict funds, Of the total $J 80,- 684,000 of bonds i,sued, a block of $1,500,000 original bonds was sold to the Public Works Administration which later transferred the entire amount to the Reconstruction Finance Corporation. The remaining $179,184,000 of bonds were sold to the Reconstruction Finance Corporation 'llld issued in installments as funds were required for construction of the, project, Refuuding of this latter amount was finally completed in December 1940, resulting in an average annual interest rate on all bonds of 3.933 per cent. Dis- trict bonds consist of: TYPE Refundin!: Refunding Rdl1llding. Original - -Refllnrlin~ lNTEREST I'ER CENT 3 31';' ,I 4 4Y~ AMOUNT $ 12,096,000 16,992,000 93,644,000 1,500,000 56,452,000 'i $180.684,000 Maturity of the original bonds began in September 1940 and $300,000 have now been redeemed, First maturity of the refund- ing bonds will occur August 1, 1946 when $56,000 of the 4 per cent issue will be paid, District bonds are widely distributed amongst all classes of investors and are given the high Aa rating in Moody's Manual of Investments-Governments and Municipals. More detailed information regarding the District bonds is given in table 22. The financial operations of the District are set forth in the fol- lowing tables: for the fiscal year 1945-46 in tables 14 and 15; from 1929-30 to date in tables 16 to 21. r 77 ]