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I J,' I~ :j :~ ~ ~. ,} i I, I' I, I I I r~ " I I , I i , I I f'! I , , r II 2Cl0 CII..\PTER I FINANCING DETAILED information covering the financing of the Colo- rado Ri\'er aqueduct project is gi\'en in the first, second, and third annual reports of The Metropolitan Water Dis- trict of Southern California. The pre\'ious reports may be briefly summarized as follows: On September 2g, 1931, the voter~ of the District by a majority of substantially five to one, authorized the issuance of bonds in the amount of $220,000,000 for the purpose of financing the con- struction of the aqueduct project. The District has issued a total of $180,684,000 of the authorized issue of bonds, all of which were sold to the Reconstruction Finance Corporation except n,50Q,OOO of four per cent bonds which were sold to the Public Works Administration. The entire amount is now held by private investors. The $179,184,000 of bonds sold to the Reconstruction Finance Corporation were issued in installments as funds were required by the District and bore interest at the rate of five per cent per annum. However, from April 1, 1934 until the bonds were re- funded, as related in the previous annual reports, the Reconstruc- tion Finance Corporation adjusted the interest rate to a four per cent basis. In the refunding operation, interest rates were reduced to an average of 3.933 per cent per annum for the entire issue of $180,684,000. The bonds consist of: 1\'\'E Refunding Refunning Hefunding Original. nerulIJing 1:~n:IlI'sl' Tl,o.1L :\:o.HlUNT .1 3~~ 4 ,1 41;.,. $ ] 2.096,000 16,992,000 93.644,000 1,500.000 .\6.452.000 $180.684.000 In the early days of the project and up to December 1932, all costs of organization, designs, and surveys were paid from the :[ 7 ]