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<br />.i.:c.3
<br />
<br />12
<br />
<br />MF.TROPOLITAN 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 1, 1940, $1,512,000
<br />of 4% and $10,584,000 of 3V2 % temporary refunding bonds were
<br />delivered to the Corporation in exchange for the interim certi-
<br />ficates evidencing payment for the $12,096,000 of 5 % bonds, Sub-
<br />sequently, the Reconstruction 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 3~2 % temporary refunding bonds were sur-
<br />rendered to the District in exchange for $12,096,000 of 3% tem-
<br />porary refunding oon('s, The 3 % temporary refunding bonds were
<br />subsequently sold 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 $180,-
<br />684,000, and the average interest rate thereon is approximately
<br />3,933% per annum, The bonds consist of:
<br />
<br />TYPE
<br />Refunding ....................._. .
<br />Refunding
<br />Refunding.
<br />Original
<br />Refunding.
<br />
<br />INTEREST
<br />RATE
<br />
<br />AMOUNT
<br />$ 12,096,000
<br />16,992,000
<br />93,644,000
<br />1,500,000
<br />56,452,000
<br />
<br />$180,684,000
<br />
<br />t
<br />
<br />........3
<br />......3\1,
<br />..4
<br />............4
<br />..........4~
<br />
<br />All of the bonds are now in definitive form, and on June 30, 19,11
<br />all 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 balance sheet of the District is given in table 3, and
<br />a statement of tax assessments and collections in table 4, both as of
<br />June 30, 1941.
<br />
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