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proposal shall be applied on, the purchase price, or, if such proposal is accepted but not p e r f o r m e d (unless such failure of performance shall be caused by any act or omission of Las Vegas V a l l e y Water District), said proceeds shall then be reta i n e d by the District. If the bonds are awarded u p o n a > bid made pursuant to Alternative (2), the proceeds of the check shall be applied upon the purchase price of the bonds delivered in the second installment. In computing the amount to be so applied, the District will allow the bid d e r interest at the rate of 4 $ per annum on the sum of said certified check from the date of opening of the bids on the bonds to the date of deliv e r y of said second installment of bonds. At any time before the bonds are tendered for delivery, the bidder m a y d i s a f f i r m and w i t h d r a w the proposal if the i n t e r ­est received by private holders from bonds of the same type and character shall be declared to be taxable income under present federal income tax law, either by a ruling of the B u r e a u of Internal Revenue or by a decision of any federal court, or shall be declared taxable by the terms of any federal income tax law enacted subsequent to the date of this notice. The u n q u a lified legal opi n i o n of O'Mel v e n y & Myers, attorneys, Los Angeles, California, approving the vali d i t y of said bonds will be furnished the successful b i d d e r at or prior 1 6 .