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the District would he compelled to levy a tax to replenish the reserve fund. The fiscal agent of the District as specified in the notice of bid at Los Angeles, Chicago, or New York, would be selected by the bidder as permitted under the notice and invitation to bid, 2, Mr. Patrick J* Ryder, on behalf cf Shields and Company, submitted an offer of |8,700,000.00 for the purchase of 18,700,000.00 of bends, all of which would bear interest at 4$%* Payment for said bonds would be made net later than September 14, 1954, identified as the closing date. In the event this offer was accepted, it would constitute an agreement to become effective only upon a pchllc offering to be made by Shields and Company by publication or otherwise prior to September 1, 1954. In the event no public offering was made, all parties would be released from all responsibility. In the event a public offering should be made prior to September 1, 1954, and the payment not be made before the closing date. September 14, 1954, the sum of $200,000.00 to be deposited by the bidder, would b© forfeited as liquidated damages. This bid was further conditioned upon the procurement of grants of right of way from Basic Management, Inc. in form satisfactory to the bidder prior to the closing date. In relation to any and all water mains through which water is furnished to the District. The bid was not accompanied by a check in the amount of $200,000.00 as specified in the Invitation to bid and Hr, Beebe of OfMelveny & Myers, bond counsel for the District, ruled that the bid was not responsive to the invitation and should not be considered by the District. 3, Hr. D. H. Boxmlewell, on behalf of Ira Haunt end Co. and Cruttenden and Co, and associates, offered ^8,708,601.38 for $8,700,000.00 of District flfil ------M ----------- -bo-nn d^s. f Said Bends maturing in as follows! the following years were to 1957 - 1962 6$ , 1983 - 1967 3-l/2% 1968 - 1974 3-3/4% 1975 - 1980 3.90% 1981 - 1989 4.10% 1990 3.70% All bonds are to be delivered at the same time, with the Check tc be forfeited in the event of acceptance of offer but failure of performance by the bidder. Said bends should be delivered within 30 days from acceptance of award as specified in the invitation to bid.