upr000099 137

proposal shall be applied on the purchase price, or, if such proposal is accepted but not performed (unless such failure of performance shall be caused by any act or omission of Las Vegas Valley Water District), said proceeds shall then be retained by the District. If the bonds are awarded upon 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 bidder interest at the rate of per annum on the sum of said certified check from the date of opening of the bids on the bonds to the date of delivery of said second installment of bonds. At any time before the bonds are tendered for delivery, the bidder may disaffirm and withdraw the proposal if the inter­est 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 Bureau 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 unqualified legal opinion of O'Melveny & Myers, attorneys, Los Angeles, California, approving the validity of said bonds will be furnished the successful bidder at or prior 1 6 .