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2 - V The fiscal agent of the District as specified in the notice of hid at Los Angeles, Chicago, or Hew York, would he selected by the bidder as permitted under the notice and invitation to hid. 2. Mr* Patrick J. Byder, on behalf of Shields and Company, submitted an offer of $8,700,000.00 for the purchase of $8,700,000.00 of bonds, all of which would bear interest at H * . Payment for said bonds would be made not 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 public 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 be forfeited as liquidated damages. This bid was further conditioned upon the procurement of grants of right of way from Sasic 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 Mr. Beebe of O^elveny & 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. Mr. D. B.. Bonniewell, on behalf of Ira Haupt and Co* and Cruttenden and Co. and associates, offered $8,708,691.38 for $8,700,000.00 of District bonds. Said offer was accompanied by a cheek in the amount of $200 ,000.00. Bonds maturing in the following years were to bear interest as follows: 1957 - 1962 6# 1963 - 1967 M 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 to be forfeited in the event of acceptance of offer but failure of performance by the bidder. Said bonds should, be delivered within 30 days from acceptance of award as specified in the invitation to bid. This bid does not require that the Water District consummate the transfer of title with the Las Yogas Land and Water Company prior