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the District would be 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 of Shields and Company, submitted an offer of 18,700,000.00 for the purchase of $8,700,000.00 of bonds, all of which would bear interest at 4f%, Payment for said bonds would be made not later than September 14, 1054, identified as the closing date* In the event this offor 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 bo 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. Tills 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 chock in the amount of #200,000.00 as specified in the invitation to bid and Mr. Beebe of 0*Melveny & Myers, bond counsel for the District, ruled that the bid was not responsive to the invitation and should not bo considered by the District. 3, Mr. D, ft, Bennlewell, 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: 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. 1957 - 1962 1963 - 1967 1968 - 1974 1975 - 1980 1981 - 1939 1990 6# 3-1/3# 3.70#