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PURPOSE OF ISSUE: <br /> <br />acquisition, <br />improvements <br />SECURI?¥: <br /> <br />the enterprise (as <br />lutions). Ridders <br /> <br />The bonds are authorized for the <br />purpose of providing funds for the <br />construction, improvement and financing of <br />to the existing water system of the City. <br /> <br /> The bonds are revenue bonds payable <br /> exclusively from the revenues of <br /> those terms are defined in the reso- <br /> are referred to the resolutions and <br /> <br />to the official statement for further particulars. A <br />reserve fund has been established and will be maintained <br />at an amount equal to the maximum annual debt service <br />on all the outstanding bonds. <br /> <br />?AX EXEMPT STA?US: In the event that prior to the deliv- <br /> ery of the bonds the income received <br /> by private holders from bonds of the same type and charac- <br /> ter shall be declared to be taxable under any Federal <br /> income tax laws, either by the terms of such laws or by <br /> ~uling of a Federal income tax authority or official <br /> which is followed by the Internal Revenue Service, or by <br /> decision of any Federal court, the successful bidder may, <br /> at his option, prior to the tender of the bonds by the <br /> City, be relieved of his obligation under the contract <br /> to purchase the bonds and in such case the deposit accom- <br /> panying his bid will he returned. <br /> <br />LEGAL OPINION: The legal opinion of Messrs. Orrick, <br /> <br /> Herrington, Rowley & Sutcliffe of <br /> <br />San Francisco, California, approving the validity of the <br />bonds will be furnished to the successful bidder without <br />charge. A copy of the legal opinion, certified by the <br /> <br /> <br />