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PAYMENT: Both principal and interest are payable <br /> <br /> in lawful money of the United States of <br /> <br />America at the office of the Fiscal Agent of the City in <br />San Francisco, California, or at the principal office of <br />the City's paying agents in Chicago, Illinois, or New York. <br /> <br />New York. <br /> <br />REGISTRATION: <br /> <br />Coupon bonds will be issued by the <br />City. Said bonds will be reglstrable <br />as to principal only and as to both principal and interest. <br />Registered bonds will be subject to discharge from <br /> <br />registration. <br />PURPOSE: <br /> <br />The bonds are authorized for the <br />purpose of providing funds for the <br />acquisition, construction, improvement and financing of <br />improvements to the existing water system of the City. <br /> <br />SECURITY: The bonds are revenue bonds payable <br /> <br /> exclusively from the revenues of the <br /> <br />enterprise (as those terms are defined in the resolution). <br />Bidders are referred to the resolution and to the official <br />statement for further particulars. A reserve fund has <br />been established and will be maintained at an amount equal <br />to the maximum annual debt service on the bonds· <br /> <br />FISCAL AGENT AND The City has appointed the San <br />PAYING AGENTS: <br /> Francisco Main Office of Bank of <br /> <br />America National Trust and Savings Association, in San <br />Francisco, California, its Fiscal Agent and the principal <br />office of First National City Bank and the principal <br />office of The First National Bank of Chicago its paying <br />agents in New York, New York, and Chicago, Illinois, <br />respectively. <br /> <br /> <br />