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TAX EXEMPT <br />STATUS: <br /> <br />private holders <br /> <br /> In the event that prior to the delivery <br /> <br />of the bonds the income received by <br />from bonds of the same type and character <br /> <br />shall be declared to be taxable under any Federal income <br />tax laws, either by the terms of such laws or by ruling of <br />a Federal income tax authority or official which is fol- <br />lowed by the Internal Revenue Service, or by decision of <br />any Federal court, the successful bidder may, at his option, <br />prior to the tender of the bonds by the City, be relieved <br />of his obligation under the contract to purchase the bonds, <br />and in such case the deposit accompanying his bid will be <br />returned. <br /> <br />LEGAL OPINION: The legal opinion of Messrs. Orrick, <br /> <br /> Herrington, Rowley & Sutcliffe, of San <br /> <br />Francisco, California, approving the validity of the bonds, <br />will be furnished to the successful bidder without charge. <br />A copy of the legal opinion, certified by the official in <br />whose office the original is filed, will be printed on each <br />bond without charge to the purchaser. <br /> <br />TERMS OF SALE <br /> <br />Highest Bid: The bonds will be awarded to the <br /> <br /> highest bidder, considering the inter- <br /> <br />est rate or rates specified and the premium offered, if <br />any. The highest bid will be determined by deducting the <br />amount of the premium bid (if any) from the total amount <br />of interest which the City would be required to pay from <br />the date of the bonds to the respective maturity dates of <br />the bonds at the coupon rate or rates specified in the <br />bid, and the award will be made on the basis of the lowest <br /> <br /> <br />