OCR Text |
Show -17- Each of the amounts, specified in installments numbered six (6) to one hundred eighty-two (182) inclusive, or portion thereof, which is not paid upon its respective due date shall bear simple interest thereafter from such due date at the rate of 4.56% per annum, payable annually, until fully paid. In the event that any of the said installments numbered six (6) to one hundred eighty-two (182) inclusive, is not paid upon the due date thereof, then any subsequent payment thereon by the District to the Department shall first be applied to the payment of interest upon the installment longest overdue and the balance upon principal of such oldest installment and thereafter the balance remaining, if any, shall be applied first to interest and then to principal of the remaining installments, due or to become due in the future, in the same order, until the payment or payments so made are fully exhausted. The District shall, at all times in the future until Item (1) of the payments specified herein shall have been paid in full, withhold from sale, except in fulfillment of this paragraph, a sufficient quantity of its said bonds so authorized at said election to enable the District to pay to the Department the amount (both principal and interest) due as specified in said Item (1) from the proceeds of the sale or sales thereof. In determining the amount of such bonds so required to be set aside and withheld for this purpose, Item (1) shall be deemed to comprise the principal amount of Nine Hundred Three Thousand, Six Hundred Thirty-one and 59/100 Dollars ($903,631.59), together with simple interest upon Seven Hundred Ninety-one Thousand, Six Hundred Fifteen and 16/100 Dollars ($791,615.16) thereof, at the rate of 4.56% per annum from January 1, 1933, to October |
Source |
Original book: [State of Arizona, complainant v. State of California, Palo Verde Irrigation District, Coachella Valley County Water District, Metropolitan Water District of Southern California, City of Los Angeles, California, City of San Diego, California, and County of San Diego, California, defendants, United States of America, State of Nevada, State of New Mexico, State of Utah, interveners] : California exhibits. |