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\ 9. FINANCING : If the proposed bond Issue Is approved and authorized at the September 30 MS* election, present plans call for the Issuance of general obligation bonds/payable from revenue. The bonds would also be backed by the genera! tax credit of the District. In the event that revenue from operations should prove insufficient to meet principal and interest on bonds, and to pay maintenance and depreciation charges, the deficit would be supplied from tax revenues in the District. Maturity: Based upon the best engineering and fiscal data currently available, the District anticipates that the bonds will be set up to mature over a 30 year period, com­mencing in 1955 and running to 1984. interest on total bonded debt would start to accrue as soon as the bonds are issued and sold, but the annual payments on principal through retirement of bonds is not scheduled to start until 1955. As now set up, the proposed bond maturity schedule calls for retirement of $200,000 annually in 1955, 1956 and 1957. Thereafter the amount would increase from $260,000 in 1958 up to a maximum of $405,000 In 1962. In 1963 $350,000 would be retired. After that the yearly retirement of principal would be fixed at $290,000. In outlining the proposed maturity schedule and other financing details, the District Directors emphasized the fact that final determination concerning the length of the maturity, and the amounts to be retired each year, as well as any callable features, will necessarily depend upon marketing conditions existing when the bonds are sold, in this connection, the District is given considerable latitude under the law, which provides that bonds may carry a maximum of 6% interest rate, and may run for a maximum period of 40 years. 4.