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said system hereafter made. The principal of and interest <br />on the bonds and any premiums upon the redemption of any <br />thereof are not a debt of the City of Santa Ana nor a legal <br />or equitable pledge, charge, lien or encumbrance upon any <br />of its property or upon any of its income, receipts or <br />revenues, except the gross revenues of said water system <br />which are under the terms of the resolution of issuance and <br />said Revenue Bond Law of 1941, pledged to the payment of <br />said bonds and interest. The general fund of the City of <br />Santa Aha is not liable For the payment of the bonds or <br />their interest, nor is the credit or the taxing power of <br />the city pledged. The holder of the bonds or coupons shall <br />not compel the exercise of the taxing power by the City of <br />Santa Aha or the forfeiture of any of its property. <br /> <br />TERMS OF SALE <br /> <br /> Interest Rate: The maximum rate bid may not exceed <br /> <br />6% per annum, payable annually the first year and semi- <br />annually thereafter. Each rate bid must be a multiple of 1/20 <br />of 1%. No bond ~all bear more than one interest rate, and <br />all bonds of the same maturity shall bear the same rate. <br />Only one coupon will be attached to each bond for each in- <br />stallment of interest thereon, and bids providing for addi- <br />tional or supplemental coupons will be rejected. The re- <br />petition of any rate will not be considered the bidding of <br />an additional rate. The rate on any maturity or group of maturities <br />shall not be more than 1-1/2% higher than the interest rate on <br />any other maturity or group of maturities. <br /> <br /> <br />