Issued $6,000,000 in New York at 98, to refund outstanding debt of the city at 10% & 12% and improvements. redeemeable by 1945 annually against 2% sinking fund. secured on specific city revenues. in default (interest and sinking fund) from 1932. Exchangeable for Colombia 3% bonds of 1940, from 1944 onwards, at par. A substantial amount was exchanged.