Issued $2,885,000 in New York in 3 tranches, 1927 at 93%, 1928 at 97% and 1930 at ?%, to repay existing loans and improve water supply. secured on water works and properties. Redeemable 1947, six monthly against sinking fund. Interest and sinking fund in default from 1932. Exchangeable for Colombia 3% bonds from 1949 at $1200 new for $1000 old. A substantial amount was exchanged.