History Of Riverside County California by Elmer Wallace Holmes

Author:Elmer Wallace Holmes [Holmes, Elmer Wallace]
Language: eng
Format: epub
Tags: Geschichte
Publisher: Jazzybee Verlag
Published: 2017-07-26T22:00:00+00:00

These certificates shall always be personal property. All of said above conditions to be expressed on the face of said certificate.

The amount realized from the sale of said certificates to go into the construction fund of the company, and to be used in the construction of dams, ditches, canals, pipe lines, reservoirs and the purchase of such property as may be necessary or useful in the carrying on of the business of this company, or in the payment of such indebtedness as has or may be incurred in the construction of dams, ditches, pipe lines or reservoirs, or reservoir sites, or the purchase of the same or rights of way.

The total cost per acre, counting interest on amount invested, water and maintenance of canals included, will be $4.28 per acre, or $2.78 per acre amount actually paid for water. Immediately after accepting the foregoing proposition the board passed a resolution ordering a special election to be held on the 1st day of November, 1890, for the purpose of determining the question whether or not bonds to the amount of $442,000 shall be issued for construction of the necessary canals, works, etc., amounting to a bonded indebtedness of $25 per acre—of these bonds $240,000 to be used to pay for the water certificates, and $202,000 will be used, or as much as will be required in distributing it on the land; and in accordance with notice duly published and posted a special election was held Saturday, November 1st, in the five precincts of the Perris Irrigation District. The whole number of votes cast were seventy —sixty-nine votes in favor of the issuance of bonds and one vote against bonds.

At a special meeting of the board of directors immediately thereafter it was resolved that in pursuance of said election, and by virtue and in pursuance of the authority vested by law in said board, bonds of said district to the amount of $442,000 be issued; that said bonds shall be payable, in gold coin of the United States, in installments as follows, to-wit:

At the expiration of eleven years, five per cent of said bonds; at the expiration of twelve years, six per cent; at the expiration of thirteen years, seven per cent; at the expiration of fourteen years, eight per cent; at the expiration of fifteen years, nine per cent; at the expiration of sixteen years, ten per cent; at the expiration of seventeen years, eleven per cent; at the expiration of eighteen years, thirteen per cent; at the expiration of nineteen years, fifteen per cent; and for the twentieth year, a percentage sufficient to pay off said bonds, and that said bonds shall bear interest at the rate of six per cent per annum, payable semi-annually, on the first day of January and July of each year. The principal interest of said bonds shall be payable at the office of the treasurer of the district; said bonds shall be each of the denomination of $500, signed by the president and secretary,

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.