The herald., 1898-07-30
UlEREAR vALLfYPLANT
PROPOSAL TO SELL TO REDEANDs
WATER USERS
The Terms Of the Proposed Agreement
# Given in Detail-News Notes
III and Personals

REDLANDS. July "a proposal has
Been presented to the water users Of Red.
hnds to purchase the Bear Valley plant
n The plant Is now in the hands of E. H
gpoor, receiver. The propositions embraced
IN the agreement have been before the sew
eral water companies of the city and have
met with their approval. Following is a
synopsis of the proposed agreement:
Synopsis of proposed agreement en-
tered into June II, 1898, between A. G.
Hubbard, representing the Savings and
Trust company of Cleveland, O., the
holder Of receivers certificates, and the
New Bear Valley Irrigation company on
the one part, and Herbert G. Garstin, rep
resenting users of class A certificates.
class certificates and decided water on
the other part.
"All right, title and interest which the
New Bear Valley Irrigation company or
the Savings and Trust company of Cleve-
land, O., now have in said property to be
conveyed. subject to all liens. except to
liens of the mortgage Of the Savings and
Trust company of Cleveland, o., and re-
seivers certificates; 1t being distinctly
understood that only such liens shall be
discharged as in the Judgment of the new
md Trust company Of Cleveland. O., would
Ie for'the best interest Of the plant.
1.-THE price to be paid for the above prop
rty is to be s525, 900. with interest at the
ate of per cent per annum. from ninety
lays after the acceptance of This agree
nent by the Savings and Trust company of
cleveland. o. The purchase prica to be
paid in bonds of the corporation herein
fter to be formed.
1.-THE corporation hereinafter to be FORM
ID to purchase said property is to be a
private corporation. formed upon the gen.
sral lines of the Anaheim Union Water
company, which. under the ruling of the
supreme court Of the State of California,
Is a mutual corporation. distributing
water to its stockholders and therefore not
subject to have rates fixed by the board
of county supervisors.
"There shall be an issue of bonds by the
new corporation to be formed of $700, 900, of
which S525, 900 shall be the purchase price.
and the remaining $4,000 shall be used
for the erection of a suitable dam In the
Santa Ana canyon, for the extinguishment
Of such liens as may be considered ex-
pedient and for the general Improvement
of the plant.
1.-THE bonds to mature as follows: $780,
900 to mature in the first ten years at the
rate of 5000 per year; $3.50. 900 to mature
In the next forty years, in forty equal In
stallments. Or at the option of the Saw
tngs and Trust company of Cleveland O..
said bonds to mature as follows: $25. 900 to
mature in the first five years at the rate
of $1,000 per year; $325, 900 to mature in the
next nineteen years. in nineteen equal an
nual installments; the remaining $3.50, 900
to be due and payable at the end Of the
twenty-fifth year.
at is agreed that litigation now pend
ing in the United States circuit court in
the matter Of the Savings and Trust COM
pany of Cleveland, Ohio. VS.. the Bear Val
ley Irrigation company ct al, shall be
pressed to a speedy issue before this trans
action is fully consummated.
"It is agreed that in event Of purchase
all charges to the consumers then unpaid
In excess Of the rates which were in force
at the time of E. H Spoons appointment
as receiver, and the rates established by
the board of supervisors of Riverside coun-
ty (being the difference between said rates
heretofore demanded by E. H. Spoor, re-
ceiver), shall be Cancelled and discharged"
Notes
Foote and Beattie are having an addition
built on the east send Of their store building
on Orange street.
Lou Morris, who shot Hastings In the
leg, was taken before Justice Baker today
and trial was set for next Thursday.
Miss Florence Johnson returned last
evening from visit in Los Angeles.
VIM. Fowler, chairman of the board of
city trustees, has returned from visit
to the coast.
Mrs. c. w. Craig and son left this morn
ing for the north.
Mr.. and Mrs. G. A. Cook and Mr.. and Mrs.
Lon G. Haight left this morning for the
mountains on a camping trip.
w. R. Bently has returned from an out
ing at Catalina.
F. P. Johnson left this morning for his
home In Philadelphia.