The Emmett index., 1913-04-10
IRRIGATION BONDS SELL
AT PAR
Emmett District Disposes of
100000 to Corkhill
& Co.
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o Terms in Brief.

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Terms in Brief.
4" Company agrees
@ To pay dollar for dollar for Z
o 100000 worth of bonds in in Z
o stallments of $4,000 per month Z
o until paid, beginning on or be- {
o fore September 1, 1913.
@ To use it's best efforts to Sc
o cure release of water contracts. I.
=" District agrees
o To secure from district court Z:
o confirmation of assessments and {:
o appointments of benefits. .
@ To pay all accrued interest. (:
@ To allow $4,000 to be deducted 6
@ from each $4,000 paid to pay 6
i. same. &:
@ All former contracts cancelled. 9
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The Emmett Irrigation District
through it's board of directors, on Fri
day signed an agreement with Cork
hill & Co. of Chicago, by which the
district sells the balance OF its bond
issue of $1,100,000, amounting to
100000, at par.
The transaction is the ending of a
long and vexatious and harassing en-
deavor to dispose of its bonds on the
Eastern market, and is cause of con-
gratulations to the district and high
ly complimentary to the board of
directors and especially to President
w. H. Shane and DIR. Barnes, by
whom the negotiations were conduct
ed and to whose firmness and business
Judgment is due the favorable terms
secured.
The new contract, which supercedes
all previous contracts, was signed by
w. H. Shane, president, and H. Hay
lor, secretary, for the district, and j.
J. Corkhill for his company. The
salient. points of the agreement fol-
low:
The District Agrees
First-To use it's best efforts to Sc
cure confirmation by the district court
of this district of the assessments and
apportionment of benefits 1lade by
the board of directors under the
first issue of 81 100000 bonds.
Second-To sell to company $780,
900 par value of bonds, to be deliver
ed upon payment of accrued interest,
in installments as follows: On or be-
fore September 1, 1913, not less than
$4,000, and not less than 100000 on
the first day of each month there
after until all has been paid.
Third-To deposit with the Fort
Dearborn Trust & Savings bank of
Chicago before July 1, 1913, the semi
annual interest due July l, 1913, on all
bonds, and to promptly pay at matur-
itv the semi-annual interest maturing
January l, 1914.
Fourth-To pay to Corkhill & Co.
$4,000 upon receipt of first payment of
10000, and like amount on receipt
of each subsequent payment by COM
pany such to be applied on amount (
due company on certain warrants now
held by company for approximately /
SPA ,783, with interest at Z per cent, 4
and also upon certain interest cou- 4
pons maturing January /, 1913, which .
aggregate s26,32S, until all are paid.
The Company Agrees
First-To purchase at par and ac-
crued interest 100000 of first issue
of bonds and to pay same in INSTALL
ments as named above.
Second-To deposit with Fort Dear
born bank all warrants issued to COM
pany by district, provided apportion-
ment of benefits and assessments have
been confirmed, three in number, ag-
gregating S24,783; also all coupons
s26,328. Upon the fail
ure of the company to take and pay
for $4,000 of bonds par value and
accrued interest on or before Septem-
Der /, 1918, and each month there
after until the entire amount of $780,
900 is paid, the Fort Dearborn bank
shall be authorized to deliver to the
district Immediately upon default on
part of company the said warrants
and coupons, which shall thereupon /.
become the property of the district,
and the company shall forfeit all :
rights thereto and to moneys due
Third-To use its best efforts to
secure the release of all water con-
tracts covering lands in the district,
which are held by the Chicago Trust e
& Title Co. under trust agreement I
between company and district. t
Mutually Agreed S
That the obligations of the COM il
oany to purchase bonds, etc, depend o
ipon the faithful performance of S
covenants and obligations. Upon de- I
,ault by the district the company to 5
,e released from all obligations and c
he warrants and coupons are to be
.eturned and delivered to company
That company may deduct from the
amounts paid the district monthly G
ne amount payable to company as r
.bove agreed, and district agrees to p
make proper credit on its books by g
ransfer from interest or maintenance I
und to construction fund of the a a