The Twin Falls times. [volume] (Twin Falls, Idaho) 1905-1916, 1914-03-31

two hundred thousand dollars, or such
part thereof as may be deemed nee
essary, by it's board of directors, to be
used in permanent improvements in
and on the canal system and irrigation
works owned by it, and to authorize
the issuance of it's first mortgage six
per cent bonds as security for same;
and,
Whereas, it is the intention of the
second party to sell and dispose of at
this time only a hundred and fifty |
thousand dollars bonds, the remaining
fifty thousand dollars to be held until
such time as it may be deemed neces-
sary in the judgment of said second
paxty to sell and dispose of same or
any part thereof in the interest OF
second party, such sale or disposition
to be subject to conditions hereinafter
set forth.
Now therefore, in consideration of
the sum of one dollar by first party to
second party, receipt of which is here
by acknowledged, and it is hereby
agreed by and between the parties
hereto that the party of the second
part shall cause to be issued its six
per cent first mortgage bonds in the
sum of two hundred thousand dollars,
to be dated evenly and as near as leg
ally convenient to the date upon
which the first one hundred and fifty
thousand dollars will be delivered to
the first party, bonds to mature ser
| tally and in installments from five to
| fifteen years as follows:
100000 to mature on the fifth an
niversary dat Of bonds,
$10.000.00 to mature on the sixth an
niversary date,
| S12,00O.00 to mature on the seventh
anniversary date,
| S14,0OO.00 to mature on the eighth
anniversary date,
| S16,000.00 to mature on the ninth
anniversary date,
| S1S,000.00 to mature on the tenth
anniversary date,
$20,000.00 to mature on the eleventh
anniversary date,
$22,00000 to mature on the twelfth
anniversary date,
$24 100000 to mature on the thlr-
teenth anniversary date,
S26,000.00 to mature on the four
teenth anniversary date,
S2S, 100000 to mature on the fifteenth
anniversary date,
said bonds to be numbered numerical
with the first series and are to be re-
deemable at the option of the second
party in the, inverse order of their
numbers and maturities at S102.50 and
interest at coupon period after date
upon sixty days previous notice to
holders, and said bonds to bear semi
annual interest coupons and to be is
sued in convenient denominations
suitable to the requirements of the
first party both principal and interest
, to be made payable at the office OF the
. second party in Twin Falls, Idaho, as
also at the banking house of the Ger
man American Trust Company, Den
yer, Colorado, and Kountze Brothers,
New York, at the option of the holder.
1t is understood between the parties
hereto that these bonds are to be is
sued in full conformity with all the
, legal requirements to make them
binding first mortgage obligation OF
said second party, legality to be de-
termined by and subject to approval
, of attorney for first party, and the
first party agrees to pay its own at
torney's fees.
The second party agrees to prompt
ly furnish to the first party, or its at
torney free of any cost to first party,
all legal data, certificates, documents,
papers or certified copies of records
, as may be necessary in the opinion OF
first partys attorney to evidence le-
: gality of the bonds and complete a
( proper transcript or legal record, and
5 the second party agrees to take all
? necessary steps to facilitate the early
issuance of the bonds.
4 The second party agrees to execute
first mortgage or deed of trust
S drawn in due and proper form, said
trust deed to incorporate a sinking
t fund or other adequate provision fol
: the payment Of interest and retire
ment of principal of said bonds as
e they respectively mature, said trus
r deed to be substantially in the form
S as that set forth in the case of Hobbs
S VS.. Twin Falls Canal Company, ex
n cept where modified by this agree
S ment.
: is agreed between the partie
: creto that the German American
e H~ust COMPANY of Denver, or Mr.. God
}. frey Sci inner, it's president, at Thu
l. option Of 70 first party, is to be trus
= tee for the issue at the usual charg
Is and fees fixed by other representa-
e tive eastern trust companies for tn
S, same service, the second party agree
l. to pay such trustee charges or fee
Ut and any ordinary fees necessary t
n qualify such trustees to act as sucl
,e in Idaho, the latter fees not to excee,
If one hundred dollars.
is Second party agrees to pay the ex
e pense of printing or lithographin'
Re the issue of bonds in presentable form
l. acceptable to first party up to cos
not to exceed $250.00, any charg
4, above that figure to be paid by frs
= party if it elects to choose a NOR
e expensive bond
L. As soon as the bonds are issued b.
IL second party in accordance with tn
e foregoing provisions, the first part
/ agrees to purchase and take owe
n S15000000 of the issue and to pa
g therefor at the rate of ninety-thre
y cents and interest for each dollar o