Lincoln County times. (Jerome, Idaho) 1911-1919, 1914-05-14
Extensions are Granted
No Payment, on Principal to be
Made Until 1919.
Final Proposition Presented by
the Representative OF the
Bondholders
For Approval by the Entrymer
and the State Land
Board.
GOOD NEWS FOR NORTH SIDE

Yesterday, we believe. marked an
epoch in the history OF the North Side
tract which means progress and pros
perity from this time on.
The above expression Is called |
forth BY a visit here from Mr.. X. Z. |
Shepherd. representative OF the bond |
holders. who are now In possession
OF the tract. and who presented q
proposition that cannot help but be
the instrument OF putting the tract
ON q nrm financial basis. and bring
relief TO the settlers on the same.
A hurried meeting OF the directors
of the Canal Users Association was
called ut the telephone instance OF
Mr. Shepherd who was In Boise.
where he presented his plans to the
state land board. asking for their APP
proyal OF an amended contract which
he had prepared for the considera-
ton OF the settlers on the North Side
tract. after II had been approved by
them.
The proposition. as submitted to
the directors is along about the same
lines A. has heretofore been discus
sed In these columns. namely. to com
pute all Indebtedness due the com
pany as OF March LIST. 1914. includ-
Ing back payments. interest and
maintenance. the same to be embod-
led into one general obligation. the
new principal to draw interest at the
rate OF per cent to be payable an
nually. no payment to be made upon
the principal until 1919. when per
cent OF the same shall become due
SIX per cent In 1920. etc. last pay
ment to be made in 1928.
The conditions OF the proposition
provide that the company shall e
ahead with the completion OF tn,
system. and in order to ascertain
what work is necessary for It's com
pletion. the settlers are asked [,
name an engineer. the company L
name an engineer. who. in compan,
with the state engineer. shall care
FULLY investigate the system. that
definite understanding may be arriv
Cd at as to the work that should b.
done at once. and what should be de
ferred.
Mr. Shepherd also advised tn
board that the work on the Jackso
Lake reservoir was now proceedin
again. and would be carried forwar
70 completion as fast az pract.ca
the money for the same having bee
guaranteed the government by tn
oondholders. In the meantime. tn
company would arrange for storag
water from the government as ha
been done in the past.
The board OF directors OF the ne
worth Side Canal Co. is composed
"'ne members and II is the desire
mr. shepherd. which is embodied
'ne proposition. that the settlers {
'ne tract nominate two OF the
members who will be elected as mer
'e's OF the board OF directors.
"io' the settlers will elect fo'
"'moers and in 1915. they W
''oc' SIX members. which will p
'nefn In control Of the board.
relative to the maintenan
'aarse. 1t will remain at 35 cen
per acre until November next, aft
which time. according to the n,
contract the charge for maintenan
snail be the actual cost thereof.
Suins administration, operate
'.'rs' ETC., which amount shall
ermined by the board OF dire
W. upon which the settlers are r,
"'entsd by two members.