Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-10-18
STATE SELLSF|RST
WATER BOND ISSUE
UNDER NEW CODES
Sale of Red Lodge Rosebud lr-
rigation Securities Net
S41S,000.
Trihune's Helena Bureau

Helena, Oct. 17.-First sale of an
irrigation district bond issue under the
provisions of chapter 1913 of the Mon
tana codes of 1921 has just been con-
summated by the irrigation depart
ment of the public service commission
of Montana in the sale TO the Farm
Mortgage corporation of Billings, rep
resenting eastern investors, of the bond
issue of the Red Lodge-Rosebud irriga-
ton district in Carbon county.
The sale, which will net the district
S41S,00O, including the discount on the
bonds, was made at 80 cents on the
dollar plus accrued interest. The issue
consists of serial bonds, denomination
$1,000 each, paying interest at the rate
of 6 per cent, payable annually in 80
900 lots, beginning in January, 1929.
The gross area of the district is IL
555 acres of which the area signed up
in the petition is 9,756 acres. The
estimated total value of the lands IN
the district after irrigation is S923,OOO
not including improvements upon the
land. The COMMISSIONS cost OF lnves-
tigating the project was 10 cents per
acre, gross.
Receive Whitehall Bids
The sale of the bonds was made at
Luther, Carbon county, with Commls-
sioner Sam r. Ross, Secretary e. u.
Toomey and Engineer j. Winter Smith
present.
The same officers, at Whitehall. also
received bids for the sale of the 500
600 bond issue of the Whitehall irriga-
ton district in jefferson county, for
which two bids were received, Il at
M z--s - - - On1Z oantc ON fhp
dollar. No action was taken upon
these bids pending a check of the bids
for the construction of the project
which were received at the same time.
These bonds are TO be issued in de-
nomination of $500 each. bearing = per
cent interest. of which $1,000 will
mature in January. 1888, and the bal
ance win mature in amounts ranging
from $1,000 to $685. 900 annually. The
entire cost of this project. including
engineering. supervision and discount
on the securities, is estimated at $3.50
900.
The district comprises $500 acres. of
which 5,076 are irrigable, and the value
of the lands. after irrigation and ex-
elusive of improvements, is estimated
at $403, 900.
Now % Districts
The commission now has under its
supervision % irrigation districts, has
rejected six or seven projects, and
these two are the first TO be brought
to a point of financing.
Heretofore the financing of Montana
irrigation projects has all been done
through western bond houses, and the
purchase of these bonds shows that an
eastern market is opening up for them,
due. it is said. to the security thrown
around these issues by chapter 1913 of
the codes of 1921. which provides q
method of state investigation of the
projects and supervision of the dis
tricts.
The commission Tuesday issued no.
tees u all parties interested in the
Fish creek irrigation district in Golden
Valley county to the effect that the
irrigation department will submit its
! report on the district Saturday. Octo-
Der p, at II a. am. at which time the
report of the engineers will be read
and the commission will hear a gen
eral discussion of the plans on the part
of those interested in the district. The
district involves about $4,000 acres.