The Filer record. (Filer, Idaho) 1919-1930, 1924-10-16
MONEY ALL PAID
IN ON AMERICAN
FALLS BOND ISSUE
State Treasurer Certifies Transaction
-Gooding Tract Wants in Pro
ject--Alworth Does Signing

Incidents connected with the final
signing OF the big bond issue are
graphically told by w. f. Aiworth
of this place, who is secretary OF the
hoard OF directors.
Mr.. Alworth and Mr.. Shepherd,
president OF the district, signed the
bonds in ten hours. At one time IL
was thought il would take them two
months. but by having their names
printed on the coupons attached 10
each bond, they We're required TO
sign only the bonds proper, when
were in denominations OF $1,000
each, making 249S Of them.
As the bonds took on the value OF
actual money Immediately upon be-
ing signed by the officials, precau-
lions were taken the same as II that
much currency was involved. IL was
midnight before two million dollars
worth of the bonds had been signed,
and the signers quit, calling IL a day,
after a representative of the bond
house turned over to MIR. Alworth
two drafts for one million dollars
each. The bonds were lodged that
night In a Twin Falls banks vault
They were brought to Twin Falls In
a trunk from Minneapolis
The next day the balance OF the
bonds were signed, and drafts deliver
ed. Alworth Immediately sent the
proceeds of the bond issue to federal
officials. The bonds themsedveNs
were forwarded to the owners Dy
mail. being insured by Lloyds at
cost of$30O.
State Treasurer ID. +. Banks, ana
Senator F.. X. Gooding were among
those witnessing the signing.
Negotiations with a view to pur-
chase for the Gooding project OF be-
tween $50, 900 and 100000 acre feet
and by upper Snake river valley
water users of approximately three
hundred thousand acre feet of stor-
age water in the American Falls res
ervoir have reached a stage where IL
is believed certain that the details
will be consummated.
Word to this effect was brought
by officials of the American Falls
reservoir distridt who attended
conference at American Fails at
which sale of additional storage wa
ter in the big reservoir was under
consideration and who met at Twin
Falls last week to affix their sigma
lures to two million four hundred
dollars worth of bonds recently sold
by the district.
Would Help System
Such additional sale Of storage wa
Ter rights in the American Falls res
ervoir il was stated would mater
tally reduce the amount to be PAID
by the district for participation in
the construction of the reservoir pro-
iect and for water rights therein.
This reduction, under the contract
for sale of the bonds, would reduce
the total of the amount of the dis
trict's bonds to be delivered to the
purchasers.
American Falls water for the
Gooding tract of the big Wood river
canal project. according TO plans un-
der consideration, would be taken
from Millner dam through canals OF
the Twin Falls northside system to
the Jerome reservoir and thence
through a new canal TO the Big Wood
river system to a point near Tunupa-
Residents OF the Eden district also
are reported to be interested in the
proposed enlargement of the first
miles OF the northsfde canal from
Miner. through which they may
seek to obtain additional water.
Banks Certifies
Qualification of the s2.4ss.ooo
bond issue of the American Falls
reservoir district by ID. F. Banks.
state treasurer. marks the initial use
Of a law enacted by the 1928 legis-
lature. Under this law the district.
nv resolution. designated the state
treasurer as the official to take
charge OF handling the bond issue.
The treasurer becomes the custo-
dian of all money collected in the
form of taxes from lands of the dis
trict TO pay off the bonds when they
fan due. He also disburses the In
terest to the bond holders every six
months
However. Mr.. Banks said. there VIII
he no disbursing to do for three years
as the arrangement under which the
bonds were sold provides for paying
the interest for the next three years
Proceeds Of the bond issue have
been turned over TO the federal gov
eminent for the purchase OF 100000
acre feet Of stored water In the reser-
voir. Bids for the construction OF
the dam viii be opened at Twin Falls
October 20.