Imperial Valley Press

District Buys Bonds $14,517 Saved to Taxpayers Thru Security Purchases

A long, dry decade during which no payment was made on the Imperial Irrigation district debt principal was over Wednesday.

The district forked over $91,482 to retire $106,000 in bonds and paid out $651 for warrants originally worth $882.

The saving of $14,517 on bonds and $231 on warrants was made after bids of security holders were presented at Tuesday's board of directors meeting. Only the low offers were accepted.

Of the total $283,000 in bonds offered for sale to the district, the offers accepted were.

First division bonds, Pasadena corporation, $36,000 par value at 81.73 per cent; second division bonds. Banks. Huntley and company, $25,000 at 89 7/8 per cent; and third division bonds. Pasadena corporation $40,000 at 87.98 per cent.

Of the outstanding warrants, an offer of 50 per cent from the Firestone Auto supply on a $16 warrant was accepted; one from Mrs. S. M. Leffingwell of 70 per cent on a $10 warrant; one from Roy Powell of 70 per cent on a $467 warrant; another from M. H. Cavin Lumber for 77.4 per cent on a $77.50 warrant: one from K. E. Couch of 80 per cent on a $5 warrant: one from Della McCollough of 80 per cent on a $75 warrant; one from R. N. Thompson of 80 per cent on a $115 warrant; and one from Ramon Lopez of 80 per cent on a $117 warrant.

All other offers on the $72,000 warrants tendered were rejected.