OCR Text |
Show Big Water Project Officially Sold After a session lasting for several days between the Stat Land Board and a committee from the organization organiza-tion of the Piute Reservoir and Canal Ca-nal company, at Salt Lake City, last week, the final transaction in the transfer of the project to the water users of this and the Sevier valleys, was brought to a close by the payment pay-ment of $65,000, the initial payment required by the state. With regard to the $7000 Interest the state considered con-sidered interest on the interest paid in by purchasers when they were only on-ly contract holders from the state, the committee was given the privilege privi-lege of using the fairest judgment in adjusting the matter. Other terms of the transfer and contract are as follows: The purchasers are to pay for the completion of contracts for improvement improve-ment of the Piute dam now under way. The initial payment of $65,000 will be made by April 1, next, and another payment of $65,000 is due April 1, 1921. The remaining portion of the purchase pur-chase price is to be paid in twenty annual installments, beginning January Janu-ary 1, 1921. Interest at the rate of 5 per cent is to date from January 1, 1921. The water users, who are now organized or-ganized as the Piute Reservoir & Irrigation company, have the option, expiring three years hence, of purchasing pur-chasing from the state at a price to be hereafter determined, all lands belonging to the stale under the Piute Pi-ute project. If the option is not exercised, ex-ercised, the state has the right to purchase from the corporation water rights for these lands at the same terms as such rights are sold to its stockholders. A committee from the land board will appraise this land at its earliest convenience. |