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Show Drainage Officials SaQistrict $24,000 As ult of Trip Officers of the Utah Drainage , , district No. 1, comprising several , hundred acres of land west of Springville. returned from Seattle, , Wash., Monday where they went to complete details relative to re- ; financing the district through j federal aid. Included in the group , were President I. E. Clcgg, Sccrc- j tary J L. Phillips, Attorney An , nold C. Roylance and Fred Roy- ; lance. crs The officers returned with !-000 !-000 worth of old drainage district bonds and signed over to tne , , federal bank at Seattle, $11,000 work of new bonds in return. A savings of $24,000 on the pnnci- , pal alone resulted from the retin- . ancing plan, President Clegg said. I Also the old district bonds were j issued with interest at 6.6 per cent while the new bonds bear interest at the rate of 4 per cent. ' A complete statement of tne . , refinancing transactions which ot-ficers ot-ficers and Attorney Roylance have been working on the past two , , years, will be submitted to stockholders stock-holders in the very near future. , , Arrangements will also be made for stockholders to view the old , bonds and possibly a bond-burning , will be held in celebration of the . completion of the refinancing program pro-gram which has saved the stock- : holders a considerable amount. After completion of their busi- : ness with the federal bank at Seattle, the group returned home by way of the West coast, through the Redwood forests. Attorney ! Roylance and his brother Hugh, ; visited for a time with their sister, sis-ter, Miss Melba Roylance who is employed at a bank in San Francisco. Fran-cisco. Mr. Clcgg and Mr. Philli'y- i visited Mr. Clegg's daughters, Mrs. Leona Poulsen and Mrs. Laura ! Simpson and husbands, and were : taken by them to numerous interesting inter-esting places in and near Oakland, i Calif. The trip was an especially enjoyblc as well as profitable one, the officers reported upon their return. |