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Show THREE MILLION AND HALF 3IOKE: BONDS FOR TUXXEL 1 C. IL Leckenby, secretary of the Moffat Tunnel . commission, has returned re-turned after having been in New-York New-York Oily with President W. P. j Robinson and Erskine R. Myer, I I counsel for the commission. The-1 j trip was made to negotiate a ne.y j loan of $3,500,000 fo. the tunnel' project, bringing the total indebted-, I iiess cf the tunnel dis rid to 312,-' j 720,000. .' , ' ', I On account of unforeseen condi-j condi-j lions arising, the commission found it necessary to raise more money in order to complete t lie railroad tmi-nel tmi-nel and the water tunnel and to equip them in readiness for use. The loan is made by R. M. Grant & Co., the rate of interest being 5U per cent, the same rate as mada on the first supplemental bond issue. The terms and , conditions arc the same, with average maturities of 25 years, the 'bonds to be retired in 10 equal annual installments. commencing January 1, 1947. The legality of this issue of securities was approved by all of the attorney's who were consulted, by both the commission and the purchasers of the bonds. The necessity for the new bond issue arises from the fact that sort ground still continues in the west portal, where each heading has reached a depth of over 12,000 feet. Bad conditions have also been encountered en-countered at east portal, where an excessive flow of water was struck on Feb. 2S and which still continues to a considerable extent. On May 1 the water tunnel had a combined length of 27,057 feet, from both ends, and was S6 per cent completed, the two headings being only 4726 feet apart. This was, however, a gain of only 389 feet during the month of April. The main headings were 83.5 per cent finished, and the railroad tunnel had been completed to full size for 61 per cent of its length. Routt County Sentinel. |