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Show Council Adopts Plan To Meet Hydro Plant Expenses The City Council on Monday evening of this week passed an .ordinance permitting Parowan City to sell $80,000 worth of Revenue Rev-enue Certificates to pay the remaining re-maining obligations owing on the construction of the Paragonah Paragon-ah hydro electric plant. The Monday Mon-day session was a continuance of the regular meeting of the council held the Monday before. These revenue certificates will bo issued and sold to be redeemed in 10 years, although they may bo recajled earlier if city finances will permit. Thoy will draw interest in-terest at the rate of 5';'o per annum, an-num, payable quarterly at the city treasurer's office. They are to be redeemed out of revenue derived from the sale of power by Parowan City and are not general obligation bonds. Outstanding obligations which will be paid for out of the proceeds pro-ceeds of the sale of certificates are approximately $G2,000 for materials ma-terials and labor on the pJant, and $18,000 for engineering costs, nished the materials and labor Parowan City is indebted to Wasatch Electric for $35,7G0, General Electric for 14,164, Pelton Water Wheel Co., 7.9G5, and Arm-Co, Arm-Co, 3,581 to make up the $02,000. Owing to Thomas C. Adams for Owing to Thomas C. Adams for engineering on the Paragonah plant is $12,000 with the other $6,000 still to be paid on engineering engin-eering costs of the Parowan plant built about five years ago. Judge Elias Hansen of Salt Lake City is acting as attorney for the city in preparing necessary neces-sary legal papers, and the ordinance ordi-nance prepared by him and passed pass-ed on Monday night, will appear ap-pear in this week's issue of the Parowan Times. |