Show BONT yv IRRIG INY settles FOR bic ON THE 1 DOLLAR ENDS 1 FIGHT aci editors to accey t tor for i 1 lien of 1300 1 acceptance by bondholders of an agreement settling the bonded debt of the bonneville irrigation company thursday marked the end of 12 years of controversy over acres of davis county farm land and is believed to have cleared the tan ogled affairs of the district charles E maclean of san fran icicco vice president of the anglo par a london company representing the majority of bondholders accept ed payment of in ual obligations as full settlement for the outstanding indebtedness of the district which approximates 1 cleir titles the settlement was announced by E 0 muir chairman of the d s brict s settlement committee who stated that the bondholders action supplies a means whereby property owners may clear title to their lands unhampered improve ment of the property the obligations accepted by the bondholders in lieu of bonds is 13 rep resented largely by individual first mortgages on the property prop propel eity ty within the irrigation district the obliga I 1 ons were pro rated among the land owners in the district individual obligations have be n i i ed up in a sufficient number through subscriptions to stock in the south davis canal company to assure the success of the settlement it was announced mr muir report ed that of the shares of the stock in the canil canal company the successor to the bonneville lion tion district and the legal agency created by people of the district to effect the settlement had been old and that the committee of 14 will continue to t motion until every landowners in the district has been signed up bonds issued indebtedness of the bonneville dis brict was incurred in 1920 when worth of bonds were is sued to pay tor for the installation of the district districts s irrigation and pump ing system to provide acre ft of water for acres of davis county land the bonds were pur chased by the anglo pans paris london company corn any but with the accrued in terest through defaulted payments the indebtedness of the district has climbed up to approximately 1 we are taking worth of individual pro rated obligations rep resented by individual frist mort gages in full settlement of the dis brict s outstanding bond obligation jot of approximately 1 al mi 1 me lean said on behalf of the bond holders this represents a dafin ite sacrifice on the part of the bond holders but it means rehabilitation of title in the district and gives the landowners commercial values for their property this settlement div tes es each individual in the district an opportunity to clear his own title in the aggregate the bondholders are ace accepting epting first mortgages paya ble over ever a period of five year from S L tribune nov 12 |