| Show NO ON SALE OF BONDS rumors that parowan carowan city municipal bonds for lights and water are sold conditionally denied palmer bond cortage co makes statement of facto fact rumors rum ors that the sale of parowan carowan cites bond issue of for an electric light plant was only conditional dit ional ad that the outcome of the segregation case against the city would influence that sale have bave persisted for so long that the times decided to ask for a statement of facts from the purchasing company to clear up any doubts in the minds of our readers accordingly we wrote to them our letter and their reply under date of nov beng ing printed herewith they are self elf explanatory and the reply from the lie purchasers leaves not the slightest room for doubt parowan carowan Pa rowan utah nov 23 1923 palmer bond mortgage moraga e co salt lake city utah gentlemen re parowan carowan cites recent issue of bonds for electric light plant it is our understanding that you IOU have purchased that issue of bonds together with issued for im pro prominent provi neut vinent of our water system that of the two issues have already been drawn by the city and that the bi balance lance is availably at any time lime and that it is is paying 5 per cent interest until such time as it is is drawn rumor persists however that the issue for light purposes has not been definitely sold or that they are sold with a string on them or something of the sort we feel that the public should know the absolute facts in the case so that as a community we might govern ou ourselves accordingly we therefore write to ask if you will please give us a statement of facts so that we might pass them on through the columns of the times we are enclosing herewith self addressed stamped envelop for your reply and shall very much appreciate it if you will give us this information at our early convenience yours truly PAROWAN TIMES replying to your lett letter erpf of noveis her ber 23 1923 we are glad to make a statement of the facts surrounding rounding hur our purchase of parowan carowan city light and water bonds we entered into a written contract with the city dated june 23 1923 to purchase the bonds at par and interest ya A copy of this contract no cloudt is spread on the official minutes minute of the meeting of the town council of that date under this contract we were to have thirty days in which to obtain the opinion of our attorneys as to the legality of the bonds we obtained a favorable opinion within that time and on august 30 1923 we took delivery of the bonds and paid for them in full at the time of the payment it was arranged by mutual agreement neut that the city be paid only as much in cash as it required at that time lime and that the balance of the payment be made in certificates so thu that the money would be in interest until it was needed accordingly we paid the city in cash and the balance bearing 5 per cent interest is available to the city on thirty days notice whenever required to complete the power plant there is no foundation whatever for the rumor that the bonds have not been definitely sold to us or that there is any sting st ing inga on the purchase and sale very truly yours palmer bond mortgage co bordon gordon maw vice president |
