AZ vs. CA:20 California Exhibits, Vol. XX; Nos. 4050-4092

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The entire system has been enlarged and rebuilt, is properly protected by levees, is adequate to meet the demands of the land being irrigated and has been put in excellent condition, and future assessments will be required only for maintenance and should be comparatively low. All extensions of the system will undoubtedly be made with money received from the sale of stock, which now has a market value of $30.00 per share. The premium on future stock sales will take care of the indebtedness to the Palo Verde Land and Water Company and also put future stock holders on a par with those who have paid the assessments heretofore levied. A levee district, including all of the Palo Verde Valley, has recently been organized under the laws of the State of California. It is planned that this district shall take over the levee system of this company, paying for it the sum of $90,000.00 in bonds of the district. The Palo Verde Land and Water Company has agreed that one-half of the $90,000.00 mortgage held by it shall be paid in said bonds. This will relieve the company of any further expense in levee construction and maintenance and in part liquidate its indebtedness to the Land and Water company. Organization. This company was incorporated under the laws of the State of California; for a period of fifty years, the first articles of incorporation being filed on March 6, 1908,1 and amended articles filed June 18, 1908; with a capitalization of $1,000,000.00, divided into 100,000 shares, par value $10.00 each; to, in brief, purchase, own, construct, maintain and operate an irrigation, drainage iCalif. Ex. No. 336.