OCR Text |
Show -27- investment not expended in the purchase and cancellation of bonds before maturity as aforesaid, shall be retained by the Trustee until all the outstanding bonds and coupons due of the series secured by this indenture shall have been purchased or paid and such bonds surrendered to the Trustee for cancellation; except that in case the said Sinking Fund shall at any time amount to more than the face value of all such bonds, then outstanding, the Trustee shall pay over on demand the excess of such sinking fund to the Treasurer of the Company. Eighth. At the expiration of ten (10) years from the date of said bonds, namely, upon the first day of July, 1910, the Trustee shall pay to the holders and owners of the bonds then due and outstanding, pro rata, on account of the principal of said bonds, the amount of the Sinking Fund accumulated by the payments which are provided for in the sixth paragraph hereof, to be made by the Company to the Trustee, and the Trustee shall have authority for such purpose to sell all investments which have been accumulated by it from such payment. All payments made by said Trustee upon said bonds shall be stamped thereon, and any excess of said Sinking Fund remaining after the payment of said ten (10) year bonds shall be retained by the Trustee as a part of the Sinking Fund provided for in the fifth paragraph hereof. Ninth. At the expiration of twenty (20) years from the date of said bonds, namely, upon the first day of July, 1920, the Trustee shall pay to the holders and owners of the bonds then due and outstanding, pro rata on account of the principal of said bonds, the amount of the Sinking Fund accumulated by the annual payments of |
Source |
Original book: [State of Arizona, complainant v. State of California, Palo Verde Irrigation District, Coachella Valley County Water District, Metropolitan Water District of Southern California, City of Los Angeles, California, City of San Diego, California, and County of San Diego, California, defendants, United States of America, State of Nevada, State of New Mexico, State of Utah, interveners] : California exhibits. |