Leadership

Buys Bonds Issued to Purchase Its Plant

Issue 9 and Volume 68.

Buys Bonds Issued to Purchase Its Plant The council of Essex Fells, N. J., recently offered at auction a bond issue of $175,000 authorized for the purpose of purchasing the plant of the Essex Fells Electric Light & Water Company and the company bought the bonds at par. There were representatives of a number of bond houses present, it is said, who probably expected the bonds to go at about ninety, as they bear only 5 per cent, interest. The plant comprises four wells, two pumping plants, two reservoirs, 30 acres of land and all Essex hells mains, in addition to sewer mains and a sewage disposal plant. The bonds are in serial form and will be retired at the rate of seven a year ($4,375) for 40 years. It is estimated that the receipts for water service will be sufficient to retire the bonds as they come due and…

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