Annual Report 1921/pt.1
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Order (January 27), Approving an issue of bonds at not less than par and accrued interest to the amount of $650,000, said 1922.] CAPITAL STOCK AND BONDS. 143 bonds to be a part of a total issue of not exceeding $2,000,000 in the aggregate, bearing interest at a rate not exceeding 7 per cent per annum, payable in not exceeding fifteen years from the date of issue, and secured by a first mortgage of the company's franchise and property, the proceeds to be applied to "the pay- ment and cancellatio...n of an equal amount of the obligations of the company represented by its promissory notes outstanding on October 31, 1920, and to no other purpose.
January 27, 1921. [D. P. U. 331] Petition of the Fitchburg and Leominster Street Railway Company for approval of an agreement for extension for a period of five years of the maturity of the issice of certain first mortgage bonds of said company at an increased rate of interest.
After consideration, it appearing that on January 25, 1901, the Board of Railroad Commissioners approved an issue by the Fitchburg and Leominster Street Railway Company of not ex- ceeding $150,000 face value, 4| per cent coupon bonds, dated February 1, 1901, and maturing February 1, 1921; and that on February 9, 1917, the Public Service Commission approved a further issue by said Fitchburg and Leominster Street Railway Company of $150,000 face value, 4| per cent coupon bonds, bear- ing date February 1, 1901, and maturing February 1, 1921, mak- ing an aggregate issue of $300,000 face value of bonds matur- ing on February 1, 1921, and secured by a mortgage on the property of said company; and that said bonds, to an aggregate principal amount of $300,000 face value, were issued accordingly, and are now outstanding, although matured on February 1, 1921; and it now appearing that under existing financial con- ditions, it is inexpedient, if not impracticable for the petitioner to sell new bonds or other securities at a reasonable rate of in- terest for the purpose of retiring and refunding said $300,000 face value of bonds, and that it is necessary and advisable for the petitioner to procure an extension of the maturity of said bonds, and to increase the rate of interest upon said bonds so extended, in order to secure the consent of the holders of said bonds to said extension, it is — Ordered, That the approval of the Commission be hereby given to the terms and provisions of the proposed agreement, a copy of which is on file with this Commission, to be made be- tween the Fitchburg and Leominster Street Railway Company 144 APPENDIX — ORDERS.
What to read after Annual Report 1921/pt.1?
You can find similar books in the "Read Also" column, or choose other free books by Massachusetts. Dept. of Public Utilities to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Order (January 27), Approving an issue of bonds at not less than par and accrued interest to the amount of $650,000, said 1922.] CAPITAL STOCK AND BONDS. 143 bonds to be a part of a total issue of not exceeding $2,000,000 in the aggregate, bearing interest at a rate not exceeding 7 per cent per annum, payable in not exceeding fifteen years from the date of issue, and secured by a first mortgage of the company's franchise and property, the proceeds to be applied to "the pay- ment and cancellatio...n of an equal amount of the obligations of the company represented by its promissory notes outstanding on October 31, 1920, and to no other purpose.
January 27, 1921. [D. P. U. 331] Petition of the Fitchburg and Leominster Street Railway Company for approval of an agreement for extension for a period of five years of the maturity of the issice of certain first mortgage bonds of said company at an increased rate of interest.
After consideration, it appearing that on January 25, 1901, the Board of Railroad Commissioners approved an issue by the Fitchburg and Leominster Street Railway Company of not ex- ceeding $150,000 face value, 4| per cent coupon bonds, dated February 1, 1901, and maturing February 1, 1921; and that on February 9, 1917, the Public Service Commission approved a further issue by said Fitchburg and Leominster Street Railway Company of $150,000 face value, 4| per cent coupon bonds, bear- ing date February 1, 1901, and maturing February 1, 1921, mak- ing an aggregate issue of $300,000 face value of bonds matur- ing on February 1, 1921, and secured by a mortgage on the property of said company; and that said bonds, to an aggregate principal amount of $300,000 face value, were issued accordingly, and are now outstanding, although matured on February 1, 1921; and it now appearing that under existing financial con- ditions, it is inexpedient, if not impracticable for the petitioner to sell new bonds or other securities at a reasonable rate of in- terest for the purpose of retiring and refunding said $300,000 face value of bonds, and that it is necessary and advisable for the petitioner to procure an extension of the maturity of said bonds, and to increase the rate of interest upon said bonds so extended, in order to secure the consent of the holders of said bonds to said extension, it is — Ordered, That the approval of the Commission be hereby given to the terms and provisions of the proposed agreement, a copy of which is on file with this Commission, to be made be- tween the Fitchburg and Leominster Street Railway Company 144 APPENDIX — ORDERS.
What to read after Annual Report 1921/pt.1?
You can find similar books in the "Read Also" column, or choose other free books by Massachusetts. Dept. of Public Utilities to read onlineMoreLess
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