THE IRRIGATION AGE. 



247 



Many of them belong among the highest grades of Mu- 

 nicipal securities. 



CORPORATION "CAREY ACT" BONDS. 



These bonds are issued by Corporations to reclaim 

 lands segregated from the public domain for the pur- 

 pose of irrigtation and development under the provisions 

 of the Federal Law introduced by Senator Carey, of 

 Wyoming, commonly known as the "Carey Act." The 

 segregation is ma-de by the United States Department of 

 the Interior after request made to the State Land Board 

 and certification of their approval to the Secretary. 

 Bonds issued on such projects are usually made to ma- 



cent of the purchase price of his water right and 

 in his contract gives a mortgage on the water right pur- 

 chased, and on his equity in the land to secure the de- 

 ferred payments. 



These deferred payment contracts, which mature 

 serially in from one to ten years, are deposited usually 

 on the basis of one and one-half to one, or $1,500 in such 

 contracts to each $1,000 of bonds so issued. These mort- 

 gages and contracts are deposited in escrow with some 

 responsible Bank or Trust Company, designated by us, 

 which acts as Trustee under the issue. 



Dam, Head-gates and Canal of Canyou Canal Company, Payette River Valley. Idaho. This system furnishes water to the 



destined to become one of the best fruit sections of the irrigated west. 



Emmett Bench 



ture in ten annual installments one to ten or two to 

 twelve years. 



After these lands have been segregated, the pros- 

 pective settler must make a contract with the Corpora- 

 tion for a water right before entering upon his land. 



Supervision of the system of irrigation is main- 

 tained by the state engineers and State Land Board 

 until the entire construction is satisfactorily completed 

 and the system turned over to the settlers. 



In this way the settler is guaranteed a perpetual 

 water right with good title. The settler pays 10 per 



CORPORATION BONDS ON LANDS IN PRIVATE OWNERSHIP. 



This class of Irrigation Bonds is issued by a Cor- 

 poration for the purpose of acquiring or constructing 

 water rights and irrigation systems. 



The bonds are a mortgage lien on all of the prop- 

 erty owned by the Company. In addition, they are 

 secured by mortgages on the land to be irrigated. These 

 mortgages or trust deeds are given by the fanners own- 

 ing land subject to irrigation, to secure deferred pay- 

 ments on water rights purchased. Such mortgages are 

 usually in serial form and they are deposited with a 



