It is, therefore, ordered by the Illinois Commerce Commission, That the Illinois Southern Telephone Company be, and it is hereby, authorized to execute and deliver its first and refunding mortgage, in the form of a deed of trust, to be dated December 31, 1923, to Chicago Trust Company, of Chicago, Illinois, as trustee, for the purpose of securing a maximum issue of $2,000,000 principal amount of first and refunding mortgage bonds; that said mortgage shall be executed and delivered in form substantially the same as the copy thereof filed herein as petitioner's Exhibit B. It is further ordered, That the Illinois Southern Telephone Company be, and it is hereby, authorized to issue and sell $800,000 aggregate principal amount of its first and refunding mortgage, 6.5 per cent. series bonds, to be dated December 31, 1923, to mature December 31, 1943, to bear interest at the rate of 6.5 per cent. per annum, payable semi-annually, and to be issued under and secured by the mortgage or deed of trust herein authorized to be executed and delivered. It is further ordered, That the authority for the issuance and sale of said bonds be, and the same is hereby, granted upon the following conditions, and not otherwise; (1) That the petitioner shall sell the said bonds herein authorized to be issued so as to net the said company not less than the face value thereof, besides accrued interest thereon, and that the proceeds therefrom, together with the proceeds from the sale of the stock authorized to be issued by order* entered herein on December 12, 1923, shall be used and applied for the following purposes and no other: * See Commission Leaflet No. 145, p. 167. [I C. L. 147] (a) To the acquisition of property of (1) Murphysboro Telephone Company.. (2) White County Telephone Union ..... (3) Certain exchange and toll property of Commercial $660,000 50,000 (b) To the refunding of bonds of the Murphysboro Tele- 11, 500 (c) To the construction, extension or improvement of or 465, 000 113, 500 TOTAL $1,300, 000 (2) That said company shall keep separate, true and accurate accounts, showing the receipt and application in detail of the proceeds from the sale or disposition of the bonds herein authorized to be issued, and such accounts and the vouchers and records of said company shall be open to audit and may be audited by accountants or examiners designated by the Commission for such purpose; that within sixty days after December 12, 1923, and within every ninety days thereafter, so long as may be necessary, to show full compliance with this order, said company shall file with the Commission a report (in duplicate) signed and verified by an executive officer of said company having knowledge of the facts, which report shall show in detail the sale or disposition of said bonds during such period, the amount of proceeds realized from such sale or sales, and the use and application of such proceeds for the purpose (or each of the purposes) authorized in this order. If, during any such period, no bonds are sold or proceeds applied, a report shall be filed stating such facts. Final report shall be filed forthwith when all transactions are completed in compliance with this order; (3) That before the delivery of any of the bonds herein authorized to be issued, said company shall cause to be printed, stamped or engraved upon the face of each of said. bonds, for the proper and easy identification thereof, the following: ILLINOIS COMMERCE COMMISSION, Authorization No. 1531, December, 1923. It is further ordered, That the authority granted by order* entered herein on December 12, 1923, to the Illinois Southern Telephone Company to execute a first mortgage or deed of trust, dated December 1, 1923, and to issue thereunder and sell $800,000 principal amount of first mortgage, 6.5 per cent. series gold bonds, be, and the same is hereby, withdrawn, revoked, annulled, and rescinded. Petitioner having paid into the State treasury the statutory fee for the authorization of $800,000 of bonds authorized to be issued by order* of the Commission on December 12, is not required to pay additional fees on the bonds herein authorized, the same being in substitution of a like amount of bonds authorized as aforesaid. By order of the Commission, at Springfield, Illinois, this seventeenth day of January, 1924. In re APPLICATION OF THE ILLINOIS BELL TELEPHONE COMPANY FOR AN ORDER AUTHORIZING IT TO ACQUIRE CERTAIN BONDS OF THE ILLINOIS SOUTHERN TELEPHONE COMPANY. Case No. 13814. Decided January 17, 1924. Purchase of Bonds Approved. ORDER. The petition filed herein by the Illinois Bell Telephone Company sets forth that it is an Illinois corporation operating telephone exchanges and conducting a general tele See Commission Leaflet No. 145, p. 167. C. L. 147] phone business in the State of Illinois; that Illinois Southern Telephone Company is an Illinois corporation and is a public utility subject to the jurisdiction of this Commission; that said Illinois Southern Telephone Company has received authority from this Commission in Case No. 13723* to issue $800,000 aggregate principal amount of its 6.5 per cent. bonds, payable twenty years from date of issue, under an order of this Commission which provided that said bonds were to be sold so as to net said company par of the face value thereof; that said Illinois Southern Telephone Company is a connecting company of petitioner and that the petitioner desires to purchase $300,000 aggregate principal amount of said bonds to be issued pursuant to the order of this Commission. Petitioner prays for the authority and approval of this Commission to acquire the bonds therein described. A hearing having been held on said application and the Commission having duly considered the evidence and the petition filed herein, and being fully advised in the premises, finds that the prayer of the petition is reasonable and should be granted. It is, therefore, ordered, That the consent and approval and authorization of the Illinois Commerce Commission be, and it hereby is, given to the purchase by Illinois Bell Telephone Company of $300,000 aggregate principal amount of 6.5 per cent. bonds of Illinois Southern Telephone Company. By order of the Commission, at Springfield, Illinois, this seventeenth day of January, 1924. See supra, page 510. INDIANA. Public Service Commission. In re APPLICATION OF THE BATESVILLE TELEPHONE COMPANY FOR AUTHORITY TO SELL STOCK. No. 7411. Decided January 4, 1924. Issue of Stock Authorized. ORDER. Under date of November 23, 1923, the Batesville Telephone Company filed its petition with the Commission asking authority to issue $20,000 of stock to be divided as follows: $10,000 preferred stock to bear interest at the rate of 7 per cent. in denominations of $100 each; $10,000 common stock in denominations of $10.00 each, which would increase the total capital stock of the Batesville Telephone Company from $15,000 to $35,000, leaving a total issue divided as follows: $20,000 preferred stock and $15,000 of common stock. After due notice, this cause was heard in the offices of the Commission at Indianapolis, 10:00 A. M., December 28, 1923. The evidence disclosed that the request for the issuance of the additional stock had been regularly approved by the stockholders of said company and the proper certificate had been issued by the Secretary of State. The evidence further disclosed that the proceeds realized from the sale of the additional stock would be used to pay for extensions to property, and when the work was completed the net additions to be added would approximate more than the total revenues from the sale of such stock. The evidence further disclosed that the financial condition of the company is excellent and that it will be able to meet all of its interest bearing obligations. |