The corporation was authorized to issue 1,000 ten-year first mortgage bonds (par value price 1,000 each) on May 1, 1992.
The bond indenture carries among other things the payment of interest at 9% per annum due on May 1 and November 1 of
each year. On May 1, 1992, price 600,000 of the bonds were sold at 104.
The books show that the last recording of interest
payment was on November 1, 1997.