Word: refundable
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Dates: during 1940-1949
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...money, amounting to $10,000,000 of the proposed $28,594,000 bond issue (the remaining $18,594,000 would refund an older bond issue paying a lower interest rate). Under the statute, the Commission is charged with determining if a new security issue is: 1) necessary, 2) desirable for the issuing company. Halsey Stuart and Otis had offered to put up this new money for common stock instead of bonds, to take a risk as minority holders in Consumers Power instead of adding to its debt as C. & S. proposed. Because of this offer bond financing was no longer...