The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-10-08


water supplvfu11 % Seattle. and that the
contractor shall purchase az par al war
rants which shall be issusd for amounts
required for requirement Of LANDS or
rights whether By purchase Or concsnna-
| ton proceedings. ard for all expenses n
CURED b. the city IN connection with the
work
.s0,D Create a SPECIAL fund 20 30 called
Cedar river water supply fund % Seattle
I for the redemption Of these warrants, ana
for no other purpose whatever, and pro
vide that. commencing from the date or
completion and acceptance OF the gravity
/ system. and continuing until all oclica-
lions are discharged, the city treasurer
shah SCI aside into said special fund %
Ter cent q al revenues from the sale Of
water from the city water works fexciu-
siye ~ water used for municipal pur-
poses).
upon said Cedar river water supply fund Of
Seattle as required in the progress Of the
work in accordance with the contract, linn
fling the issue OF warrants 20 a maximum
total OF s. 250Go0. (Note-Th.s amount is
about sf9o000 IN excess OF the estimated
cost OF the works. Provide that these
warrants shall bear interest at the rate OF
8 per centum per annum, payable seminar
nually on January ! and July l ef each
year, interest 10 commence from the date
OF acceptance Of the completed work. v ar
rants 20 be subject 20 call for payment Of
principal in the order OF their issuance,
20 the extent OF any moneys remaining in
the special fund a. any semi-anuual pc
rod after paying interest due on all out
standing warrants.
I'D. Bind the city not 70 sell or DIS
rose Of its water works system without
providing for meeting these obligations;
also not 20 reduce the water rates during
the continuance Of any Of these obligations
10 e set aside into the
cal fund shall for any annual period
amount TO less than - per cent. Of the
revenues for the year prior 10 the date
OF the contract.
"fel. Authorize the board Of public works
20 proceed, Immediately upon the award
ing Of the contract. 10 secure by purchase
or agreement ali lands and rights neces-
sary for the construction and perpetual
control BY the city Of Seattle of the Cedar
river supply system. Also authorize the
condemnation OF all lauds and rights re-
quired. where purchase or agreement can
not be made upon satisfactory terms. Pay
ments 70 he made from funds provided by
the contractor as provided in the con
tract
Economy Of the Gravity system.
In recommending the adoption Of this
plan the committee says Il has considered
the effect upon municipal finances both
for the i'm ned ate and the distant future.
a
IL takes the comptroller's report Of the city
water works for the first eight months Of
fsa5 which show. Net cash receipts, Sll0,-
zoe % Der annum; city departments, S2l,-
70IT0 per annum: a total Of sl32,5 1854 as
against 81, 965 - total expenditures. The
report then proceeds:
THUS while the city would be doing its
full share toward the return Of prosperity,
furnishing a field for capital and employ
ment for labor. ~ would he under no add
ed burden until the benefit is at hand. and
then the increase of income and decrease
of expenditures will make the proposition
a paying one to-the city.
1.-THE economy Of the proposed gravity
system In contrast with the expense of the
existing pumping plan is the kernel OF the
entire proposition. A. a liberal estimate
the cost OF supplying the water now used
throughout the city, including also all
office. mains domestic service, meters and
hydrants expenses as at present. would be
Si9.s % per annum from Cedar river
against 81 Sos. 81 from Lake Washington.
With the increase OF population and conse-
auent consumption Of water. the expense
for pumping from Lake Washington will
increase almost pr0portlonately, and there
will be a necessity for adding expensive
machinery from time to time; while with
the gravity system provision is made for
a four-fold increase of consumption with
out new construction and with only slight
~ increasing annual expenditures.
The question may he asked whether IL
= per cent. OF the cash receipts be set
aside into the special fund. the remaining
- per cent. viii be sufficient 10 pay the
operating expenses. An analysis Of the
official figures already quoted answers this
question. Even with the present mini
mum cash receipts Of $40 00.A per an
! mum. the entire expenditures for operating
and maintaining the water works If sup
piled from Cedar river. would he about
$40 $3.50 per snnum. which Is only about
Is per cent. This would leave : per cent,
or about S7o0 per annum for extensions
Of tho distributing system within the city,
besides the . per cent special fund
Its Financial Advantages.
1.-THE most vital phase Of this question
! as considered nv the committee was the
cations - ne incurred under the proposed
plan We recognize the fact that. al
though these warrants would not constl-
tuta an Indebtedness Of tho city. yet the
good name and credit Of the city would
be p,cdgod 60 their redemption. both prin-
cipal and interest. In making the state
I ment that these Obligations would all be
discharged principal and interest. within
less thar fifteen years from the compile
ton ~ the gravity system. your committee
is simply crediting Seattle with growth
! of 6 per cent Per annun n population Of
12L5si i'm lai0 II this estimate II growth
. be extravaEant then the period OF redemp-
tom would he longer bat your committee
/ - ~ The opinion that Il Is most conserve
+ tive and that the prospect of much more
rapid growth and discharge Of al oh.iEa-
/ tioas within ten or twelve years is within
the bounds ~ probable realization. Even
win an absolute stau8stiu AT the present
minimum % current cash receipts. the -
! per cent special tIni would be ample 20
pay an interest charges and leave a con-
/ siderable surplus each year FOR redcmp-
/ tioN purposes
/ 'In order that there may be no doubt
! as 70 the correctness OF the assertion that
: with "a Per cont annual increase OF pop
4 lat.on the entire obligation viii be dis
/ charged iu less than tftccu years We sub
{ NIT a fah1latei statement covering the
/ uftceu-ycar period. from ISIS 20 1912 We
/ have assumed tho maximum expenditure
I and Warrant issue az S. 30 go 20 COM
meucc with. aud that ere supply system
/ would he completed and the warrants he
/ gin 80 bear interest from January T. iS.S.
/ e. Is -r-t