The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-02-10

and water could 5e brought .*lto the cry
sUEy year bef0-e they were done
The Queen Anne STAINS i3se would D. re
first construction completed. he thought
and thirty days after that tine ae believed
IL would pay 81 per cent. % rs coSt, ess.-
Ta'ed az about ss9os.1.
Since aacer the city charter % per cant
must DE withheld on a contrac, ANTI the
completion o. the WORK. this plan OF letting
four contracts instead of ore w9l-1. ~
argued, encourage bidders, wAo would not
feel that their money was TO be tied up oy
the slower parts OF the work.
City Comptroller Parry suggested a Finan-
clai plan. which caused prolonged discus
sion. Payment OF the contrac, should De
on i par basis, he said. and the estimates
should be paid IN casa. lie believed the
city should handle the warrants A con
tract should be made vita some bond house
OF trust company that the warrants would
be taken up az par or better. as money was
needed by the CITY 20 pay the estimates. II
The paper could all be soli 10 one party b.
the city the contractor Bidding sl.oo0.o0
would get sl.00pV1. and there would be no
difficulty. In Its contract with the trust
company the city would simply covenant 20
set aside from the proceeds q. the water
works a sum sufficient TO cover the prucl-
pal ard the per cent interest. The party
accepting the paper would thus be made
part OF the contract. since payment would
be entirely conditional on the successful,
operation of the water works.
COULD BE PAID IN TEN YEARS.
He was confident the paper could be paid
eff IN ten years or, al most in dfteea lie
recommended that the warrants be divid-
81 in series. the FIRST redemption 10 be
one or Two years after tae completion OF
the Work. Il could be made cali paper 80
more could be taken UP II revenues from
the water plant increases rapidly.
In these propositions the members Of the
committee had food for prolonged discus
sion. Taere were present Chairman Castle
man. James, McAgdle. Rude and Taylor.
With the exception OF Castlaman who
seemed inclined 20 stand by he plan oc
letting the work ana paving for II under
which Gahan * Byrne had bid. there was
practical uaanimity IN favor Of adopting
City Engineer Thomson's lea Of four sep
afaie contracts. AS to the financial prop
osition submitted by The city comptroller
there was difference Of opinion
4 m not Ia favor 81 tie city handling
the warrants" declared James. And Nc
Afjle echoed; Neither am /"
Il Was felt that in selling the warrants
the city assumed a liability f9r their pay
neni, which was escaped In giving them
10 The contractors instead % cash. James
was opposed - the issue OF a series which
"ftat ue itlSeiHci a. g mite times. lie
argued In favor II issuing the warrants
upon agreement to set ASIDE IS per cent. II
TIE proceeds from the plant for the pay
i1ent Of principal and interest. bur agle d
that the city should guarantee the Interest
payments These, according 10 Mr. Parry
would amount 20 $500 the first year $1,000
the second ard SD 30 the third. after which
TIE city could commence reaeemlng. The
city would rot have paid s3oe0 he SAID.
before Ii would be able to call on the saw
i1gs from the water fund
Mr.. Parry favored a warrant drawn no
something like bond and with coupons al
taehed. lie thought This would encourage
the sale OF the paper
After considerable discussion the com
mi'tee Instructed the city comptroller 20
afaW up form of bond H. acc1rtaace with
the rev plans. ana ihe city eng aeer 10
prepare an ordnance. The matter viii be
further discussed a. .La committee MEET
ing 20 he held Saturda-