The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-01-16
WANT MORE
BONDS
Officials Discuss the Adj
visibility Of Another
100000 Issue.
WIPE OUT WATER DEBT
City Will Save Money #
Proposed Plan Is Car
ried Out.

Mayor Fagan, the Board OF Finances
Commissioners. the Street and water
Commissioners and Supervisor Of the
Water Department George 7. BoutOn bella
an important conference on the water
question yesterday afternoon IN the CITY
Han. No conclusion was reached and il
was decided 10 hold another meeting At
date not vet fixed. It will be either on
the last days of this month or very early
next month.
The subject discussed was the issuing
Of $fe0.0oe worth Of 4 per cent. bonds 70
wipe out the debt due the East Jersey
Water Company and some Of the claims
fled against the water account. i tho
Water Department receives $lpo,oe3 n
this time. the question that has been
puzzling the authorities for years would
be solved The city now owes to the
East Jersey Water Company about <s79.op9
and there are claims amounting to abous
$4,000 If the 100000 bond issue is made
il will wipe out this whole debt. with the
exception of about $4,000. and that bal
ance can be easily cleared off by the
profit that will accrue from the water
supply when meters are put out in the
manner contemplated by the Street and
Water Board The city makes a profit
on the sale Of water to the consumer
which helps pay the expenses OF the de-
partment. A slight curtailing Of expenses
will have the result Of making the ac-
cumulation of much money possible.
When the debt is cleared off. the hkeEi-
hood is that the water rate will be re-
duced to a considerable degree Thus the
issuing OF 100000 of bonds at this time
will place the Water Department in such
a condition as it has not been in In years
The idea is being very strongly urged by
the Street and Water Commissioners, and
the Mayor and Board of Finance are it Is
said, not unfavorably impressed with It.
There viii be established a sinking fund
for these bonds into which it IS hoped
can be placed $50, 0g0 a year. That weula
make ii possible for the city to take up
the bonds in eight years, and the Water
Commissioners urge that tho issue be
made for no longer than ten years. There
seems. however. to be some opposition
to this eeheme so far az the time IS con-
cerned in the offices Of Comptroller Hough
and City Treasurer Ely. They think tias
the issue should be for at least thirty
years and hold that this would he nx far
the best thing to be done. But Super
VISOR George 4BQulDA tofAtcli<zS tl1o~ St.tst
plan would result in improving The ae I
partments condition but little, II at s
It now seems that while there i harasss
any objection TO issuing the bonds Tiers
is hitch on the time. ard this is tie
point that is TO be settled at the next
meeting Of those who conferred yesfer-
day.
should the city decide 10 issue these
bonds this year, 1902 is likely 70 he a
record breaker in the matter Of bond IL
sues In all there will be issues amounts
ing TO $2.e75ooo.
There comes due in April an issue of
$S0aso0 of Z per cent. bonds issued IN iStz
ana in September a 10000 issue Of 1877
bearing Z per cent. There VIII have To-
be an issue also to pay back to the gem
eral fund sSs5, 600 taken from it on January
to take up that Issue Of 1910 which came
due then.
OF course none of these issues VIII in-
crease the debt of the city swith the ex
ceptfon of the 100000 item, and even II is
only transferring debts spread IN mary
quarters to one debt in a bulk The -
tines will in fact be a profit to the city.
because those bonds that were taken up
and win be taken up later were per CEN.
bonds. whereas the new issues viii be I
Der cent