The Corvallis times. (Corvallis, Or.) 1888-1909, 1905-08-16
WANT BONDS BOUGHT
At Home Water Board Advertises
for Subscriptions Surveys


Another survey of the route for the
proposed pipe line to Rock Creek be-
gins Monday, and at the same time
the clerk of the water board is call.
ing informally for subscriptions to
four per cent. bonds with view to
determining what amount of such
bonds will be taken by local resi-
dents. The two incidents fairly in.
dicate the purpose Of the board to
go ahead with construction work,
though, there remains certain prob
lems yet to be solved before the ca.
BILE will be slipped and the great
enterprise be actually resolved up
on.
Engineer Miller at an inform
al meeting of the board Monday
night gave assurance that the cost
could be reduced at least $1,000
and possibly more. The announce.
ment was made after a visit to
Rock Creek Monday, wherein Mr..
Miller discovered that by placing
the intake few hundred yards
further up the stream be can get
over the ridge into the Woods Creek
water shed. The higher intake r.
suits in a somewhat smaller sup.
ply, but is atoned for by the fact
that it can, if necessary, be REIN
forced by tapping Woods Creek.
The change into the Woods Creek
route, reduces the length of the
pipe line one to two miles, puts it
into smoother aud more open coun-
try, and presents better facilities for
getting material distributed along
! the route. 1t is also planned to
survey with an intake at the Peak
trail, which will result in reduc-
ton of about three miles in the
length of the line but will on ac-
count of lower head require larger
pipe. It is estimated that the two
lines will cost about the same, both
resulting in considerable lessen
ing of cost without sacrifice of ex-
cellence or quantity of supply.
The call for local subscriptions
for bonds is to be found in another
column. The purpose of the COM
mittee is to get some idea of what
amount of the bonds will be taken
at home when the sale is actually
made. It is surmissd that great
many small holders of money would
be glad of the chance to invest in
the bonds, which are cor s!dered as
good security as there is in the
world. The clerk of the board is
already swamped with applications
for information by bond buyers
from New York AMI elsewhere all
over the country, and it is certain
no tlouble whatever will be expert
enced in selling the entire amount
abroad. It Is, however, the wish of
the board to give full opportunity
to local people to invest, and not
only this. but to give preference to
the smaller buyers with slender
means.
In the present subscription, the
interest is placed at four per cent,
and is payable semi-annually. As
security they have not only the
credit Of the municipality of Cor.
wallis, but the water receipts. Pro-
vision is made in the law that a
sufficient sum to pay the interest
shall be levied in water rates each
year, aud that such interest shall
be regularly paid. Any holder of
bond could, if the commission
failed to pay, bring mandamus pro.
ceedings forcing the levy to be
made and the interest to be paid
! Provision is also made fer payment
of the bonds to begin in seven years
and to continue at three per cent.
per year until SO paid, and in ca e
of failure bondholder could require
compliance by mandamus. Thus,
the law in its wisdom is the best
possible to devise, being framed on
the lines of the Portland bill. and
it guarantees the Investment so per
f6ctly that it affords a safe and d..
sirable investment for those mex
perienced ard unskilled in money
lending OF other line of invest
ments.
| The informal subscriptions fol
local people will remain open until
September 1st, and those who desire
to invest will materially aid the
board by making their wishe;
known to S. L. Kline on or before