The Corvallis times. (Corvallis, Or.) 1888-1909, 1905-03-22

ed for in fixing the water rate, In
addition to the expenses. costs and
interest aforesaid, and be collected
as part thereof, which said sum
when so collected shall be set apart
and kept in separate fuHd to be
used and applied, under the direc
ton of said commission, in thepay-
ment of the principal only of said
| bonds, in the following manner:
During the month of December Of
each year during which said three
per centum has been collected, the
said commission shall, by lot select
sufficient number OF said bonds to
take up the fund accumnlating dur
ing that year for the payment of
the principal of bonds and before
the FIRST day Of January next fol-
lowing, cause to be published in
weekly newspaper of general circu-
lation published in the city of Cor
wallis, a notice specifying the num-
bers Of bonds so selected for pay
ment, and thereafter said bonds
shall be paid on demand by the
treasurer of the city of Corvallis
from said fund, at the office of said
treasurer, and interest on said
bonds SO selected for redemption
shall cease and after the fret day Of
January following the date of said
selection.
SECTION 26-The committee, un.
| til said commission is selected, and
thereafter the said commission
shall cause quarterly statement
in detail Of its receipts and disburs-
ments to be made and signed by its
chairman and clerk, and filed with
the police judge Of said city who
shall preserve the same among the
files of his office, and the commits
sion shall cause to be made, and
filed as part Of the last quarterly
report in each year, a complete in
ventory or statement of the proper
| ty, implements and materials in its
possession and control pertaining
to the water works, together with
the condition and approximate val
ue thereof. In addition to the fore
going the said commission shall
cause an annual statement to be
published during January Of each
year, in some newspaper published
in Corvallis, Oregon, which said
statement shall give summary OF
all receipts and disbursements of
said commission, and the balances
remaining on hand in each Of the
funds herein provided for.
SECTION 27-No person shall be
considered taxpayer with the
meaning Of this act, SO as TO be ei-
igible to become a member of the
com mission or committee unless he
was assessed on property taxable
within said city for the fiscal year
before his selection or appointment
to such position, the sum of not less
than $1,000; and whenever any
member of said committee or COM
1 mission shall fail to be assessed for
such sum on such property for
any year, be shall cease to bs a
member, and his place shall be va
cant and shall be filled accordingly.
/ SECTION 2S-In addition to such
parts Of this act as by Implication
of law become a part Of the obliga-
tien on the part Of said city in said
bo,;is, it is hereby expressly provid-
ed that the management of said
water works by commission of
four persons each possessing the
gu i fications herein provided, and
| the .xing of water rates so asto an
nuai y raise the Income provided
for n Section "a and 25 of this act,
shs j be part Of the obligations, Of
said city in said bonds. \
SECTION 21-When the commits
sion is selected and organized as
above provided. the committee shall
turn over the water works to it and
all property pertaining thereto, TO-
gether with all books, papers and
accounts relating TO the construc-
tion or purchase thereof, as the case
may be, and the commission shall
thereupon take possession and
Echarge of and manage, conduct, op-
crate and maintain the same, and
in so doing it may alter, improve
and extend such works from time
to time when the receipts from
works are sufficient to defray the
expenses thereof, and as the growth
of the, city and wants and conven-
ience Of the Inhabitants may re-
|quife; and the committee may turn
over a completed portion or por-
| tions Of such water works to the
commission before the final COM