The daily tribune., 1905-03-31

Isan attention to the salient features
q the receipts and disbursements Of oul
ustsr system ~ stated in tsbulation
yesterday, o. receipts you will notice
ths first three items must eventually
csass . their necessity ceases; the bonds
arp ~ closed put long ago. You have
iust now begun on the accpmslation Of
your sinking fund. For ton. years you
have centractsd by your ordinance No
l&A quoted yesterday, to raise by taxa
tian SIS 900. To make this plain
quota from SECS. and Of said ordi-
nance:
Sec. 2.---Gaid bonds = - shall bs
due and payable at the option Of said
town ten pN years after date thereof
BUT SHALL, BE ABSOLUTELY
DUE AND PAYABLE fifteen years
aftes,t the date thereof" date of bonds
Is Jaasasy 2. 1892,
SEQ. 5-That there be and hereby is
levied upon. Of and from each dollar Of
the valuation OF the taxable property
within said town, annually : tax sufR-
cient to pay the annual interest accruing
upon said bonds as the same falls due
until said bonds are fully paid and sat
isfled; and also in the year 1903, and
annually thereafter, tax sufficient To
raise thirteen thousand five hundred
dollars (el3,boO each year to extinguish
the principal Of said debt as evidenced
by said bonds, within fifteen years from
the date thereof; and the taxing and col
lecting olicersnf said town are hereby
authorised and required to levy. extend
and collect such taxes annually As they
become necessary and due under this
ordinance, and apply the same only to
the purposes in this ordinance specified,
until the said Indebtedness socontracted
under this ordipance shall Be fully paid
and discharged. This ordinance shall
be irrepealable until the Indebtedness
aforesaid provided herein shall have
been fully paid, satisfied and dis
charged"
You see by this last section that your
II mills water bond sinking fund was
levied long ago, yes, before you got your
water works. Now you must have your
water system well managed 80 as to help
out ON this sinking fund. Your water
bonds bear date January 2, 1889. They
arc therefore under Sec. : above not
redeemable until January 2, 1909; but
under Sec. 5 you were required to COM
mence raising your sinking fund by tax
alton in 1903 30 as to meet all the bonds
by their maturity 10 years from date
when under Sec. 2 above they become
ABSOLUTELY PAYABLE Now
your several administrations have had a
load on their hands as yesterdays 3 figures
show. They have done some almost he-
roic xork. all OF them, and when. you
elected this administration two years
ago one Of their pledges was to estab'
hsh q meter rate for wstes. They
worked year to do 1t. You may have
thought US slow, but the character Of
the wosk now that It = done shows 1t to
have besn we'll >caieulated. Much had
been prapaFsd for. ms by former admin
istpatioes; poGt epnsupsrs had .matsrsi
that was great help. This thing was
figured out and with such caro- that your
administration was iustiasd in letting
the Arst sinking fund bvy Of ei3,50C
sensip with you in your pockets. The
system you row have will make up the
first el3,50O in earnings before 1902
We have saved that money for the pres
ent st least to the pockets of the people
You notice that this year your pro6t on
the water works above all operating OK
pensss land litigation tool \ ovsso11 900
The tabulation shows prodt Of o3,A54.4l
but this Il after dsdncting e6O66 inter
ct on bonds Your water system y ab.
solptaly the greatest drawing card oi
this town. It b on . basis to supply oil
and y3sad = good income. Meters have
stopped leaks and your supply now ID
SURE 70 b adequate.
may surprise some IL i tell you tha,
copiss a your water ordinance have had
many calls through my ofice and several
persons from long distances have come
hare to confer about It. The great ex
penses q your system arc over opera
tioa 70 ths question. We have only ooe
thing in the way and that h litigation
and owing TO the attacks made upon me-
now ! suppose In fairness should 70
view this.
Here u the whole matter. Your
watse systsm took the flowing wstsn Of
Newland creek first without paying fol
them esespt - TO Seth Wright Undes
our law no maM's water right can be 70
ignored aad taken away from him
Yoar right 10 take that water should
xrst hAvp hssa psevidsd 1r. First you
were enjoined BY Mn. Smith .snd Mr.
Wasmuth. Then yoa had 70 condemn