The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1905-12-19
PLAN TO FINANCE new WATERSYSTEM
Commercial Club Adopts Report Of Committee ecommedng
Issue Of Income Bonds, PIedging Water Revenues.

ceived and adopted the report of its
committee appointed to devise means
and ways for financing the new pro-
posed water system. A resolution was
passed recommending to the city coun-
Gil that the plan suggested by the
committee be adopted by that body
and at tonight's meeting Of the coun-
ell the committee will present the
resolution and urge it's consideration
by the city lawmakers.
The report was read by Harry H.
Turner who made quite an extensive
explanation of the work that had been
taken up by the committee in reach
ing conclusion. During the dis
cussion that followed several Of the
members of the club called attention
to the methods of keeping the books
in the department, claiming that the
system adopted by the council was
very unsatisfactory, as it was impos-
sible to ascertain whether or not the
department was self sustaining. In
stances were pointed out where sew
eral old mains had been replaced with
new ones and the cost of the same
had been charged to extensions.
Wanted Commission.
Most of the time of the meeting was
occupied in the consideration of a res
0J,, Il; II ID t., ;,,f,,
ed at the request of several members.
The resolution was as follows:
Resolved, That the Commercial club
recommend to the city council the ere
alton of a commission to manage the
Walla Walla Water works, including
the construction of the new SYSTEM
the commission t. be composed of five
members, to serve without pay, one
member to retire annually upon the
appointment of his successor
After the reading of the resolution
the members went into a gener-
al discussion, some favoring it and
others opposing it, Those who oppos-
ed the resolution, while expressing
themselves as believing that it would
probably be more practicable to han
die the department by that method,
said as the charter would not permit of
the selection of the commission by the
voters, it would give the council pow
err to appoint, which could only result
in the matter being made strictly
political one Others thought the re-
oluton would be slap at the council
and it was finally decided to lay the
resolution on the table until the next
meeting of the club.
Report of Committee.
The report of the committee as
adopted was as follows:
To the Commercial Club of Walla
| Walla:
The undersigned, your committee
appointed to report a plan for finan-
cling the proposed extension of the
water system of the city of Walla
Walla, beg to report as follows viz:
We have examined the records of the
water office, and have prepared there
from, as we'll as it was possible for us
to do under the accounting methods
at present employed by the city, sew
eral statements showing the past rev.
enues and expenses, and probable fu
ture results, at the rate of growth
which the city is now experiencing.
These statements are attached hereto.
Wishing to be absolutely sure, be-
fore recommending a financial plan
for adoption by the city, that the Sc
curities to be issued could be readily
marketed, we have correspondent with
Morris Brothers, bond brokers of
Portland, Oregon, who placed the
former issue of water and sewer bonds,
and present their reply herewith.
The letter was from Morris Broth
ers, in which it was stated that the
firm was ready to enter into con-
tract with the city to retire the old
|
the procedure was largely legal ques-
ton, it was suggested that the cOun-
ell appoint a committee to confer with
the company. The writer said it was
not clear to him whether or not the
city could take up the old bonds in
any other way than from the earnings
| of the water revenues.
From an examination Of exhibit ga"
it will be seen that, in 51a years of
| municipal ownership, extending from
Dec l., 1899, to June 80, 1905. the gross
water revenues have increased from
s34.44377 to $52,006.S2, and the net
revenues have in the same period in
81 q