Los Angeles herald., 1909-10-15
WOULD SUBMIT
BONDS TOGETHER
SAYS HARB0R AND POWER
SECURITIES ARE ALIKE
COUNSEL FOR AQUEDUcT CON-
MISSION MAKES STATEMENT
Does Not Anticipate Objection to Sub
mission, as $6,5oo,ooo Sought Is
Not Added at Once to City's
indebtedness

W. B. Mathews, special counsel of
the auueduct commission, and man
familiar with every phase of the legal
and financial questions involved in
the proposed bond issues, made the
following statement yesterday in re-
gard to the message of the mayor ana
the action of the council:
In my opinion the submission OF
the harbor ponds and power bonds to
the people at the same time would be
wise step, in view of the very in
innate relation between the two pro-
jects.
THE harbor improvements are de-
signed to provide proper and adequate
facilities for encouraging and handing
commerce and the cheap power which
would be made available from the
auueduct electrical plant will have, the
effect of encouraging and building up
our industries.
"The plan, in reference to the harbor,
to have the contemplated improve
ments completed at the earliest pos
sible date is in harmony with the plan
for developing this power, which pro-
vides for the complete installation of
the plant by the time the aqueduct
is finished.
ut has been apprehended by some
of the advocates of each project there
would be opposition to it on the part
of some of the oVer-enthusiastlc
friends of the other but, for the rea-
sons above stated, L am firmly con-
vnced the projects go together, and,
as declared by the mayor in his mes
sage to the council today, 'one is the
complement of the other.
Debt Will Be Increased Slowly
ct should be borne in mind by the
public in considering the matter of the
issuance of these bonds that while the
total amount called for is $6,50O,OO0,
49, 900, 900 for harbor improvements and
SO, 500, 900 for power plants, this amount
would not be Immediately added to
the existing Indebtedness of the city.
| understand it would be the policy
of the city authorities in case these
bonds were authorized to issue them
in installments from time to time as
funds may be needed for carrying on
the work. Under this policy the eX-
penditure of the money will extend
over two or three years.
Moreover, while these bonds are
sold gradually to meet the require
ments of the work the bonding aolllty
of the city will be growing rapidly
through the increased valuation OF
property for the purposes of taxation
| During the past year this increase
within the limits of the city, as they
existed prior to the recent consolida-
tion, amounted to approximately $1O,-
900 900. Besides, the consolidation OF
San Pedro and Wilmington with Los
Angeles added nearly $S000,O0O to the
| assessable property within the CITY,
and in case the proposed annexation OF
territory to be voted on next week
carries probably at least $10000,o00 in
property will be added to the municipal
tax rolls.
"Under the circumstances it is safe
to predict the next assessment roll OF
the city of Los Angeles will show a
property valuation approximately OF
$780, 600, 0O0."
Leslie r. Hewitt, city attorney, who
was also a member of the consolida-
ton commission, being informed of the
statements made by Mr.. Mathews, eX-
pressed his entire approval.