Arizona republican., 1910-04-16

completed, coming into immediate pos session as soon as paid and owning and operating it thereafter; to raise the necessary money to discharge the debt to the government. which will be approximately eight or ten million dol lars. it is planned t0 have the associa. ton issue long time bonds. thirty. for ty. fifty years or even longer if pos sible, at the lowest interest rate ob tainable. piedging the association and it's lands as security similar to the manner in which the government Is now secured
 The gentlemen comprising this meet ing were l.. Ii. Chalmers who served as chairman. R. M. Tuckev who serv- ed as secretary, Joseph Cope War wick Scott. H. E. Wilkinson. Sid Hen ry. J. l.. Irwin, Harry Kay. Will Kay J. w. Walker and Willis M Ward
 The committee appointed to prepare for and call the public meeting is com posed of Joseph Cope, chairman. Sid Henry. J. l.. Irwin. l.. H. Chalmers. j. w. Walker
 Asked to outline something in re- spect Of plans and purposes the gen tlemen said the primary object to be attained is an extension of time in paying for the reservoir. from ten years as il now stands with the gov ernment. to possibly fifty years under the bonding method. Responding to the suggestion that there will be add ed to the cost. all the interest that will accumulate during the life of the bonds, as against the present non- interest bearing debt. it was stated that the land owners could very well afford to pay the interest when the en- tire investment covers d period five times as long. on the theory that they can better afford twenty or thirty years from now. to pay S10 per acre annually than they can now afford to pay a third as much annually. Be side the burden of debt will in part be borne by the next generation which will be reaping the greater fruits of reservoir construction and the bonds will he merely sleeping in the vaults. nothing coming due but the interest
 IL Is calculated also that the revenue to be derived from the sale of electric ity will pay the interest and establish q sinking fund to eventually redeem the bonds. The initial sale of bonds 1t was suggested would be large enough to not only pay for the project complete as the government now plans t. but to also proceed at the earliest possible time. with the added con struction of all the possible power plants under the project, that a great CT revenue might early be secured for interest and sinking fund.
 Asked concerning the proposed tentative arrangement between the as sociation and the government for as sessins the lands for completion of the crosscut and it's auxiliary power houses. the gentlemen said that is a matter for later consideration but in all probability the present plan would not be interferred with. It is q pres eni need and could proceed as plan ned. being attended to in the final transaction with the government That construction would probably be ac- complished before such an enterprise as the gentlemen suggest could be finally cOnsummated.
 Tn" projectors feel confident that there would he no difficulty in dispos- Ing Of the bonds in even a greater amount than would be required. They believe the plan is feasible, the only being whether it is desirable and they of course believe it is.