The Hawaiian gazette., 1913-08-08
Fisher Prepares Figures On
Water and Se,Uer Systems
Property TO Be Taken Over by
Honolulu Has Total Indebted
ness of 81, 494, 6l1.33-Total Elk.
penses Including Sinking Fund
and Interest, $176,S14so; In
come, si7s,se4.S9.

and Interest, S176,S14So; In
come, S178,864.89.
After spending fews days, during
which time he was occupied with mas.
ses of complicated figures, Territorial
Auditor j. II. Fisher has brought order
out of chaos and for the first time in
the history of the Honolulu water
works and sewers department, the real
condition of the finances of this dual
department is now made public.
Since the passage of the law by the
last legislature which authorizes the
transfer of the water works and sewers
from the Territory to the city govern
ment, both municipal and territorial
officials have been trying to figure out
just how the thing could be done and
surprising lukewarmness on the part OF
the city officials appears to have de-
veloped with an indication the munich
patty was really afraid to accept the
offer made it by legislative enactment.
| rhe more the subject was studied the
greater appeared the undertaking.
When the city government takes
over these systems, it must assume the
outstanding indebtedness that has been
incurred by the Territory in the en-
largement and upkeep of the water and
sewer systems.
| On July |, 1909, the Honolulu water
works had an outstanding bonded in
debtedness of $735,S15 and the sewers
department $2l6,652.9l. Under the law
passed by the legislature of the session
of 1909, which created the water and
sewer system into practically separ.
ate department and endeavored to
place it on a self-sustaining basis, ten
per cent of the gross receipts from
water and sewers was set aside annual
ly as a sinking fund to be applied to
the redemption of the outstanding bond
ed indebtedness.
Under this law, for the four years
from July !, 1909, to July /, 1913, the
amount placed to the credit of the
sinking fund for the water works
amounted to $5S,754.l5 and sewers $ls,'
102.43 which, deducted from the ori-
ginal bonded Indebtedness on July ],
1909, left the water works Owing $617,-
0f0.S5 and the sewers .$3D4,J5O.4s. BY
the bond issues of August, 19ll, and
September 3, 1912, -an4addidohal $464,-
970.l5 was, added to; the water works,
making the present outstanding indebt-
edness of this branch $l,l42,03l, and
d $14S, O29.s5 was added to the sewers
account, psaking the Indebtedness of
this bsanchEup to- date $685., 5S0.33, or
grand fetal 3oy. water and sewers OF
$l,494,6ll.s3,. This bonded indebted.
ness must be assumed by the city when
II taxes over the water and sewer sys.
itenis' from the Territory. At this price
it is said 9toobe a bargain
Out of lastyearis receipts $3s, i4S.4G
interest and $l5,733.5S were set aside
toward redemption fund of the water
works bonds and $l4,63l95 interest
and $2l61.T3r for the redemption fund
If theisewer bonds, a grand total for
the two ssystems of $770,964.72 a year
he'receipts of the water works for
the year ending June &c. 1913, amount
ed to 1857 ,247.50 and sewers $2l ,6l7..
80, or total of $17S,S64S9. The ex.
penses of the water works for the year
exclusive of interest and sinking fund
amounted to $lS,592.02, or for the two
systems, total of $l05, S50.0S. Add
to this amount the annual interest and
sinking fund, $70,964.72, it will be seen
that total cost for the year ending
June 80, 1913, amounted to $lT6,sl4.S
as against total income of $l7S,S64 IS
for the year, leaving a net income OF
$205O.O9.
There are seven bond issues outstand
ing against the water works, as fol
lows: October A, 1905, term Is years
four per cent bonds, $50 $50; October
l, 1903, term fifteen years, four and 8
half per cent bonds, $l72, ll7.S5; Jan
half per cent bonds, $ll3,l6l; Januar,
2, 1906, term fifteen years, three anC
half per cent bonds, 5000, 435;s Janu
airy 2, 1906, fifteen years, three and {
half per cent bonds, $l34,4s7; Angus
|, 1911, thirty years, $4,000 four pc
cent bonds; September 3, 1912, thirt,
years, $324,970.l5, four per cent bonds
total sl,l42,031, on which the annua
interest is $45y935.l0 and the sinking
fund $42,S2l.57, total of $sS,256.67.
Five Sewer Bond Issues.
/ There are five bond issues against tn
) | sewer system. as follows: October 4
, 1905, term fifteen years, $50, 493, fou
per cent bonds; October !, 1903, fifteel
4 years, $S7,932.93, four and hall pc
E cent bonds; January 2, 1905, ffteel
years, $36,224.65, four and one.quar
ter per cent bonds; August /, 1911
: thirty years, $4,000, four per cen
D bonds; and September 8, 1912, thirt.
( years., $3s,029.s5, four per cent bonds
total 1852 ,5s0.33, on which the annus
interest is $l4,632.94 and the sinking
fund $l2,66l.0l, total 27,293.95.
Thus the total bonded Indebtedness o
the water and sewer systems amount
to 81 94,6ll.33; the annual interes
amounts to $60,56s.04; the sinking fun
] $54,9S2.5s, or a total of $ll5,550.62 pc