Ashland tidings. [volume] (Ashland, Or.) 1876-1919, 1914-12-24
Practical Plan to Dispose
Of Auxiliary Water Bonds

Tuesday afternoon the springs wa
ter commission and the city council
met in the city engineers office in
informal conference to discuss the
auxiliary water bond situation.
Mayor Johnson and Councilmen
Beaver, Ware Cornelius and Ash
craft and all the members of the
springs water commission were pres
ent.
The law requires that the council
sell the bonds at not less than par
and accrued interest Their first ad-
vertisement was made last July and
a continuous effort has been made
ever since to get bid at par and
accrued interest, without results.
The only bona fide bid for any of the
bonds was for $1,000 of the issue by
a local investor. The state of the
market is such that it is likely to be
six months or year before the mar
ket will be easy enough to absorb
them at par.
Many citizens have expressed them
selves as believing that it will be a
great loss to the city unless the
project can be completed and utilized
for the tourist travel of 1915. With
this prospect there was one of two
things to do: Either sit down and
wait until the market became good,
or find some way to go forward with
the work. After consultation with
bankers, citizens and the city attor-
ney, and after submitting the plan
to the eastern bond attorneys as to
its legality, 1t is now proposed to
have the city advertise the bonds for
sale at par and accrued interest, as
provided by law, bids to be filed and
opened at the regularly adjourned
council meeting on December 29. All
bids received will be considered The
springs commission will file bid for
the whole issue at par and accrued
interest to date Of delivery on the
following stipulation:
To purchase the entire issue at par
and accrued interest to date of de-
livery, the first bonds to be deliv-
cred on or before February 1, 1915,
the first semi-annual coupons, which
fall due January 1, 1915, to be de-
tached before delivery; and the lest
of said issue to be delivered on or
before January 1, 1916, upon the
following stipulation:
The city is to have the bonds prop
erly executed and placed in the hands
of the city treasurer to be delivered
to the bidder, or his order, upon pay
ment Of par and accrued interest to
date Of delivery, In sums of $1,000
or multiples thereof, from time to
time as the bidder may require, but
all Of them must be taken on or be-
fore January 1, 1916.
Thus the legal formality encum-
bent upon the council to sell at par
and accrued interest will be legally
met, the bonds will be placed in the
hands of the treasurer where they
may be sold in lots of one or more
and delivered upon payment without
further formality or delay.
1t is proposed to sell from SIS, 900
to $4,000 of them to local investors
at once and proceed with the plans
and specifications on the work. If
the plan is adopted work will begin
on the project on or before January
10, otherwise nothing can be done
until the bonds sell in the regular
way, which may mean six months or
year.
Several local investors have ex-
pressed a willingness to take some
of the bonds at once on the plans.
More than a dozen contractors
have indicated desire to bid on