Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-03-26
TERRITORY Is
ASKED 10 Defer
BONDRA PAYMENTS
Mayor Lane requests Legis-
''' ture in Bill Cor Relief OF
: Water Works w. "

Z y
to amortize the bonds OF the city hello
sby. the territory. which were issued
sat the time the waterworks was trans
lferred from the territory to the city
OF Honolulu, will he asked of the ter
ritory In bill TO pc presented to the
LEGISLATURE by Senator Castle. The
till was prepared at the request OF
Mayor Lane. II EtIso asks that the
territory, relieve the city of payment
on any principal for a fiye-year period
the municipality t. pay interest only,
Mayor Lane said the reason for the
FIVE Years relief WIS the crippled con-
dition OF the waterworks. He says
that the money saved during that pc.
Rod, through the workings of the bill
will enable the city to make needed
repairs and enlarsements in the wa.
terworks department. The bill is as
follows: =.
Section /. That section 1861 of the
revised laws OF Hawaii OF 19l1is here.
by amended so as 10 read as follows:
Section 1861. Disposition OF reye.
nue.. All revenues derived from time
to time from said works shall be paid
into the treasury Of the said city and
county. and there held as 4 special
fund for the following purposes. for
which alone 1t shall be expended: ~
The operation and maintenance of said
works; IN interest 1t the rate of 1-2
per cent per annnnl, payable semi-an.
nually, on the sum tf 81, 042,0 900, which
is the amount expended by the terri
tory for the extensions and improve
ments On said works; 90 the payment
Of the principal OF said amount of
$I,042, 0O0, for which purpose there
shall be set aside each year. for the
term OF so years afier five years from
July i, 1915, not less than such sum
that me aggregate Of the sums so set
aside, with interest thereon at the rate
OF 3 l-2 per cent Ter anntf1i, compound
ed yearly. would amount to the sum
OF $1,D42,s00; and f4l the extensions
and improvements III slid works.
Payment Of interest.
In whole or partial fillfilment OF its
obligations under subdivisions GU and
49, of this section, said city and coun-
ty shall pay to the territory on July
and January OF each year interest
upon ne said sum Of 1902. 900 at the
rate OFFS 1-2 per ceht per annum, and
also such sum or sums each year
after Eve years frol1 July /, 1916, for
the term of so years that the aggre.
gate OF the sums so paid viii, com
pounded annually az the rate of 8 IL
per cent per annuns equalsat the Rx.
piratio1 of said tern. of so years the
sum Oh 1,042, 900: and may so pay to,
the territory in any rear any addition.
al sum n account of the principal sum
of said S1,042, poe, and when any such
payment shall be made on account. of
the principal, the Interest payable
thereafter shall be reduced correspond.
ingly. and when the aggregate sums so
paid on account of (he principal shall
equal the sum of 100000 all obliga-
tons of said city and county in re-
spect Of said water and sewer works
shall be deemed " have been dis
CHARGED
All amounts so paid to the territory
on account OF the principal shall be
credited to the territorial sinking fund,
and such credit when made shall be
deemed to have beer made under the
provisions Of the first paragraph of
section 1882.
Section 2. All laws or parts of laws
in conflict with the purpose of this
act are hereby repealed.
Section 3. This act shall take effect
from the date Of its approval.
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