Rocky Ford enterprise., 1915-01-22

congress. for it is believed the skep-
teal public will change its mind with
the government guaranty behind the
irrigation bonds.
Ii. under the protection of the
Jones bill, bonds are made TO run
for long periods, and the interesest
is guaranteed by the government, it
is figured that the irrigation securi-
lies would be almost as attractive as
government bonds and would likely
carry 4 per cent rate of interest
The Jones bill, say its supporters
would permit irrigation enterprises
to be constructed at half former
cost
With the government behind irri-
CATION bonds it is believed they would
sell AT par, especially. holding the 4
per cent rate OF interest. In the past
the bonds were sold at a rate OF dis
count which made failure almost n
certainty and the interest rate was
always unusually high.
The plan is for the government re-
Clamation service TO investigate the
feasibility of projects before they are
guaranteed. The Jones bill contcm-
plates turning the Carey act projects
into district enterprises. ii they are
worthy they can take advantage OF
the Jones bill,
The Jones bill provides that when
district desires government aid or
cooperation it shall file plans and
specifications of the work proposed
to be done for the reclamation of
district lands and ask that such plans
he examined and approved. If the
agents OF the secretary OF the inter
20 ,.11 tR..
behalf of the United States, guaran-
lee the interest on bonds 10 be is
sued by the district.
The bonds must not run for per
iod longer than forty years. and in
tcrcst shall not exceed ! per cent
per annum. With these limitations
the state may prescribe the time and
manner OF payment OF these bonds Of
its districts Defaulting interest is
to be paid by the United States. In
case district shall default in its
bond interest, and surh interest shall
be paid by the United States under
its guaranty. the United States shall
have all remedies given by law to the
bondholder and the bonds and inter
est shall be made by law lien upon
all of the lands within the district.
The secretary of the interior is to
watch the progress OF the work, TO
see that it is being carried out ac-
cording to plans, and make such
rules to enforce the carrying out OF
these plans. Any irrigation project
completed under the terms OF the re
clamation act OF June IL, 1902. and
acts amendatory and supplementary
thereto may be organized into an, ir-
rigation district and the secretary OF
the interior shall accept in payment
for work already done and funds ad-
vanced upon the project, and for
which payment has not been made,
bonds of the district to run for per-
iod of not to exceed forty years. and
drawing interest at the rate of 4 per
cent per annum.
Irrigation projects under way under
the provisions OF. the act may be or
ganized into an irrigation district
and bonds shall be received in pay
ment for work already done and
funds advanced and additional bonds
furnished to guarantee the sale OF Sc
curities.
A. p. Honnold, counsel for the re
clamation service in Colorado, is
soon to have conference with Gov
crnor Carlson to bring about better
understanding between the state and
government on irrigation. water pow
or sites and kindred matters.
Obituary.