The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-07-21
PIONEERS PROPOSE CE.
MENT|NG PHYLLIS At
SIDE HILL

When the Pioneer Irrigation DIS
riot purchased the Phyllis and Cald-
we'll Canals and enlarged the Phyllis
Canal, the bond issues for the pur-
,hase and enlargement thereof
to $247,500. The District
mas paid on this bonded indebtedness
SIS, 800 during the last four years.
leaving balance of $l8o, 200, bonds
against the District which
will become due in the next six years,
and which will have to be provided
for by assessment as they become due,
unless the District refunds and pays
these off by rounding bonds. Refund
ing bonds will draw interest at e per
cent as bonds outstanding. The purpose
Of the refunding issue is to relieve the
situation at the present time and not
to require such high levies. The re-
funding proposition does not add any
more bonds but merely provides for
the taking up OF the bonds as they
become due by new bonds.
The Board of Directors of the Pho
neer Irrigation District are about on
the question of whether or not the
District Will authorize \ bond
issue to the amount of $7S.98O
for the purpose of cementing the side
hill portion the Phyllis Canal. The
Engineer of the District has estimated
the cost of cementing said sidehill at
| $78980, which will amount to about
$3.50 per acre upon the lands within
the Pioneer Irrigation District
Side Hill is Expensive
! On account of the expense OF OPP
Grating the sidehill portion the Phyl-
lis Canal, having ditch walkers TO
watch it, and damages resulting from
frequent breaks which (have taken
place in the last two season, it has
been deemed advisable, and the Board
has been requested to submit this
question to the voters. The crops
growing on a portion of the land un-
der the PhyliisC Canal have suffered
great injury on account OF breaks
which occurred twice during the sea-
son of 1915, and once already this sea-
son.
The cost of cementing said sidehill
will be in bonds; payable in from ten
to twenty years from the issuance
> thereof, and when figured on this
. score, will not be very burdensome
upon the individual land owners in the
District, and as above stated, will
. amount to about $3.50 per acre, with
interest at per cent per annum.
On account of the position of the
!, Interior Department in declaring the
:, Boise Project open. and making it
, necessary to commence paying the
Government for the storage capacity
in Arrow-Rock Reservoir purchased by
= the Pioneer Irrigation District, and
v the drainage, it is also contemplated
. to submit the question whether or not
/ the people desire the bonds already
:. upon the district refunded instead of
paying them off when they become
g due.
i. Financial History District
When the District was organized
: thew purchased the Caldwell Canal
t. and the Phyllis Canal, also enlarging
t, both of these canals which required
4, bond issue at that time of $207 500
g, Later $4,000 more was authorized
!. making the total $247, 500. For ter
~ years the District paid nothing but th'
interest on the STAT 900 bond issue, bu
III the bonds commenced to mature II
1912, and they have made payment OF
the principal of the bonds as follows
IT. In 1912 $lO,500; in 1913, $l2,4OO; il
1915, $4,000; and in 1916, $40, 100; hav
ing paid on the principal of the bond
outstanding $50, 800, leaving balanc
of $lS9,1OO, nearly all OF which WI
mature within the next six years,
CT certain portion maturing each year
m The purpose of refunding does nc
ne add any new bonds to the District
KS Indebtedness, but the refunding bond
use pay the bonds outstanding against til
, District as they become due. The orit
no inal bonds draw per cent intere
=, and the refunding bonds will ais
ne draw interest not exceeding 6 per cen
80 The voters of the Pioneer 1rrigatio
the District will have an opportunity
tar determining whether or not they d
NJ sire to issue the bonds for cementir
,de the sidehill, and they will also ha
on the opportunity to vote upon wheth
ION or not they desire to refund the bon
,ity outstanding. which is simply
ON newal of the Indebtedness already OF
be standing The principal on the refun
ent ing bonds will mature in about t
rks to twenty years from date of issuan