The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1916-03-23

The city council removed the last OBJ
stacle to the construction of the new
water plant on Monday evening when
by unanimous vote that body passed
the ordinance providing for the issue
of city bonds in the sum of $250,000
to provide for the completion of the
plant as planned by the water commits
sion. This will furnish money to meet
every contract which has been let by
the water board. The first lot Of the
bonds will be issued the first of next
July and other bonds will be issued
before the end of the year as the de-
mand for funds to meet contract obi
cations is shown by the members of
the commission The members of the
council all showed q willingness to
finance the building of the new plant
but at the same time they insisted that
some assurance be given that the in
terest and principal Of the bonds would
be paid from the gross receipts of the
water company and before the bond
ordinance was placed upon its passage
q regularly signed contract was enter
ed into between the water commission
of the city and the city council. This
contract signed by the president and
clerk of the water board and by the
mayor and city clerk of the city pro-
vides that during the life Of the bond
issue the water board shall pay to the
treasurer annually an amount sufficient
to meet the demands for principle and
interest on the bond. This sum is to
be paid out Of the gross receipts Of the
company. The amount of the annual
payment will range from seventeen to
twenty thousand dollars and it is held
that it will be an easy matter for the
water company TO meet these payments
out Of the earnings. The contract pro
vides further that during the life of
the water bonds the city council shall
continue to pay to the water board the
annual hydrant rental of ten thousand
dollars agreed upon between the two
bodies months ago and sanctioned by
the Wisconsin Railroad commission.
1t is expected that the bonds for the
water fund will be sold in lump with
the understanding that they are to be
issued at the times demanded The
bonds will all be of the one thousand
dollar unit and it is expected that with
the present financial conditions there
will be ready sale found for them.
The water bond issue was not the
only bond issue considered by the coun-
Gil at the meeting on Monday night.
The ordinance providing for the issue
of thirty thousand dollars worth of
bonds for the building Of the Lake ave-
nue. breakwater, was taken up and
given its first reading. 1t will be pub.
lished during the next two weeks and
it may be acted on by the present coun-
Gil at its first meeting in April which
will be the last regular meeting of this
council. The reports of the street as
sessment committee in regard to the
building of the breakwater have all
been sanctioned by the council and it
is expected that the work will be start
cd by the middle of May if not earlier.
The breakwater bonds are to be
paid off in term of ten years. The
final reports of the street assessment
committee in regard to the levy of
damages in the Lake avenue break
water district has been formally laid
before the council and it will be dis
posed OF at the next meeting. It is the
plan OF the aldermen to clean up this
matter entirely before new council
is elected
With issues of bonds totaling $3.50,
600 it is expected that the city will be
able to get the best possible price for
the bonds.