Bonners Ferry herald. [volume] (Bonners Ferry, Idaho) 1904-current, 1918-02-19

At it's regular meeting tonight the
town council will take under con-
sideration the proposition of buying
the water and light systems of the
Bonner Water & Light Company. A.
H. Featherstone, owner of the sys-
tens, has offered them for sale for
$125,000.
The idea of buying the water and
light system was brought up Friday
night by Homer L. Boyd, a repre-
sentative of John E. Price & Co., a
bond company of Seattle, Wash. Mr..
Boyd met with the council in an in
formal session and explained his
plan. He said that his company had
taken an option on the holdings of
the Bonner Water & Light Company
at the S125,000 figure with an idea
of trying to interest the people of
Bonners Ferry in making the pur-
chase. The interest the bonding COM
pany had in the deal, said Mr.. Boyd,
was from the standpoint of buying
the towns bonds should it decide to
take over the systems offered.
In part Mr.. Boyd addressed the
council in about the following Ian
guage: 81 have no idea whether
or not the price made by Mr..
It
not. 1t was my idea that if the
council should investigate the matter
and decide that municipal ownership
was proper and would effect saving
to the taxpayers that they secure the
services of a competent engineer and
through him ascertain just exactly
what the water and light systems are
worth. Then if Mr.. Featherstone' IS
price is too high a counter offer could
be made him and if an agreement
could be reached the matter could
be put before the people for them to
vote upon"
Mr.. Boyd said that he understood
that the city was now paying off
sewer bonds and he told that he
would not advise the city to try to
buy a water and light system I'M
less it could be shown that the net
profits of the systems would be
sufficient to pay interest on the
bonds, provide payments for a sink
ing fund and provide sufficient funds
for upkeep. If this could be done
the purchase of the systems would
not be a burden to the taxpayers and
they would have the advantage OF
having the water and light systems
under their direct control-manage
it entirely to their own liking.
Mr.. Boyd argued that it would not
pay the city to attempt to put in q
new water or light system because
there is not enough of a population
in Bonners Ferry. He thought that
not many folks would want to pay
to connect up with competing cleo
trio or water system and he con-
sidered that the present cost of ma
terials would also be prohibitive anc
that it would be hard to market the
securities with a competing firm II
the field.
He suggested that if the towr
wished to purchase the water anc
light system and could not. agree
upon a price that it would be pos
sible to take the matter into court
through condemnation proceeding!
but that such procedure would bt
costly and would require some time
to settle in the courts.
Mr.. Boyd stated that he had map!
showing all the water mains, cutoffs
sizes of pipes and all data concern
ing the water system and that h
had full data in regard to the earn
ings of the water and light system
which would be turned over to thu
city should it desire to make an in
vestigation with the idea of buying
He showed the council condensed
reports of business done in 1914
1915, 1916 and 1917. In 1914 the ne
profit of the Bonner Water & Ligh
Company was $11 ,064.39. In 1915 i
was $12,409.37. In 1916 it was $11,
058.46. In 1917 is was $10,205.91
The average net profit for the pas
four years amounts to $11 ,06439.
Members of the council have no
yet expressed themselves in regard t
the purchase of the water and ligh
system although they are agreed tina
it would be fine for Bonners Ferr
if the two systems could be bough
and the interest, sinking fund an
upkeep paid for out of the ne
profits. 1t is believed that Nh
Featherstone would consider a niue
less price for his plants here tina
the one named by Mr.. Boyd and tn
councilmen have expressed such a
opinion.