The Oroville weekly gazette. [volume] (Oroville, Wash.) 1905-19??, 1922-09-22
|AIM TO REBOND
the DISTRICT
Irrigation Directors Study Finances
with the Object Of Making Big
improvements.

AAc ulTtCtOTS OI the lOCdl 1rrlRdJ1On
project have taken under considera-
tion the advisability Of refunding their
bonded obligations. The present seems
to be favorable time to place bonds
and if further Investigations prove sat
isfactory, the board will submit to the
electors of the District plan for re-
funding the prent obligations together
with plans for completing at once all
the improvement work begun too
years ago.
1t has been the policy OF the direct
ors to complete a certain amount of
the improvement work each year. 1t
now appears that it woHfd be advis-
able to complete all the work at once,
and II that is done the remainder Of
the bonds voted two years ago should
be sold or the entire bond issue re-
funded.
F. II. Hollenbeck representing a
bonding house examined the District
this week and will make report on
the conditions. 1t is realized that to
secure the best terms the District
lands should all be in the hands Of
actual farmers and the lands made
producing. The complete settlement Of
the entire project is very desirable as
on the annual production Of paying
crops depends the security of the
bonds and ON this security the bond
houses base their bids for tle bonds.
Unimproved lands within the District,
or lands poorly farmed, are factors
against a good price. Thrifty, prosper
GUS homes means good report and
a good price for the bonds.
1t Is not the intention of the Direct
ors to refund the bonds unless an ad-
vantageous arrangement can be made.
The complete settlement of the project
is vital to the District as whole and
it may be that the refunding plans can
not be carried out at this time.
Director NJ. v. Picken and Secretary
Riste have returned from Seattle
where they have made arrangements
for a careful investigation Of the con-
ditions and it is hoped that the. plans
under considera ton can be carried out
successfully. They report demand
for all tax exempt bonde Now is a
favorable time to float a bond issue to
advantage. II the bonding houses make
an officer which the board feels can be
accepted, the Directors will place the
entire matter before the electors for
consideration and approval.
The board hopes to so arrange the
District affairs that the annual char
ges may be reduced for the next few
years. and that insthe meantime the
settlement of the project may be COM
pleted.
During the past year more than
ninety new names have been added to
the list Of land owners. The secretary
of the District reports that individual
holdings still run as high as 240 acres
and company holdings even higher.
IF we fail to refinance ourselves at
this time" says Secretary Riste, "it
will be on account of the large hold
ings of individuals, and the amount of
unsold lands. The best security for the
bonds, and the condition that induces
bond buyers to offer good price for
irrigation bonds, is the small farm
unit, each man owning only what he
can farm. The District has made a re-
markable development in the six years
of its operation. No project in the
Northwest has done better, but the one
thing essential to the greater success
Of tnis project is its complete settle
ment and farming Of all the lands in q
good, thrifty, intensive manner, nc
man holding more than he can handle
successfully"
The directors have under advise
ment the superintendent estimate fol
next years expenses and will soon de.
termine the next years levy Of assess
ment.
A complete report of expenditures
will be made as soon as the operating
year closes, which will be September
30th.