The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1924-10-10
Councilman Paul Cartier Favors Selling
City Electric Plant in Talk Before
Lindenwald Improvement Association

and their requirements would be
large, the city's answer would be.
No; sorry we cannot accommodate
you" For example, last winter one
Of your local manufacturing plants,
The Champion Coated Paper Com
pany, had one of their generators go
bad, which meant shutdown for a
portion of their plant and they imme-
lately had to appeal for outside as
sistance. The city could not come to
heir rescue SO they called for the
Union Gas & Electric Company, and
n less than a wekk they were again
II full opera ton. To have concern
If this kind ready for any emergency
shat may arise is to be given due
consideration, and would be great
asset to the city of Hamilton.
The question arises, Why not build
a plant large enough to meet the
,ity's requirements Providing we
built a plant to meet the present
lay requirements it would require a
plant of about 10000 XIV. capacity,
md would cost in excess of one mil
ion dollars. The present plant could
not be used owing to the fact that it
las been In constant use for the past
eighteen years, and the life of same
S of short duration After making
this tremendous Investment, service
could not be supplied for the price
he Union Gas 4 Electric Co. is offer
ng US, as our sinking fund require
nents would not permit lower price
The electric plant was originally
5uilt in 1894, and bond issue of
100000 was required In 1906 i'm
orovements were made and an addi-
ional bond issue of $4,000 was is
sued. From 1906 to September |,
1924, there have been additional bond
issues covering this one utility of
i936,l0O, or making a grand total of
j, ,101 100. The first bonds paid off
amounted to So, 900 in 1911 and never
n any one year was there more than
$4,000 paid to reduce your bonded
Indebtedness. Over the entire period
II thirty years there have only been
Sl21 600 worth Of electric bonds paid.
This is an average of $4,000 per year
paid off on your electric bonded in
debtedness, and as September /, 1924,
there are $980,000 worth of electric
ight bonds outstanding At this time
| wish to state that S605, 900 in cash
is in the bank applying against the
S9S0,000 Indebtedness Providing this
S6O5, 900 was retired the net balance
Of outstanding bonds against the
electric department would be $375,-
600. TO reduce this $375, 900 at rate
Of $4,000 per year as was done during
the past thirty years, it would require
)3 years, providing no improvements
were made during that period
Providing the money represented
as bonds over the entire period of
thirty years (making allowance for
bonds retired during same period)
would have been invested at rate of
6 per cent interest, same would have
netted the city Of Hamilton $479, 1873.
| also wish to state that if this prop
erty had been privately owned it
would have yielded 27,354.36 to the
city of Hamilton in taxes. There
fore the interest cost on the invest
ment being $479,l23, plus amount for
taxation. $127, ,364.36, minus bonded
Indebtedness of $l2l, 100 paid of dur
ing the thirty year period will show
a net loss of S4S5, ,387.36
The annual requirements for the
meeting of bonds and interest of the
electric light plant for the next six
years are as follows:
1925 ..............................$113,85715
1926 ...... ................. 160,672 80
1917 Observation-Disclosures. 104, ,407 so