Southwest Washington labor press. [volume] (Hoquiam, Wash.) 19??-19??, 1926-06-11

power plant and system, inetuaAhe an
additions. bettermenIs and extensions
hereafter made thereto equipalent 70
the respective amounts Of interest. on
principal and interest, as the cast may
be, 50 falling due upon any and All
bonds issued hereunder and then out
tending. which fixed amounts to be
50 set aside and paid into said fund
shall constitute a charge upon such
gross revenues superior to al other
charges whatsoever, except the reas-
enable costs Of maintaining and oper-
a1ing such plant and system.
seThese provisions are found in the
ballot which viii be submitted to the
voter at the polls.
Revenues Only Assurances
go it is evident that the only re-
course Of the holder Of the bonds is
out of the revenues Of the project
no means of collecting any deficiency
BY taxation or otherwise.
"The holder Of bond has net even
mortgage upon the projects but
merely legal right to insist upon
payment Of principal and interest on
the bonds out Of the gross revenues
Of the plant, left over from operation
and maintenance. So that even the
cost of operation and maintenance is
superior to the claim Of the bond
holders for principal and interest on
the bonds.
"The most the bond holder could do
would be TO wait for the payment Of
the principal on the bonds until the
plant had earned the money, having
first right to the interest, and then
for the payment Of the principal as
the plant earned it. There could be
no foreclosure Of mortgage upon the
plant, because no mortgage is given. !"
Mr.. Cross pointed out that no hol-
Ter is being made about the proposed
general obligations bonds for the coma
pletion Of the West bridge, the build
ing Of a Jail, fire department. quarters.
ETC., which are really non-revenue
producing. He also reminded the au-
dience that he and Mr.. Phillips stood
on the streets prior to the election
when the Wishkah water bonds were
voted and pleaded with the people to
support them. That the same people
who opposed the building of the Wish
kah gravity system and the port dock
are opposing the Wynooche project
Cross Currents
Every imaginable cross-current
will come across your pathway and
every attempt will be made to dis
credit my work. However, believe
am immune from attack. / served
this city as city attorney from 1912
to 1925, under three or four mayors.
never sought the job only endeav-
ored to do my duty" said Mr.. Cross.
He read the ballot providing for the
Wynooehe project bonds and asserted
that he could not understand why any
Ifair-minded person could go out and
spread such propRganda as the Home
Owners Association had done early in
the week.
In commenting on the wonderful re-
sources Of the Wishkah water project
Cross pointed cut that the water rates
for Hoquiam ere SOC more per month
than for Aberdeen and that Che city Of
Hoquiam pays approximately $4,000
per year to the privately owned water
company forits MIGRANTS, whereas the
city ofAberdeen only pays 81 per hy.
drant per year. Opponents Of nun.
icipal ownership charge the water de-
Ipartment for everything and give II
credit for nothing. The certified pub
lie accountants who have been en-
ployed to render report on the con-
dition Of the water department can.
not belle the facts already shown this
year he said.
Judge Luderman speaks
Judge Luderman seemed to be sur
i 4 4