The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1927-06-16
Remaining $4,000 Indebt-
edness Against System
Will Be Paid State
REMARKABLE SHOWING
Finances Of City and School
District Are In Splendid
Condition

Sank Centres Municipal Light
ing system is great asset to the
city.
In 1917 the city's bonds in the
amount of $50, 900 were issued to
the State of Minnesota to secure
funds for the enlargement and
undermining of the plant.
Before July first the City, Water
Light and Power Commission will
liquidate the $4,000 bonds re-
manning outstanding.
These bonds do not mature un-
til 1887, but the State of Mime
sofa permits municipalities to re-
duce the amount of their indebted
ness at any interest paying day.
In ten years, here is what the
City Light Plant has accomplished.
The entire bond issue of $4,000
will be retired; three years ago
$4,000 was expended in rebuild
ing the pole line, and few months
ago the Commission purchased the
dam and water rights, of the Cen
trail Minnesota Power and Milling
Co., for which they paid $17,500,
spot cash.
The retirement of the SGT 700
outstanding bonds eliminates all
of the indebtedness of the light
plant, but there are $4,000 White
Way bonds outstanding. These
are owned by private individuals
and cannot be paid until matur-
ity. At the present time there is
$4,000 in the sinking fund, and a
specified amount added each year
to care for these bonds when they
mature.
The citizens of Sank Centre are
using electricity in rapidly in
creasing amounts each year. But
few cities of the Northwest buy
their electric current as cheaply as
does the Sank Centre business man
and householder.
Three years ago 100000 bonds
were issued to rebuild the City's
waterworks system. These bonds
are owned by private parties and
cannot be paid until matured. Suf-
ficient funds will be in the Sinking
Fund to pay these bonds when they
fall due. The money is placed on
time deposit each year and draws
practically as much interest as
the bondholders will receive.
For many years the waterworks
was liability, but with the in
stallation of the new system met
ers were installed and the rates
adjusted. Today the system is
paying it's operating expense and
earning sufficient money to pro-
vide for the liquidation of the in
debtedness when it natures.
Sank Centre has been very for
tunate in the personnel of its Wat
er, Light and Power Commission
who took over the sole management
of the systems when the new City
Charter was adopted about doz-
en- years ago. The personnel of
the Commission is DR.. III. F.sHen-
nemann, George O'Gara and F.
W. Perry. Attorney Victor c..
Conklin is the secretary of the
Commission.
The amount of bonds outstand-
ing against the School District Of
the Town of Sank Centre is not
available at this writing. The dis
trict extends into the rural Sec
ton but a large portion of the
Indebtedness is chargeable to the
city. These bonds are being re-
tired as rapidly as possible and
within a few years there will UNI
doubtedly be a material reduction
in the Sank Centre tax rate.
There are several thousand dol.
lars in bonds outstanding for sew
ers and paving but these amounts
are all chargeable to the abutting
property.
The paying of the $4,000 light
bonds will absorb the money set
aside for plant depreciation, but
the commission figures they can use
this money with safety as the
plants earnings will in short
time bring this fund at least up to
its present level.