Smyrna times., 1931-01-21

community, as whole, should al
ways receive paramount consider
alton.
No other community undertake
ing in recent years has aroused
and stirred our Towns people to
the same degree of community in
terest as the controversy concern
ing the disposition of the light and
power system. This is a healthy
indication of the progress in citi-
zenship. The people of the com
munity should take a live and ac-
tive interest in our community af-
fairs, in order that our town may
become better place to live in.
1t would appear that there are
three definite and distinct propos-
ais before the people of Smyrna
relative to their light and power
problems, namely:
Proposal 1. The Town of Smyr-
ma to sell its electric light and
power franchise to the Eastern
Shore Public Service Company for
a consideration of $30O,0OO
Proposal II. That the Town of
Smyrna draw up a new contract
with the Eastern Shore Public Ser
vice Company to furnish electric
current to the Town, the same to
be sold by the Town to the con-
sumer, thereby using the electric
light and power system as a rev.
enue producer.
Proposal III. That the Town of
Smyrna rebuild and operate its
own light and power plant, and
sell electric current to the consum-
er. as revenue producer
Definition of Proposals.
Proposal 1. Sell the electric
light and power franchise to the
Eastern Shore Public Service
Company for the sum of S3OO,0OO |
from the proceeds of this sale, the |
Town to pay off its entire bonded |
of S204,000, the bal
ance of $4,000 to be invested at
an estimated return of approx
mately $4,000 annually, this S4sOO |
to be placed into permanent |
fund and allowed to accu-
nulate for period of five years.
At the end of this period, there
would be available in this fund, a
sum of approximately 100000, this
'und to be expended for Capital
Outlay only (opening of new
streets, resurfacing of streets, ex-
.ension Of sewer system, public
and new equipment not
'eplacement). The current opera
ION and maintenance Of the water
olant and the sewer system to be
aiken care Of by the income from
water and sewer rents.
The current maintenance and
operation expenses of the town,
iuch as, street lighting, police,
cleaning of streets and removal of
the collection of taxes, in
expenses of the Town
etc. to be provided for by
ocal town taxes. 1t is estimated
hat there will be an increase Of
L least $1,000 in taxes from the
ighting and power property un-
led this proposal. It is also un-
erstood, that the consumer of i
lectric current will enjoy con
iderable reduction in his rates.
Proposal III. The Town of
myrna purchase electric current
rom the Eastern Shore Public Ser I
ice Company and furnish same to I
be consumer at a rate, say of
90 per cent profit, namely; the I
own should pay 21a cents per XIV |
nd sell it to the consumer at an I
cost of ~ cents per XIV, 4
lowing a profit of five cents per Z
w. Assuming that the commun- !
u would use 100000 XIV annually. J
lere would be a net income Of Y
10000 annually. The Town to \
III in all its outstanding bonds |,
i'd refin.nce the entire town debt i
per cent, with a provision in
le new bonds that per cent, or Y
} 900 Of these bonds are to be re- Il
red annually. This $4,000 for II
le redemption of bonds in addi- n
on to the interest of $4,000 on !;
Ie outstanding bonds would take II
8, 200 the first year. leaving an
timated balance of $500. Each III
,ar, after the first year, there
ould be a reduction of S4OO in in
rest requirements and in twenty II
,e years the entire bonded in
of the town would be
iped out.
It is again understood that the
Irrent operation and maintenance ii
.penses of the Town would be II
divided for by local taxation. No
,ubt, some one will volunteer the
formation that in order to carry Il