Imperial Valley press., 1939-02-09
THE NO. | MUST FOR 1899
ON ITS WAY AT LAST

Imperial Valleys sincerest congratu-
lations should reward Imperial Irriga-
tion District directors and Imperial
County Farm Bureau committeeman who
this week started on its way to accom-
plishment a bond refinancing plan that
will remove S14,250,000 cloud from the
valleys economic horizon.
Only those who have followed closely
the days and nights of study. conference
and negotiation going into the final draft
of this refinancing plan can appreciate
fully the enormous task that has been
accomplished.
No on Imperial Valleys must list
for 1889, the refinancing plan now en-
ters another stage. District directors and
farm bureau committeeman have dis
charged their duties admirably. They
have been able to go ahead because the
community's moral support buoyed them
up.
Now they need more than moral sup
port. They need all the support the COM
munity can give them; active support of
the program that is so badly needed if
this valley is to return to lasting pros
perity.
This plan will not be brought to frui-
tion without opposition,
1t will be opposed by unfriendly bond
holders who believe they should obtain
face value on both principal and interest
for their bonds. These security holders
are against any compromise.
1t will be opposed by persons in In
perial Valley for various reasons, some
political, some based on what the obJec-
tors may consider reasonable criticism.
Those who have already voiced objec-
nffa
workable plan to replace this one now
proposed
The refinancing plan approved by the
district directors Tuesday is workable
in every respect. We believe it is entirely
acceptable to most of the voters in the
Imperial Irrigation District. We believe,
furthermore that it can be sold to
sufficient number of bondholders SO that
they will deposit their securities as the
plan provides. Once two-thirds of them
have done so, the remainder can be fore
ed to accept the program.
The plan is replete with technical de-
tails. 1t has as many facets as civil
war veteran has whiskers. In formal
draft, it is about as easy for the average
man to understand as Einstein's theory.
As light reading it would compare un-
favorably with the Congressional Rec
OTu L CT lilS COlIlpletS SCOIy lIldy NC IouHu
in this provision:
During the life of the plan the district
board can never be forced TO levy more
than S797 500 in any one year for bond
and warrant funds.
In other words, regardless of anything
else provided by the plan, taxpayers of
the district can never be called upon
to pay assessments beyond their means.
A ceiling" is placed on bond principal
and interest assessments. The threat of
limitless taxation caused by bonds and
warrants will be removed.
This is the thing, this fear of pyramid
ing taxes, that has weakened credit in
Imperial Valley 1t is the thing that has
kept out investors who might otherwise
have developed new industries and new
lands in the valley. 1t is the cloud that
has remained as a constant threat over
all activity, both industrial and agricul-
tural, for many years.
II is little wonder that business men
and farmers look forward hopefully to
the day when bond refinancing shall have
passed through all its various stages and
become, at last, an actually. To the
men of the district board and the farm
bureau who have made this possible, full
measure Of gratitude is due.