Imperial Valley press., 1940-12-25
AS THE DEADLINE
DRAWS NEARER

We can't have it now for Christmas
Day, but if Federal Judge Ralph Jenney
hands down his judgment in the Imperial
Irrigation Districts bond refundlng case
any day before New Years, it will be the
grandest Christmas present the people OF
the valley could get.
All the legal signposts have pointed to
a decision favorable to the people here
Although district officials and others
close to the case have remained tlght-hp-
ped, refusing definite predictions ana
even eschewing discussion of the matter
wherever possible, the steps that have
been taken indicate to any informed lay
man that, thus far, the districts petition
has received sympathetic considerations
If that consideration results in favor
able decision before the first of the year.
the people of the valley will truly have
reason to look forward to New Year
infinitely better than the old one.
The districts bonded debt has been the
key log in jam holding up better times
for our people Against it have crowded
the companion problems of easier credit
for farmers whose records show that
they are entitled to credit, drainage OF
lands needing drainage badly, operation
to full capacity of the public power sys-
tenn here, and demonstration of the peo-
pes ability to pay for the All American
canal without hardship.
Once the debt problem has been settled
the log jam will break After that, de
velopments should come rapidly to solve
those other pressing problems. But, un-
til refunding is out of the way, the others
must remain.
Effects of a refunding program such
as that envisaged in the case now pend
ho hot nh al
and psychological
On the physical side may be listed pre-
liminary operation of the drainage pro
gram that is so inextricably linked with
refundng. Also on that side are loosen
ing of credit facilities, better financial
reputation for the district, greater in
flux of outside capital which, until now,
has SHE'D away from the valley.
On the psychological side are restor-
alton of confidence here that the outside
world can be brought to see the valley in
its true light, as we'll as the loosenlng OF
capital within the valley itself where
many activities have been held up pend
ing operation of the refunding program.
Until the bonded debt problem has
been solved, Imperial Valley must mark
time as far as long-range progress is con-
cerned After it has been settled, the
go signal Will be 1IdSn6O lOf valley
farmers and business men alike.
LAY PLANS NOW
This is no time for excessive optimism
in relation to the districts refunding pro-
gram, in spite of favorable indications.
1t is no time for optimism because time
is growing too short for comfort in the
race between a federal court judgment
and expiration of the modification un-
der which friendly bondholders agreed
to the program.
If the decision does not come down be-
fore jan /, the district and friendly
bondholders will be faced with an acute
problem. There will be, in effect, no
agreement whatever relative to bonded
Indebtedness.
Considering this startling fact, it is
time to remind ourselves that We had
better decide what our course will be if
the decision is not made before the dead
line We must decide upon the steps to
be taken to keep the agreement in force,
or obtain another one For the agree
ment is vital to the refunding case.
Now is the time to do something-not
after house of cards has tumbled about
our ears. Let's get busy. We've nothing
to lose by taking proper precautions
against financial debacle.