Show POSITION or OF THE BLUE NIT 1111 mma GATION co is mm OU that tile the town ot of and its culinary culi imry waiter and electric ener sy j y users neel need a better anti and more use fill water and electric power system than they are now supplied with Is a common admitted tact fact the feces sity of an all Improti ed anil and on more serviceable vi water and light in the town of Nl is an all apparent demand the present pre ent city administration lias has attempted a highly com coin inen mend aible dahle project in its efforts to procure monies thru the public works administration to t bring about tills this needed improvement and tor for their ivic interest they deserve the highest hl praise in an attempt to consummate con tle agreement with tile IWA and the town whereby the town acquire title to the water to their s ys tern tem a formality which Is necessary to coni complete the agreement with the federal government an agreement be twenell the town of monticello conticello and the blue company compi iny was entered into wherein the blue mountain in agreed to sell a and nd the town agreed reed to buy one second foot 0 or water for cull culinary nary and hydroelectric hydro electric purposes anil and tor for which li the town alreed to pay the sum 0 of oter oer a period of 5 years interest at the rate of 4 percent per annum in an article in tills this klaper of may 31 over the mg nature of chas A purr burro and in t the it e article under tinder the headid ot of shall monticello have its own power and water system appear ing on ithe front page of the same issue one would lie he led to belleve ellere Ti that the blue mountain irrigation co of which I 1 chance to lie he the ilent flent alias has deiller tey and an d without any good excuse refused to perform the conditions of that contract I 1 and ohp blue afountain irrigation Otin dislike the statements and intimations that tle tile contract ente entered into with avith the town his has lieen been breached loy us and we ire are hinder binder ill it the progress pros ress of our colla community is As a matter of fact we have in in no way performed any net would tend to revoke or gesond this contract we are now and always have lieen cell ready and willing willin tr to perform nil all the conditions of f this contract cyon tract and as such are read to ili deed the lie water rights over to the town the only anti thin that we ask is sonie some security tor for our investment in dealing with municipal 11 state ant and federal governments we are confront I 1 ed with wit ti constitutional institutional and statutory limitations which require considerable so called to abrin ibi ina about the th necessary lesul legal iti it is a matter of common knowledge j that our state constitution prohibits a any ny municipality within our state 1 In curin any obligation atlon or indebtedness exceeding the revenue for one year without a vote of the qualified voters of the municipality voting ln in favor ot of such indebtedness and any contracted coi tr acted indebted indebtedness ednes ne oer tills this amount without meeting these re quire ments is vold void or at least unenforceable A provi provision slon was made hy by ithe second special session of our state le ie ln in 1033 1933 provid providenz inZ that reven ne lie fiolic i t may be issued by any municipality nici as in our situation bonding ithe the water and tight system without It bout tile general ollia obliga tion thin of the municipality payable from tax revenue to secure the bonds ry by the itermo of this enactment no nil loan bond election is necessary it is upon ti this its theory that itlie ithe loan from ohp federal fedell government z for installing in an and 1 I ampro ins I 1 tle tile water and light system would a lie made the federal government to secure their money loaned to the town demands ft a first lien on the rev denues of the alie system after and other necessary outlay has lieen been deducted tile the application of tile the town to the public works van tion Is for the surn sum of ft payable over a period of nf SO 30 years with 4 per cent interest thirty percent of this amount will lie be given as a rift gift to the town deducting the SO 30 percent leaves a sum slim of sl which must ili ic repaid to the federal government with 4 percent iier cent interest out of the revenues of thel the system bif lt tile nine blue fountain co la Is compelled to rely upon the revenues of 0 the system for the payment of the 1 contracted to their them they would have a lien second to operating exil aises necessary necess nry cash outlay and tle tile to tile the federal owern input these Il lese expenses in tile flie ot ithe 11 rl hiie lie mountain loun tain IS vear or cielien could collid not poss llly lily be less than I 1 ler ier year tile the largest gross receipts that the corn com pany dany lias has received recel veil in ill any one year front from its undertaking in the utility business Ills was in vie year when it received the sum at 0 34 rt it would lie he very impractical to expect tile town to ralie raie their rates on services from the system to meet any obligation to the company over and above the early the only way that tile the blue mountain arri irrigation aaion company Coni pany tan can hope for tiny any security upon the performance of their contract with the town is a bond election we as aa a company are willing to alve ire the town any sup port in such election we can reasonably sire give the present inadequate wa ter anti anil likht system was huilt built by the co when the town was unable to build it and then the sole idea of yf serving the town and the inhabitants of SI tile blue wit irrigation Irria tion still feels that the host best interests 0 of the town is to their hest in sotere tereL it anil and we are wallins to eneo encourage urage any worthy undertaking der taking i GYI A adams I 1 president of wye blue S tion company |