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Show City Officials Favor Bonds To Complete Project Les Money Would He Spent On ISondH Than Is I'oid Annually For Klectricity Contrary to a belief among some citizens, that proposed bonds to complete the Bartholomew water and power project will raise the city taxes, officials announced this week that the proposed bonds are revenue bonds, not to be paid by taxes, but from revenue derived from electricity and water from the project. ' ; It was further pointed out that no mortgage, will be placed on property, except the project itself, and that nothing is to be paid until un-til the plant begins operation. In favor of issuance of such bonds also is the fact that in any one year the payment on the interest inter-est and the liquidation of the bonds will be less than the amount which the city has to pay for electricity at the present time. Between $50,000 and $60,000 will be paid out this year for electricity from outside sources, while payment pay-ment on the bonds for the first year will be $20,000, with increases up to $35,000 for the highest year. The city expects to call a bond election in the near future so that work can be completed on the water wa-ter and power project. |