Salt Lake Telegram | 1931-04-14 | Page 9 | Loan on Water Bonds Passed by City Board

lO LOAN N ON WATER ATER BONDS BONOS PASSED BY CITY BOARD Three Important Steps Are Taken in Salt Lakes Lake's Water Program Salt Lakes Lake's water expansion program program pro pro- gram lm took three strides ahead Wednesday with the following re results results re- re suits I. I The city commission ap approved approved approved ap- ap proved the loan of on water r n. n r. bonds bearing Interest interest inter Inter- est at rate of 4 2 1 per cent 2 2 Nine contractors contractors' bids on furn furnishing fur fur- n and installing a 10 second- second foot pump at the Sixtieth South street plant were opened and thelow tho the tholow tholow low bidder determined 3 3 Dr Frederick J. J Pack geologist geol geol- ogist started a n. survey of the artesian uric arte sian water basin to determine the acreage of surface rights the city should acquire to utilize water from the artesian wells William Peterson Peterson Peter Peter- son another geologist will start his survey Wednesday Both geologists will ill submit independent reports to the city BID SU SUBMITTED A combined bid fostered by the Walker flank Dank and Trust company First Security company Snow Goodart Co Co Edward L. L Burton z Co and arid the National Copper bank was submitted to the commission on the loan The agreement which was approved approved approved ap ap- ap- ap proved provides that the city may draw upon the loan in such amounts and when needed so that the burden of ot paying Interest upon the whole amount at once will not be thrust upon the taxpayers MATURE l ANNUALLY At The bonds will be dated May I 1 1931 and will mature serially each year In amounts varying from in 1932 up to in 1941 The agreement provides that the city call caU a bond election within 90 da days s If the election carries the city has the right to retire the 1 worth of water ater revenue bonds Continued on Pare Seventeen BONDS PASSED Continued from Page Pace Nine with general bonds bearing 4 per percent percent cent Interest The city is to allow the financial firms 2 per cent of the total issue as expenses for preparing the legal lega opinions drafting the ordinances and resolutions and other expense incident to issuance of the bonds not including the expense of the dee clec tion Fairbanks Morse company submitted submit ted the low bid of for th the pump The next lowest bid was sub sub- by the F. F C. C Richmond Machinery Machinery Ma Ma- chinery company The preliminary estimate on this phase of the project project was Bids were referred to the city engineer for tabulation and will be returned to the city commission corn com mission probably Tuesday night to have the contract awarded PART OF PROGRAM The pump is to be installed as par part of the savings program one of th the three main parts of the water ex expansion cx- cx program approved last last- week by the commission Mayor John F. F Bowman said that tha Dr Pack and Mr Peterson will work independently of each other on th the artesian basin survey The sole purpose purpose pur pur- pose of the survey surrey will be to determine determine deter deter- mine whether the city should acquire surface rights to 1000 or more mor acres of land overlying the basin from which it Is planned to draw be between between be- be tween 20 and 25 second feet of wa Wa- ter