Show Underwriting of Bond fond Hastens County Sewer Sewer With the underwriting of a bond issue by local and eastern finan- finan ll cl Interests Salt Lake County Citizens was taking final tops Thursday to realize its long sought Bought goal of ot a county sewer lewer system I L. L Burt Bigler association president president dent den said laid the board of directors would meet Friday y to appoint a committee to In an advisory capacity to the county commis sion slon The committee will also recommend rec the appointment of someone someone some some- one to direct a a ci campaign soliciting soliciting solicit solicit- ing residents of the e area area covered by the I system tem to join In the tho ven ven- tureA tureA ture A CIA letter will wUl be besent sent to every property owner concerned Mr Bigler said The letter will explain ex- ex explain explain ex- ex plain the proposal In detail and ask each and ev every ry on one one of them tor ta sign up and pay their 50 entrance en en- en entrance entrance trance fee He explained the 50 Is part of the connection charge tobe tobe to tobe be assessed each property owner owner connecting to the system A 2 per month service charge also willbe will wUl willbe be assessed until the bonds financing financing financing ing the project are retired Retirement Retirement Retirement Re Re- period of the bonds on oh the approximately project project project ha hu been estimated at from rom 8 to 11 years The rhe advance e payments will be put In a bond sinking fund to guarantee retirement of the bonds In the event we fall down In our service charge fees feelS he said laid He added that provisions had been made in the financial agreement agreement agree agree- ment that when the sinking linking fund was waa more re than 10 of the bond Issue It could be used und to retire that amount of at bonds The goal set let Is home owners to sign sigh applications for the service and pay an initial 50 down payment Okeh Financing The financing of the project approved this week by Salt Lake county commission provides for fora a bond issue of or whatever what what- ever eyer amount Is needed The bonds are not to e exceed 3 34 J i Interest with retirement arranged to extend extend extend ex ex- ex- ex tend over a year 30 period The project will be constructed at no cost to the county but will willbe be paid entirely from revenue accruing accruing accruing ac ac- ac- ac from use of the system The revenue bonds bonds' are backed by Laur Lauren n W. W GIbbs local bondsman bondsman bonds bonds- man M Mi J. J Warren vice vitae president president president dent Bender C Corp rp and Robert E E. president of the Robert E E. Co both bothof of Omaha i When completed the sewer system system eys- eys tem tern will include miles of sewer sewer sew sow er lines and and serve approximately residents in the area as well as provide adequate facilities for future growth It will also Include a sewage treatment plant at a site yet to be determined Area Defined d The system will cover an area bounded bound d by the Jordan river on the west t tie the e corporate limits of Salt SaIt Lake City South Salt Lake and Murray and will extend asfar as asfar asfar far as South in the Cottonwood Cottonwood Cotton Cotton- wood area are taking In Mill Creek E East 1st Mill Creek Holladay and Cottonwood Completion of ot the project will culminate a year two-year battle by Salt Lake Lako Co County nty Citizens composed of ot some 2000 members resident in the area to be served by ay the system Foremost in the he fight for sanitary sew sewage ge disposal beside Mr Bigler president of the association are Horace A. A Sorensen v vice ce president and Walter Walter WalterM Wal Wal- terM ter M. M Keller secretary |