Thank you for visiting SNEWPapers!
Sign up free
Story
October 18, 1946
Fairport Beacon
Fairport Harbor, Lake County, Ohio
What is this article about?
Residents of Burton Street assured new water line via village bonds from sinking fund surplus, announced by Mayor Arthur J. Ritari. Legislation set for Nov. 4 council meeting after residents' appeals against unfair assessment costs.
Clipping
OCR Quality
100%
Excellent
Full Text
Burton Street Residents To Get New Water Line
Residents of Burton street here are now practically assured a new water line following the discovery that it is legal for the village to issue bonds to cover the cost of the project and that the bonds will be paid for from a surplus of funds in the village sinking fund. Mayor Arthur J. Ritari made the announcement yesterday.
The matter will be brought to the attention of council at its next meeting, Monday, Nov. 4. At the meeting, necessary legislation for the project will be passed.
The residents of the street are being supplied with water which comes through a private line of a property owner on Orchard st. Residents of the street had been at several council and water board meetings asking for the new pipe line. It had been explained to them that the village could not install it unless the property owners there had the cost of the project assessed on their tax duplicate. The residents felt that this was not fair since they had helped pay through general obligation bonds the cost of other village water lines and that they should not stand this cost alone. The water board felt that it could not install the line since it is not its duty and that the mortgage contract which is held by the federal government does not permit capital expenditures of this type.
Mayor Ritari pointed out that in the years extending from 1932 to 1936, the water board had transferred to the village sinking fund about $21,000 to pay bonds which were falling due and which payments the village would have been unable to meet. The sinking fund contains now a surplus which is a result of the transfer of money.
This proposed plan is perfectly legal said Mr. Ritari and the state examiner of the village books has given his approval of the move.
Residents of Burton street here are now practically assured a new water line following the discovery that it is legal for the village to issue bonds to cover the cost of the project and that the bonds will be paid for from a surplus of funds in the village sinking fund. Mayor Arthur J. Ritari made the announcement yesterday.
The matter will be brought to the attention of council at its next meeting, Monday, Nov. 4. At the meeting, necessary legislation for the project will be passed.
The residents of the street are being supplied with water which comes through a private line of a property owner on Orchard st. Residents of the street had been at several council and water board meetings asking for the new pipe line. It had been explained to them that the village could not install it unless the property owners there had the cost of the project assessed on their tax duplicate. The residents felt that this was not fair since they had helped pay through general obligation bonds the cost of other village water lines and that they should not stand this cost alone. The water board felt that it could not install the line since it is not its duty and that the mortgage contract which is held by the federal government does not permit capital expenditures of this type.
Mayor Ritari pointed out that in the years extending from 1932 to 1936, the water board had transferred to the village sinking fund about $21,000 to pay bonds which were falling due and which payments the village would have been unable to meet. The sinking fund contains now a surplus which is a result of the transfer of money.
This proposed plan is perfectly legal said Mr. Ritari and the state examiner of the village books has given his approval of the move.
What sub-type of article is it?
Civic Announcement
Infrastructure Project
What keywords are associated?
Water Line
Burton Street
Village Bonds
Sinking Fund
Mayor Ritari
Council Meeting
What entities or persons were involved?
Arthur J. Ritari
Burton Street Residents
Water Board
Where did it happen?
Burton Street, Village
Story Details
Key Persons
Arthur J. Ritari
Burton Street Residents
Water Board
Location
Burton Street, Village
Event Date
Yesterday; Monday, Nov. 4; 1932 1936
Story Details
Residents petitioned for new water line after using private supply; initial barriers due to assessment and federal mortgage rules overcome by using surplus sinking fund from past transfers to issue bonds, approved legally by state examiner.