Denver’s Water Board Is Self-Sustaining
The water board of Denver, Col., according to an announcement made before Mayor Stapleton, of that city, is selfsupporting. The action in informing the mayor that the city will not be called on to pay any of the water system debts was taken as a formality to expedite the mayor’s budget work.
“Revenues of the water plant,” the water board communication to the mayor said, “are now sufficient to pay the cost of management, operation and maintenance of the water works system and pay the interest and principal on bonds issued for the acquisition of the system and also for the payment of interest and the principal on the bonds issued for the purpose of extending, enlarging and improving the water works system in the future. Henceforth, it is the intent and purpose of the board of water commissioners to pay the principal and interest on all water bonds heretofore issued by the city and county of Denver.”
The water board asked that the city auditor and city treasurer establish two funds, to (be kept supplied with ample funds from the earnings of the water system, to pay for interest and creation of a retirement fund on a $1,050,000 water bond issue used for purchase of the Antero reservoir and the $6,500,000 improvement bond issue.