Winnipeg Water District
The Dominion Securities Corporation and Messrs. Wood, Gundy & Company announce an issue of $1,000,000 Greater Winnipeg Water District 6 per cent gold bonds at 96.86 and interest, yielding 6 3/4 per cent. Owing to the rapid growth of the city of Winnipeg and the fact that the existing individual water works systems of the city and its suburbs were not adequate for the growing needs of the community, it was decided in 1913 to create the Greater Winnipeg Water District, to construct a water works system for the purpose of supplying water for domestic, commercial and sanitary purposes. The district comprises the city of Winnipeg and its most important suburbs, with a total area of 91.79 square miles and a combined population of approximately 220,000. The bonds are a direct charge on all the taxable land within the district, the assessed valuation being in excess of $226,000,000. The taxes levied by the district rank equally with all taxes raised for other municipal purposes, and are collected at the same time and in the same manner. The bonds are additionally secured by the hypothecation with the Bank of Montreal of $1,250.000 (£256,849) long-term sinking fund securities of the district, which are a first charge on the entire water works system and properties of the district. The proceeds from the sale of these securities must be held to retire this issue at maturity. The total outstanding debenture debt of the district (including the present issue) is $1,283,112 long-term debenture stock listed on the London Stock Exchange, and $10,500,000 shortterm debentures temporarily issued against long-dated collateral as above referred to.