Water rates reduced in 1966

"Council Keeps Faith With Pledge to City"
Humboldt Beacon, November 18, 1965, page 1

Keeping faith with the residents of Fortuna, members of the city council Monday night instructed the city attorney to prepare an ordinance amendment. . . to reduce Fortuna city water rates for 1966 by approximately $12,000 annually. This will give local water users the lowest comparable rates in Humboldt county.

Acting Mayor Herman Bistrin received unanimous support from council members in declaring that the Fortuna water department is now in shape to reduce rates. Several years ago, rates were increased to permit the city to make major improvements without bonding the city, with the understanding that when possible old rates would be restored or improved...
...
The water department has shown a steady operating revenue, with an operating profit of $44,881 during the past year. Both Dinsmore and Lucas reported to the council it would be safe economy to make the reduction, which for this city is the equivalent of another major tax cut. [emphasis added]

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Note: While the above article states that rates were increased to avoid bonding the city, an earlier news account indicated that at some point the city had issued a bond:

. . .The tax rate had been set previously at 50 cents, plus 16 cents for bond interest and redemption. [emphasis added]

From: "May Expand Rohner Park Facilities"
Humboldt Beacon, August 20, 1964, page 1

Water Revenue Bonds

This is the first two pages, or Cover, for the Official Statement. Clicking the image will enlarge. On page 2 it reads:

"...This Official Statement is not to be construed as a contract with the purchasers of the 2006 Bonds.

When used in this Official Statement...the words...'project'... and similar expressions identify 'forward looking statements.' Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements."

The Official Statement contains information on the use of the bonds for water system improvements.

on page 4:

A portion of the proceeds of the 2006 Bonds will be used to finance certain improvements to the Water System, including replacement of water storage facilities and upgrade and repair of three of the system's reservoirs (the "2006 Water Project").

on page A-8:

"Water Project" means any additions, betterments, extensions or improvements to the Water System designated by the City Council... "2006 Water Project" means the capital improvements described...and such additions, substitutions and deletions as shall be specified in a Certificate of the City stating that such additions, substitutions or deletions constitute part of the 2006 Water Project.
. . .
"Water System" means all facilities for the production, storage, treatment and distribution of water... now owned by the City and all other properties, structures or works hereafter acquired and constructed by the City and determined to be a part of the Water System, together with all additions, betterments, extensions or improvements to such facilities...