Rensselaer Semi-Weekly Republican, Volume 19, Number 2, Rensselaer, Jasper County, 10 September 1897 — THE CITY [ARTICLE]

THE CITY

Bays The Electric Light Plant. A Notable and Auspicious Event lu The History of Rensselaer. Late last Monday afternoon, our City Council closed up a deal with J. E. Sunny, general western agent of the General Electric Company, whereby the City is to become the owner of the electric light plant now in operation here. The price paid is $7,500, of which SSOO is to be paid when possession is given, the first day of October. Of the remaining S7OOO, the sum of SI,OOO, and four months interest will be paid the first of January, and $1,500 each year after until all is paid. The deferred payments draw interest at 5 per cent. The payments each Jan. Ist including interest, will be as follows: Jan. Ist, 1898, $1,126. Jan. Ist, 1899 SI,BOO. Jan. Ist, 1900, ....:$!,725. Jan. Ist, 1901 ...$1,650. Jan. Ist, 1902, .....$1,575. Which would wind up the debt with a total payment, including the SSOO in October, of $8,376, and the light plant would then be ours. We are now paying $1,850 per year for lights, which in the 4| years of paying, would cost the city $7,725, and nothing to show for it when the time was out.

If the business and residence patronage pays running and maintanance expenses, as it probably will, at the end of the. six years the plant will be ours, a little more than the lights alone would have amounted to, during the same period. The plant is at present not quite paying expenses above the receipts from the city, but there are several places where expenses can be cut down, and there is also good reason to expect a great increase in the use of the lights in the business houses and residences.