Laserfiche WebLink
<br />v <br /> <br />p <br /> <br />e) <br /> <br />"California's tax for any year could be based on her propor- <br /> <br /> <br />tion of the assessed'-'lTaluetion of the dams and power plants, her- <br /> <br /> <br />pro1lortion bearing the Same relation to the totEl assessed valua- <br /> <br /> <br />tion that her connected load bears to the total connected load. <br /> <br />1'Jie rate of taxstion and rrethod of arriving at assessed valuation <br /> <br /> <br />would be the prevsiling rate and method for the other similar <br /> <br /> <br />taxable prouerty in the State of Arizona. It would be arranged- <br /> <br />so that Californie would pay no taxes to Arizona until the pro- <br /> <br /> <br />jeat is on b proper operE,ting basis. <br /> <br /> <br />"AS the acts o:~ the board of direiJtors wOt:ld determine the <br /> <br />finanCial and businesG policy of thiS Pl'oposed gigantic public <br /> <br /> <br />. corporation, aCId detp.rmine the efficiency and dispatch with which <br /> <br /> <br />its work is car~'ied out, it I/ould be but right for the proteotion <br /> <br />of the users of poVler and. the public and bOlldholders that the <br /> <br />specifioations for Ii director be so d.r:;.wn in the beginning that <br /> <br />as far as possible only men of proven ability in the direction of <br /> <br /> <br />large affairs would be eligible for the responsibility. <br /> <br />"As all boncic or 0 the r finaro ial obliga tl ons would be issued <br />on the basis of the :'11an of ar.ministrution provided for in the <br />enabl1nl! Ect, no changes could be made in the method of management <br />wi thollt the consent 01 the bond holders or without the redemption <br />of all the outstBndinp obligetions, SO that danger from a change <br />in the method of management by radical legislation would be remote <br /> <br />. <br /> <br />while orderly government 8ndvres. <br /> <br />P. <br />