15 | i are oli TYRONE BOROUGH BECOMES OWNER OF WATER WORKS Formal Transfer of Property Is Made Today; $400,000 Bond Issue Sold GAS LINES TO BE LAID SOON Tyrone Borough is 110W the owner: of the water works of the Tyrone: Gas and Water Company. At four o'clock yesterday afternoon Pitts-; burgh the Borough's S400.000 of wa-! ter works bonds were sold and da-: purchasers. payment for #vered bonds WAS received. payment: was made to the Tyrone Gos and. Water Company for the transfer of | the and 1112 deed to the water works was delivered to the : representatives of the borough. The meeting yesterday took pince at the office of Reed. Smith. and McClay. counsel for the Pea-| pie's Natural Gas Company. Representing Tyrone Borough 1t the meeting were Solicitor Richard H. Gilbert and the chairman of the Water Committee P. J. Fitzpatrick. 'The Allegheny Trust Company was represented by its truss officer Murrey Grimes and Dy its attorney Austin George. Parchasers of the bonds were represented by the legal firms of Moorahendl and Knox. and Singer, and Scribner. At noon today formal transfer cf the personal property cf the water works was made to the borough an: the office of the water department of the borough was opened in the Municipal building. Administration; of the water works will be in the hands of the newly formed water department of the borcugh. For the | time Borough Secretary J. W.I Harklerode will be in charge of this | department. Water rents are now payable to him at the borough building and all complaints should be addressed to him. The shift in the personnel of the water works will be: decided the meeting of the Water Committee on Monday Borough Solicitor Richard Gilbert.| in indicating prospective results to the borough from the operation of the water works. points out that the gross income of the water works is approximately $48.000 per year. Interest and sinking fund charges on CoC per year thirty years. Operthe $4CC, CCO bond, issue will be $27,- | ating expenses are estimated at $8,- 000 per year. Thus the borough should realize a net p:oft from opcrations from around $13.000. No de-: preciation is included in the foregoing figures, it being thought that i sinking fund charges will take care of this. Present water rates in the borough were fixed to pay operating exp215C5 cf the privately owned busir.ess in (Continuec: on Pago Elght)
