In Part 4, Keyser finds himself between a rock and a hardplace. Eastmoreland is proven to be a going concern earning greens fee revenues in excess of expectations, yet the Tax Board Chairman Mulkey has determined that the the the City will not be allowed to endure any debts to complete the purchase of the land. He declares golf must be totally "self-sustaining."
So while Mulkey may be the villain, like all great villains he sets the stage for the great triumph of Parks Superintendent Keyser, who in principle, also believes golf should be "self-sustaining" in that the golfers pay an exclusive privilege to play public lands (thus why we have no joggers or picnics on the 6th fairway). Further he had the revenue - it's just the rate of the revenue was sufficient to pay a portion of the land price each year - and thus required some type of bond or mortgage to complete the purchase (again completely normal for real estate purchases). To catch us up - he discovers the the "open sesame" magic key - to have golf construed as a public utility and thus open up the ability for the city to raise municipal utility certificates - that not considered part of the city's dept. (Why - you may ask? Well the thought is due to the fact that since a utility has regular revenue the debt to be serviced can be considered to have reliable revenue - and this provision no doubt was to help spur municipal utility projects - like water and sewer and electricity and also provide an out should a private utility go under for some reason to ensure the utility maintains in service for the community.
Even though the leaders of the City thought construing golf a utility was a little crazy - except the Commissioner of Finance who happened to be a golf nut himself, Keyser was faced with a remarkably challenging task ahead. That said he persevered as always and with the opinion of prominent corporate lawyer, he convinced Paul Murphy - the president of the development company that owned the land to accept the municipal certificates. Not only that Mr. Murphy further agreed to pay the legal expenses to prove in court that golf would be construed a utility under the laws of the State of Oregon. Now it certainly helps that the Commissioner of Finance was a avid golfer and the City Attorney wanted nothing greater than to ingratiate himself with a prominent corporate law firm, the plan went forward. The certificates of $95,000 for the back 9 plus an additional $16,000 to expand the front 9 across Johnson creek. (as will be discussed more in layout and design) were issued and Mr. Murphy proved the entire issue legal and adjudicated in the courts that golf could be construed a utility under the law and approved by the Supreme Court.
Thereafter - the certificates were sold out in a matter of days and the city was able to use revenues for the greens fees to cover the debt - that is until the great depression hit and caused a bit of challenge. That said the going concern for golf was great and the City's Chamber of Commerce campaigned to bring the USGA National Public Link's Amatuer to Portland in 1933, the first time this tournament was played west of the the Mississippi. Not only that, the 1933 tournament was the 1st time the USGA national event was help in the state of Oregon! Having a national tournament at the club proved it's place in history as a top municipal course.
Before carrying Johnson's opinion back to the city hall Keyser got in touch with Murphy and acquainted him with Johnson Murphy reported that he would accept the city's utility certificates at par, and, further, would undertake on his own account to test in the courts the validity of the postulate that golf was a utility within the meaning of the law. Murphy and Keyser called on the Mayor. The Mayor called in the City attorney and the commissioner of Finance. The upshot was that the City Attorney drafted an ordinance setting up an issue of utility certificates providing retirement in the amount of $95,000 to exchange for title to the land occupied by the 2nd or North 9 holes of the Eastmoreland Golf Course. The certificates for 6% interest and we're scheduled to be retired serially in ten years. The preceding was adjudicated and the decision was affirmed in the Supreme Court of Oregon. Murphy had no trouble in selling the entire issue at better than 102.