, 1876-08-13
COUNTY FINANCES,

4Helc u oHE punt az coAHeEtlol Win tHe
building Of the Courthouse which has not re-
cciyed as yet consideration to it, and that is
where the money is to come from. 1t is not ua-
likely that the most serious obstacle in the way
OF q job Oh the part Of the County Com mission
ers will be the fact that there will
be no funds IN the treasury out
OF which to make the divide.
No contractor is reckless enough to cxpend
money on work when he is aware Of the fact
that years may elapse before be eau touch dol
lar for it. Strange as it may seem, tie county
is nearly out Of funds for building purposes,
and popular vote will be required before more
can be obtained
In order to explain this more thoroughly it
will be necessary to begin with the beginning,
which III this instance is the constitution OF 1870
That Instrument contains in the article on rev.
enue two provisions; the first is that no county
OF other municipal corporation shall be allowed
to become indebted to an amount including e1-
isting Indebtedness in the aggregate not
exceeding 5 per cent on the value Of
its taxable property; the other is that
county authorities shall never Assess taxes the
aggregate or which shall exceed Is cents on the
dollar, except for the payment OF Indebtedness
existing 1t the adoption Of the Constitution,
unless authorized by vote Of the people Of the
county.
TIE FIVE TER CENT LIMITATION.
So far as the first Of these is concerned,
Cook County is al1 right; it is very fur
from having reached its limit OF 5 per cent. The
taxable valuation is about Sl70,000, 900, which
would authorize it to run in debt to the extent
os $500, GOO. At the present moment its bond
ed intedness Is $4,13 coo made up OF $2,45 COO
bonds issued in 1869. Asregards the other clause
limiting taxation to IS cents On the $1Q0 the
county is little nearer its limit, last YEARS. tax
having been 66 cents on the 500.
The new Board Of County Commissioners was
organized in 1871, almost Immediately after the
fire. It found itself destitute OF money owing
TO the slowness OF the collection Of taxes, and
provided for its immediate necessities by a1l-
thorizing the issue Of $780, 900 Of what we're
sometimes called short bonds, aud sometimes
this mode of doing business would not answer,
owing to the difficulty Of negotiating these short
loans on favorable terms, application was made
TO the Legislature, then in session, for the pas
gage Of an act
AUTHORIZING TIE COUNTY TO ISSUE BONDS
This act, which was passed on the 12d Of Feb
ruary, 1872, and being an emergency act went
into enert at once, was IS follows:
Be it enacted, Etc., That the Board Of Commis-
itants may, in their discretion, by two.thirds
vote, for the purpose OF erecting Court-House
On tho site heretofore used for that purpose and
use Of said county at such points and places
1nay he selected by said Board, and 70! the pur,,
Of aadn 5he G3tnS debt Ct sad
time the samc may be required. to bear interest
not exceeding T per ccntum pei, .nnum, payable
ed Sv he m
itation which limits the amount Of indebtedness.
including that then existing, to per ccntum on
be a.cestained By the last as>e.smen. for State and
county ta1es previous 10 the incurIns OF such in
debtcdness, the principal and interest Of said
1ms Hqas' or to TINES not exceeding twenty
from .,, the date thereof and 1t such
rlucc or places such board shall designate. And
the said board may authorize eaid bonds to be sold
from time to time at not less than their par value,
and by two-thirds vote OF said Board they may
I've sold at less than par the proceeds thereof to be
paid into the County Treasury. 10 be a,ed as re-
nuir-G for the purposes aforesaid: Pfovided No
bonds shall be issued OF sold under the provisions
hereof after six years from the time when this act
shall take effect.
BONDS ISSUED.
At tue regular meeting OF the County Board
Monday, March II, 1872, the following re5olu-
tious were adopted:
Rf*olted, That the Committee on Finance he.
and Is hereby instructed, in connection with the
Treasurer Of Cook County to proenFs pm The nseTs
~, snites :''s shall determine, 10 the amount Of
81. 500 900. running not exceeding tTen1y years.
with interest not exceeding per cent. payable
ni.In
H. comfy Of Cook to tissue bonds fur public build
ines funding ho:t;ng Indebtedness. and other puE-
ncsee. and that the Treasurer OF Cook County au-
rertee for proposals for the sale of not exceeding
s3oO coo thereof. OF Eo much thereof rs the FL
nance Committee may deem necessary for the i'm
mediate want: Of Cock County. on or before the
1T day Of May, 1877. and S400: GOO more or lese
m or before the 1et day OF July 1872. and submit
such proposals this Board for acceptance OF re-
lection. ...,+
bonde so called or coupon orders. .hnl1 be isened
hv Cook County until otherwise ordered ny TINS
End that 50 much Of any order or resolution
ri this Board heretofore adopted anthcrlzins me
;ssur If coupon orders and inconsistent with the
foreooine resolution be and the samei IS heFeny re"
ac;n1ed except 1e to the issnc OF sAo7t ponds 10
tbe amount Of 5000. OU0 already ordered ana ne
,ntsfrl md that the issnc Of coupon bonds OF date
jan i, 1879, he destroyed by the FINANCE eom"
lni1tee.
The first wear following a large. number OF
honus we're sold for the purpose Q! taxing up
the floating Indebtedness anc proElulne 1or n ins
immediate necessities OF the county. bY Uee
cember. 1878, tire bonds for the amount OF
S733, ,00f, had been sold; on the 1st Of December,
1874 $4,000 had been disposed OF: oy tue lsS
Of December, 1875, $4,000 more h2a 5-6 Peer aeo
sold; and during the present year sa2o;VVo
have been disposed OF, making total ot st,-
400. .Ou0 all Of which has been expended, except
81, 600, which is now in the Treasurer's hands
credited to the public building fund, 1hcfe
re,naius, therefore, available for the pur,
nose Of Finishing the County Hospta! ana
constructing the Courthouse Sloo'U5o IN bonus
and ST ,0COin cash. There are. however. o9.-
~, 5.nJ Hf1fE r.