The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1895-08-10
COUNTY BONDS,


We have been requested by eeyers
readers to publish a statement showing
the present Indebtedness of Kootena
county and present the facts reSardin;
the proposed issue OF new bonds for til,
purpose of funding he warrant indebt
edness. That our readers may intelli
gently vote upon the proposition at tn,
special election to be held on Tuesday
August "a, We present the matter a,
briefly and plainly as possible below:
The present bonded indebtedness O
the county is SOS, 900 and the warrant in
debtedness in round numbers, $4,000
making total Of $l4S, 900 with an an
nual interest charge of $40, $50. The
Law now provides that counties mus,
not incur an Indebtedness in any one
year greater than the revenue Of tina;
year, thus placing them on a cash basis.
The object in bonding the county at the
present time 10 to fund the Warrant, in
deb'edness now bearing seven per cent.
interest, by issuing bonds not to exceed
six per cent. This would make q saw
ing in interest charges OF $500 annually.
The law ccmpells the county commits
sioners to provide for the payment OF
the outstanding warrants BY either is
suing bonds or levying a special tax
for that parpose. Where the warran,
Indebtedness amounts TO a sum equal to
nye per cent. or more OF the assessed
valuation OF the county q special lew OF
one per cent. must be made; if equal to
four per cent. tax OF eight mills must
be levied: if equal TO three per cent. a
levy Of six mills; ii equal to two per
cent. and less than three per cent. OF
such taxable property, they must levy a
epeciai tax of four mills on the dollar.
The warrant Indebtedness of Kootenai
county amounts to about two and one
half per cent. Of the assessed valuation
which would necessitate special lew
OF fouF mills on the dollar il the bond,
ing proposition fails to carry At the
special eleetion. Nov, let Us see which
Is the best proposition for the taxpayer:
The annual interest on $4,000 in
bonds At six per cent. will be 5000;
on 10000 in warrants at seven per cent.
1t Is $500. The assessed valuation, in
round numbers, is s., Oo0, 600. and four
mill tax on this would produce revenue
OF 5000 for the redemption OF warrants.
Ii bonds are issued the board must lew
4 special tax sufficient to pay inter
est and principal on bonds, which would
be PA mills on the dollar, making a diff
srsnce to the taxpayer OF l.6 mills.
From the above it will b .een that
the question for the people to decide is
whether it would be best for them TO
pay tax OF four mills on the dollar for
the next ten years or more on the war
rants, or an average tax OF "a mills as
principal and in terest on bonds. l, will
cost in the aggregate about 81, 500 to paw
Oh the Indebtedness in twenty wear
bonds, or about $sl 400 to pay of the
warrants in little over ten years, max
ing tota! levy OF Al mills on the dollar
to pay the warrants in the above time.
or 4s mills on the dollar to pay the
bonds, principal and interest. in twenty
years. To do this the county must raise
5000 annually to pay interest and prin-
cipal on warrants, or s4,S25 if bonds
are Substituted.
BY voting the bonds the people will
be saved from tax which many cannot
pay. The bonds will carry the indebt-
eoness over a period Of twenty years
nus making payments easy aud giving
lime tor an increase in the taxable prop
erty OF the county.
Most OF the old bonds, which are now
aiiing due, will have been paid by the
lime this issue begins to fall due and
hey could be met with less inconyen-
ence. There is another point to take
nto consideration: Why should We
'rcs a special tax Of four mill. On our.
elves for the next ten years, when a24
Dill tax will do, for the benefit OF peo-
Ne coming after US. Divide tie deb, 10 c
nd let those who come into this county I
IN years from now to enjoy the bless
'gs and comforts Of a community that T
e are now building up help pay it. Com
aratively speaking, this country is vet a |
'ioerness; are We to clear the forests, Il
pen up farms, build up a civilization and
ny the taxes for future generations. or
1t enough for us to complete the form.
and let those who come afterward To
10Y the fruits Of our labor, bear their :,
iare OF the taxes incident TO this form.
ave period? These are matters for the
!, ter to consider.
THERE seems to be misunderstand.
g regarding the inability of the county c,
tax railroad lands until after the
neral land commissioners complete