Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1895-01-24

money will furnish all the stationery needed
for county purposes. CHAS. c. FREASE.
To The Hon. j. M Sheets, Judge Of the Court
ofCOmmon Pleas Of Henry County, Ohio.
GWhile concurring with the majority of the
committee a. pointed by you to examine the
commissioners' report, in most statements
contained in the report signed by the majori-
ty, / am most emphatIcally opposed to that
part of the report in wich the commissioners
are censured for their action in regard to
the redemption of the Jail and court house
bonds.
In the first place the same laws which
authorized the commissioners to issue both
the $4,000 of per cent. redemption bonds,
and the 100000 of per cent. Jail and court
house bonds, provides that the commissioners
shall annually at their June session, levy such
amount of taxes as will pay the interest on
said bonds, and at least one fifteenth of the
principal. The law further provides that
the money SO raised shall be used for no 9th
er purpose than the payment Of said bonds,
and interest thereon.
Had the commissioners taken the money
used in the pay ment Of bonds from any other
place than the sinking fund, then they might,
with justice, have been censured for their
action. Bot the report of the commissioners
shows that they did not use one cent from
from any other fund, for after having paid
$l5,662.3 "a for the redemption of bonds, there
was not only balance of $7083.69 in the
sinking fund out of which said indebtedness
had been paid. but there was also balance
in each and every other fund, except a few
road improvement funds which were balanc-
ed.
This Is sufficient proof that the money
used in the payment of bonds tUds not need
ed for sny other purpose. there being suf-
ficient sum in each fund to meet all neces-
sary demands.
Therefore, in my opinion the only question
left for the commissioners to decide was,
shall we permit that money to remain idle
in the treasury and continue to pay interest
on it. or shall we use it in paying some of
the bonds and thus stop the interest on the
amount paid? The commissioners chose
the latter course, and while it might have
been done "for mere ostentation," l con-
slider it good piece Of tinanciering on the
part of the commissioners, and saving of
money to the county.
We find that on Sept. l, 1894, after having
paid $4,000 of our bonded Indebtedness,
the county still had bonded debt of Sl45,.
600, of which S1l5,000is payable out of the
sinking fund and $4,000 out of the general
county fund.
The $4,000 payable out of the county fund
is to be paid in installments of $1,000 and
interest each year, for the payment of which
there is special levy of mill.
The $4,000 that is payable out of the
sinking fund consists of two issues of bonds
$3O, 900 of which are per cent. redemption
bonds payable in 1904, the remaining $S5, 900
being 4 per cent. Jail and court house bonds
payable in 1905. The amount raised by the
present 3-mill levy for sinking fund purpos-
es is nearly $4,000 a year.
lind, by computation, that the interest on
the bonds payable out of the sinking fund for
the year beginning Sept /. 1894 will not ex-
ceed $4,000. The collection of $4,000 with
the balance on hand at the beginning of the
year will make the total receipts for the sink.
ing fund for the year amount to about $27,.
00o.
So after paying the interest there will still
be left about $4,000 TO apply on the pay.
ment OF the principal.
If the present levy of mills is kept up fol-
sinking fund purposes. and the Commis.
sioners continue to apply the surplus re-
naming in that fund each year after paying
the interest, to the payment of the principal
as they did this year, the county will have
paid every cent of its bonded debt in less
than seven years from Sept. l, '9i, probably
in six years. After the payment of ouI
bonded debt, our rate of taxation, even
thought the rate for all other purposes be
hcpb dS hlSu do db pIOSCutg NWhlCu 10 hOl
probable) will be reduced from 12 and 2-1(
mills the present rate to 8 and 10 mills,
mills of tho present rate being levied for the
sole and only purpose of paying our bond;
and the interest thereon, and l think the
money SO raised should be used for the pur.
pose for which it is intended and that only
1t perhaps is not out of place to state il
this report that the present board of Com
missioners declare it to be their intention
to continue to use the sinking fund money
while they remain in Office. as they cid las
year-in the redemption of bonds and the
payment of interest thereon.
Their plan is a wise one, and will undoubt
edly meet with the approval of most tax
payers.
Respectfully Submitted,
IT CONWAY