Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-01-19
AUGUSTA LOCALS.
FOR KeNNEBEc COUNTY.
Hearing to Be Held, This Afternoon on Bill
for Sinking Fund.

A hearing will be held, this after
noon at 3 O'Clock in the Senate cham
Der relative to a. bill presented the
Legislature providing for the establish
ment of a sinking fund for Ken
nebec county. The hearing will be
held before the Kennebec county del
egation.
The bill is as follows:
Sect. 1. The county of Kennebec is
hereby authorized to raise each year.
commencing with the year 1897, not
more than $1,000 nor less than $1,000, the
amount for each year to be determined
by the county commissioners and in
Guided in the county estimates, and
assessed and collected as other county
charges: and the sum so raised shall
be held as a sinking fund to be in
vested as hereinafter provided and
applied for the payment of the princi-
pal of the bonds of said county issued
in the years 1891 and 1893, as they ma
tllre.
Sect. =. The county treasurer under
the direction of the county commits
SionerS SHALL on or before the first
day of November in each year when
any sum is so raised. invest the same,
either by deposting in a savings bank
or trust company, or purchasing any
of said bonds, or bonds authorized by
law to be purchased by savings banks.
Sect 5. All income derived from any
investment under this act shall be re-
invested, in the same manner, as pro-
vided in section two for the principal
of said fund.
Sect. 4. The county treasurer shall
keep a full and complete account of all
Investments made by authority hereof.
and in his annual report shall make a
statement of the amount and condition
thereof
Sect. 5. Upon the maturity of any
Of the bonds hereinbefore specified for
the payment of which the fund herein
authorized is pledged, the county
treasurer, with the approval of the
county commissioners, shall dispose
of such portion of the bonds pur-
chased, or draw from the savings bank
or trust company where deposited
such amount. as shall be necessary to
meet the bonds SO maturing, and
shall apply the proceeds of the bonds
so disposed of or the money so drawn
to the payment of said county bonds.
ing for any of the chestnuts among
the embers of the Portland Democracy
The bonded Indebtedness of the
county is $4,000, due as follows: July
10, 1902. $780, July 10, 1903, $500: June
] and July 10. 1904. $500 each or $4,000
for 1904: and the same amount at same
dates in each year to and including
1911; June ], 1912, $500: and June !,
1913, $500.
To meet these bonds as they mature,
the bill provides that the county com
missioners may put into a sinking
fund, each year commencing with the
year 1897 not more than $1,000, and
not less than $1,000 1t will require an
addition to the fund of less than $1,000
Per year to provide for the payment
of the entire bonded debt, and it is be-
lieved that this can be done without
any increase in the rate of taxation.
AS the commissioners may make the
amount less any year. they can con-
troll it so that the rate will not be in
creased.
The commissioners believe it to be
for the best interests of the county
and q sound financial policy to provide
for the payment of the bonds in this
way, and so far as the Journal is able
to learn, those who have considered
the matter fully agree with them.
The bill was drawn by Clerk OF
Courts Choate and seems to be care
fully guarded.