The herald., 1897-12-04
THE REASON FOR 1T
WHY THE SUPERVISORS ADvo
CATE THE BOND ELECTION
They Ask the Taxpayers to Investi.
gate and Not to Fail to Vote
on the 11th

On motion of Supervisor Davis the
board Of supervisors yesterday after
noon unanimously adopted the follow
ing resolution:
Whereas, The board of supervisors
have called an election on the 18th day of
the present month for the purpose Of the
people voting on the question of re-
funding the county's indebtedness in Il
new issue Of bonds bearing per cent in
terest, we deem it proper to advise the
public of the reasons that have induced
us to so act.
Before making a call for this election,
they consulted with some of the leading
business men and taxpayers of the
county, and were advised that it would
be wise thing to do, and for the best
interest of the taxpayers.
The present outstanding bonds are as
follows. with interest payable semi
annually, viz:
$4,000 of per cent bonds, payable in
1902
$1,000 of per cent bonds payable in
1904
s257, Of ~ per cent bonds, payable
in 1906
$4,000 Of ~ per cent bonds, payable
In 1907.
$241, 900 of per cent bonds, payable in
1910.
The aggregate amount being $685., 200,
all Of which mature within about twelve
years, or an average of about six years.
The first bond of $4,000 Of the new is
sue would mature on January 1st, 1869.
and $4,000 on the 1st day of January for
each succeeding year thereafter for
nineteen years. The question arises:
What is for the best interest of the tax
payers Of the county? Shall the people
vote Yes or mo" on the question Of
refunding? 1t seems practical busi-
ness proposition that any community
that can lessen the interest on it's in.
debtedness ought to avail itself Of the
opportunity. The present bonds were
issued when the ruling rates of interest
were higher than at the present time
The credit of Los Angeles county is
good enough to command a lower rate
of interest on her Indebtedness.
Again, is it for the interest of the
present taxpayers to have the time Of
payment of the indebtedness extended? ?
/ seems 50 " us, duQ lOT luc lOIluWl
reasons: The present bonds all mature
within about twelve years, while the
new issue would not all mature for
twenty five years. The county proposes
to borrow money at per cent, while few,
If any, Of the Individual taxpayers can
borrow at less than per cent. Extend
ing the time of payment of the bonds
leaves money in the hands uf the people
that they would otherwise have to pa;
on the county Indebtedness. 1t divides
the payment of the dehs with the large
increase of population that is sure to
come to this county before the bonds
all mature. Increase Of population
means decrease of individual liabailitv
for the payment of the DEBT. Before all
these new bonds mature, the assessed
valuation of this county will ur.dobut-
edly be twice, and possibly three times,
as large as at present, thus making the
burden on the present taxpayers much
easier than to pay of the present bonds.
1t requires a two-thirds vote to carry
the election in favor Of rcfunding. We
ask the taxpayers to Investigate the
matter, and if the proposition COM
mends itself to them ms wise one. not
to fail to vote their approval of it on the
day Of election.