The Brunswick times. [volume] (Brunswick, Ga.) 188?-1900, 1897-08-26
The Delay In Getting New Courthouse Is Unfortunate Ode

which now appears in the code. of
1882, providing among other things
that "When any county-shall desiIe
to incur any bonded debt, as pre-
scribed in paragraphs l and 2, section
7, article z, of the constitution of 1877,
the election required shall be called
and held as follows, to wit: The off,
GERS charged with leyying taxes, con-
tracing debts, ETC., for the county
shall give notice for the space of 30
days next preceding the day of cleo
tion in the newspaper in which the
sheriff's advertisements for the coun-
ty are published, notifying the people
Qualified vOters) that on the day
named an election will be held to de-
termine the question whether bonds
shall be issued by the county. In said
notice he shall specify what amount
OF bonds are to be issued, for what
purpose, what interest they are to
bear, how much principal and interest
to be paid annually, and when to be
fully paid off," Code of Georgia, 1882,
section sos (t).
This act is nov law aa binding as
the constitutional provision, and
must be observed in spirit and inten-
tion, Its evident meaning is that
some part of the principal and inter-
est must be paid to the creditor each
year, otherwise the employed express
sion show much principal and inter-
est to be paid annually" may as we'll
have been omitted. And this is wise
provision, for if the debt be made to
fall due all at one time the county
could not compel the cteditors to ac-
cept pay ofany part until the maturity
of the whole. Ifthe county, by an an
nual tax, begins to raise the amount
which will pay the obligation as
whole when it falls due at future
date, say 30 years hence, and. does not
pay it over annually as collected, sew
eral things may happen;
1st. The several amounts collected
each year to be applied to the pay
ment of the principal, will have to be
kept on hand until the whole Is paid.
I'd. These amounts must accumulate
from year to year and may or may not
yield interest, while the principal
debt owed BY the county is bearing
interest.
For these reasons and others which
might be suggested, the wisdom of the
law is manifest, and it is evident that
public policy demands that the money
collected from the taxpayers be an
nuallY paid over IN fact to the cred
itors on the debt.
Because of the wisdom of the law,
and the public policy involved in this
subject, there has been neither a con-
stitutIonal nor general legislative pro-
vision for county to create sinking
fund, and there is no provision of law
for such a fund to be maintained by
the county of Glynn. The defect can
not be cured BY publishing in the no.
tice that sinking fund will be pro-
vlded. Such a publication would do
no more than advertise that a thing
was Intended to be done which the
law did not authorize.
Again the payment of such debts as
have been unuer cOnSlderaClOn must
be provided for by "annual taxation"
The policy being to avoid debt, it was
the design of the law makers, that
counties after having incurred nee
essary debt should begin its discharge
at once, hence the use of the express
slons annual taxation" and show
much principal and interest to be
paid annually" If the debt is SO
much as the burden will be too heavy
to pay it off in one year, longer time
may be taken, but limit is imposed,
and the end of the limit is thirty
years from the date of the Issue, pay
ment during the time to be made an
nually. The law makers being so
particular that this should be so, pro-
yided that no bonded indebtedness
should ever be incurred by county,
until it had provided for the assess
ment and collection of an annual