La Junta tribune., 1898-10-26
rne soso propositions.


who are taxpayers) will vote upon
the question as to whether the
bonded indebtedness Of the county,
amounting to the principal sum Of
$z4. 900, due and payable on the
roth day OF December, 1899, snail
be refunded by the issuing OF new
bonds in amount not exceeding the
said $4,000, and with rate Of
interest not exceeding the rate
drawn by the present bonds.
The bonds represent Otero
county's share. OF the deb, of old
Bent county, which was saddled
upon this county by judgment
secured in the courts shortly after
the time Otero county was organ'z-
ed. The bonds are dated Decem-
Der I6, 1889. They are due and
payable December 10. 1909, and
redeemable after Dec. IS, 1899.
The county commissioners now
propose TO submit the question to
the legally qualified voters as to
whether or not these bonds shall
be refunded, at lower rate OF
interest if possible, and the time
Of ultimate redemption extended
for twenty years. We do not ap
prove of the rciunding scheme. 1t
will be just as easy to pay off these
bonds in the next ten years, as II
would be in the next twenty.
Besides, in the former event, saw
ing in the item OF interest alone
will be made OF a sum equal to
over one half OF the original debt
The interest on the bonds amounts
to Si,44o annually and in ten years
the people OF this county will have
paid St4, 400, or over one-half of
the original debt. The county
will be out just SI+. 400 for interest
providing the retunding proposi-
ton carries and the bonds are ex
tended for 20 years, as they will
not be redeemable for ten years.
A much more feasible and eco
nomical plan would he to pay 10
per cent OF the original debt each
year for the next ten years, for
which provision is made by clause
in the present bonds, and at the
end OF ten years the debt would be
wiped out, and large saving made
in interest charges.
The assessed valuation in this
county for the year 1895 is in the
neishborhood of sa,Aoo, 900. On
thus basis il would be necessary to
make levy OF one mil. in order TO
pay off ten per cent OF the indebt.
edness each year for the next ten
years. That is, a taxpayer who is
assessed sioo would pay 10 cents
each year, in excess of his other
taxes, towards liqui,lating the coun-
ty Judgment bonds On a valua-
ton of 81 900 he would pay SI.oo.
Probably before the expiration
OF the ten years the property
valuation OF Otero county will have
increased to such an extent that it
will not be necessary TO make a
levy of over tive-tenths OF a mill in
order to pay off ten per cent of the
original Indebtedness each year.
The item Of saving in interest
alone OF SI4, 400 for the ten years,
should be an argument convincing
enough to every taxpayer to in
duce him to vote down the refund
ing scheme. The people OF this
county probably think their tax
burdens are greater than they can
bear now, but an increase of one
mill will be such small iten. to
each individual taxpayer that it
will hardly be noticed. Besides
at the end OF ten years the county
will have made saving of si4, 400
in interest and will be entirely out
of debt--a condition that gives
prestige and standing to a COM
munity just as much as it does to
an individual.
On election day, if you are en-
titled to vote on this proposition.
place your cross after the words,