The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-10-30
THEY OPPOSE R{FUNDING
Some Taxpayers Want to Begin
Paying Off the Bond Debt.
SAY TIME HAS ARRIVED
They Point Out That a Two Mill Levy
Annually VIII Wipe Out tho
Greater Bonded Dabt
in Ten Years.

When the board of county commits
sioners takes up the proposition of re.
funding or not refunding $50, 600 Of
county bonds which become redeema
BILE early next year. it will find, in al
probability, considerable opposition tc
the refunding plan exists
These bonds do not mature for IL
years more, but they were SO drawn
that the county had the option of pay
ing them any time after they had run
10 years. They draw per cent. in
terest and it is thought they can be
Is every assurance of this being the
case. -o
The opposition to the refunding plan
comes from those taxpayers who be-
lleve that the county should begin to
pay off the bonds and thus avoid pay
ing further interest at the same time
reducing the bonded Indebtedness so
that there may be wider margin be-
tween the debt and the constitutional
limit of indebtedness. inasmuch as the
future may hold some emergency
where a wider margin than now eX-
lists will be found necessary.
In the 10 years the bonds have run
$4,000, or half Of the face Of the
bonds, has been paid in interest. In
the 10 years they have to run $4,000
more will be paid and the face Of the
bonds not reduced not cent. The
annual interest is $500. Opponents of
the refunding plan urge that each
year for the next 10 years the COM
missioners make a levy of 2 mills for
the purpose OF paying off these bonds.
This levy would produce between SIS
900 and $4,000. Say only $4,000 was
pIsoduced-which is small in view of
the fact that the county valuation is
$4,000. 0O0-s15,0 900 worth of bonds could
be paid Off each year and the whole
bond issue wiped out in the 10 years,
each year reducing the interest to be
caid also.
BY not making the additional levy
this year the commissioners have lost
the power to secure enough to wipe
out the debt on s-mill levy each year
for 10 years, but it is urged they could
make 3-mill levy next year, similar
levy the year after and 2-mill levy
in the succeeding years.
The total bonded debt of the coun-
ty is $o5O,OOO, of which 100000 was is
sued last year for the purpose Of erect
ing the new court house. These bonds
will come due in 20 years, but are re-
deemable in 10 years. 1t is urged by
the opponents of the refunding plan
that after the s150,000 is wiped out by
10 successive 2-mill levies, the county
could begin wiping out the court house
bonds in similar manner.
The Anaconda school district is 60
ing to have some things to consider
about its bonds, also, next year. Its
bonded debt is $4,000. sum within
$26, 900 of the constitutional limit Of the
districts bonded Indebtedness. OF this
sum 1900 falls due next year. Wheth-
err or not 1t will be refunded is some
thing that has not yet been decided.
The taxpayers who are opposing re-
funding the county bonds point to
these facts as arguments in favor of
beginning to pay off bonds claiming
there is too great bonded debt on
them now. and it is better to pay taxes
a. trifle higher from now on rather
than to postpone the day of reckoning
and pay interest meanwhile.