The record-union., 1899-09-14

FUSED to take them. To extend the
total debt would require a twothirds
vote of the electors of the county at
a special election.
This year was one when the expenses
of the county and high State tax
required a high tax rate and it seemed
to him that they should do away with
as much of the debt as possible, but
1t will take a. levy of IA cents on the
average, 6 for interest and for prin-
cipal. The for interest must be levied
and the other must come at some
time.
In three years there will fall due $780,
800 of bonds of 1859. If then the board
wishes to try a popular loan, it will be
good time to try it. The law of the
State taxing bonds drives all capital
buying bonds out of the State, and they
are bought by outsiders. It would be
we'll to look the matter over carefully
and try to secure for municipal and
county bonds immunity from taxation,
then, perhaps, the 3 per cent. bonds
would be taken otherwise. In 1908
there will be due $50, 800; in 1905 ST.
OO0; in 1908. $50 600; in 1912, $175, 900;
in 1913, $5S,000; if they are not re-
funded, there will be S429, 500 that must
be paid in thirteen years, which will
take, with interest, nearly $4,000 a
year. For the past two years nothing
had been paid on the optional bonds.
The board has been obliged to have
very high rate Of tax since 1895 and
has paid off $4,000 of former delin-
quency, besides making a provision for
interest. They had been asked to make
the tax rate as small as possible and
former boards had been similarly urged,
so they put off making provision for
payment till another time The board
must raise by tax for this year, how
ever, to pay this years interest. He
thought the board, the Auditor and the
Treasurer should confer and fix the
tax rate.
Mclaughlin asked if the board would
have right to call in the bonds after
vote by the people and Mr. Green
law said that the board had a right
to advertise at any time for the sur
render of the bonds, and after forty
days thereafter they will cease to draw
interest.
Morrison said that if there were op-
tional bonds the list would be in the
hands of the Assessor but for a fiat
loan, no names would be given and
the Assessor would make little effort
to find them. because it was against the
interest of the county to do so.
Jenkins said it was the duty of the
Assessor to assess them. If he failed
he would be liable for it, and while he
would try not to injure the county,
buyers of the bonds would not take
chances.
Mr.. Greenlaw said that the bonds OF
1889 escape taxation because they are
scattered all over but when it is known
that there are 100000 of bonds and
part of the tax money goes to the
States, the Board of Equalization will
look after it. It would be better to
ask the Legislature to pass an Act ex-
empting the bonds from taxation.
Morrison said the county bonds were
guaranteed by the State law and the
State can levy tax to pay them, if
necessary. The county would gain,
wherever they were held The New
York and Chicago per cent. bonds
sold at a premium that brought down
the interest on them to 2.65 per cent.
| They would help the county and bring
down the taxes, even if they were
bought outside the State.
Mr.. Greenlaw said they might be
taken by the State.
Morrison said he would prefer to give
the people of the county a chance to
buy and take the chance of the Asses
sor. No man could. afford to hurt the
interests of the county. The board had
paid in the past eight years it's proper
tion of interest and SIT 600 of delin-
quent money, while the previous boards
had made a great strike by a low tax
rate, there was no economy in putting
off what must be paid. With a high
tax rate, people will blame the present
board and not the board that was to
blame
Jenkins said the people of the county
would not vote for bonds at 3 per cent,
not taxed to let men who can afford
to buy them escape. while they, them
selves have TO pay eight or nine per
cent. for money to pay taxes with.
Morrison said the people of the city
and county voted for the Folsom road
bonds, and Jenkins said they did so
because of Misrepresentation
Morrison said there were plenty of
people in Jenkins district who bought
the United States 3 per cent popular
loan bonds and many who wished to
could not get them.
Deputy Auditor Crouch read an es~
innate for the needs of the present
year, based on last years rate. Last
year there was S97 600 raised for the
general fund. This year there will be
S150.000 for the general fund, less SAL
coo collected from licenses, which will
leave 5000 and make the tax rate
80 cents for that fund. For the Hos
pital fund there will be needed IA
cents; for the school fund, 16 cents:
for the bonds, cents. making a total
of $1.372 The city schools would need
33 cents, making the rate 1702
Mr.. Greenlaw said there were three
items that could not be changed-the
State tax. the school tax and the debt
The only things that can be lowered are
the general fund and the hospital fund
/ The question is, can we get along with
/ less money in those funds? Can the
general fund be safely reduced? We
must be careful, because the board can
not spend more than it has.
/ Morrison referred to the law limiting
| the expenditures for any one month to
one-twelfth of the whole amount of the
/ fund.
| Curtis said the city members are ac-
quainted with the people having claims
and appeal TO have them paid and the
warrants are drawn for them, but the
| country people are not supposed to need
any money and no warrants are drawn
/ in the road fund. and the hospital
| fund is overdrawn.
Mr.. Greenlaw said in July he allowed