The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-10-27
ANACONDA news.
MAY REFUND OLD BONDS
County Government Considering
a Measure of Economy.
MONEY is CHEAPER NOW
Than 1t Was When the Bonds Were
Issued-County Has the Option of
Paying Them OF Next
Year.
MONEY IS CHEAPER NOW

Next year $4,000 worth of Deer
These bonds were issued to pay county
. Indebtedness in 1890, and were to run
for 20 years, it being optional with
Z the county to pay them at the end Of
I 10 years. The interest rate is per
cent.
This, as the rates Of interest on
Western municipal and county securi-
\ ties go, is considered quite low, but
money is cheaper now than it used
to be and it is believed the bonds can
be refunded at 4 per cent, or perhaps
less. At per cent the annual inter
est charge on those bonds amounts to
$500. If a per cent rate were Sc
cured the annual interest charges
would be $1,000 saving of $1,000.
While in itself the sum is not a con-
siderable one, it is decidedly worth the
saving. The refunding would mean at
that rate a total saving of $4,000 in
. the 10 years the bonds would have to
run.
1t is believed the bonds can be re-
funded without going to the expense
of a special election. Section 4240 of
the political code of the state provides
as follows:
The board of county commission
ers has authority TO issue, on the
credit of the county, coupon bonds 10
an amount sufficient to enable it to
redeem all legal outstanding bonds,
warrants or orders, not exceeding in
the aggregate, including outstanding
bonded Indebtedness, 5 per centum on
the value of the taxable property with
& in such county, to be ascertained by
the last assessment for the state and
a ITO
bonds. Such bonds are redeemable
and payable at such times not longer
than 20 years after the date thereof
as the board determines, and the inter-
est which such bonds bear must be
fixed by the board not exceeding
per centum per annum and be rep
resented by interest coupons, paya-
BILE semi-annually, on the first days
of January and July Of each year"
This would seem to give all author
ity necessary to the board to refund
without a special election. The coun-
ty is far within the limit fixed in the
section. There is valuation of $4,000,
900 in the county 5 per cent of which
would be $500, 900. while the total bond
ed Indebtedness amounts only to $3.50.
00O-$1O0.000 court house bonds issued
last year and $15o,000 bonds issued
nine years ago.
The only clause in the statutes that
the necessary authority is found in sec
ton 4270. which says:
THE board Of county commissioners
must not borrow money for any of the
purposes mentioned in this title. or
for any single purpose to an amount
exceeding $4,000 without the approval
of a majority of the electors of the
county, and without first hay
ing submitted the question Of a loan
to a vote of such electors
This section. however, is taken only
to refer to mourning an original in
debtedness, while section 4240 specifies
distinctly that the board may act of
it's own accord in refundng a debt al
ready existing.
Money is cheaper now than it was
last year, when right in the war times
the county floated it's 100000 issue of )
per cent court house bonds, a par. ac-
crued interest and a premium of 81, 200.
Bond buyers and bankers all over the
country are writing to County Clerk
and Recorder Martin such letters as
The following, which was received yes
terday:
kansas City, Mo-, Oct. 20. 1899
Dear Sir: Will you kindly advise us
whether or not your county will is
sue any bonds at any time soon, eth
er refundins or otherwise? If your
county has any bonds outstanding
which the county now has the option
If redeeming, we should like to re-
fund same at a low rate of interest
will you kindly let us know the amount
of warrants which are now outstand-
ing and whether or not you think a
proposition to fund same in low in
terest bonds might be considered? We
lnclose card for financial statement
also stamped envelope for your reply
Please have the statement show the
bonds now outstanding and the date
ti,,, 4 l.,
amount of outstanding warrants. We
assure you we will appreciate this
$ Information very highly, and shall be
glad to reciprOcatc should an oLpor-
tunity to do so present itself. Very
Truly yours,