The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-06-07
Tl1r Nalssengpr.
THE TAX LEVY
THE BOARD OF MAGISTRATES MET
YESTERDAY AND FIXED 1T
The Rate is As Cents on the SIOO valu-
alton of Real and Personal Property
N $1.35 on Polls-If Bond are
Issued for Good Roads 1t Will Re
duce the Levy.

The BOARD of magistrates met at the
court house yesterday at noon, sixty
six being present out of eighty-nine
magistrates in New Hanover county.
Nj. C. w. Worth was elected chair
man by reclamation and Mr.. John Nc
Laurin acted as secretary.
Mr.. D. McEachern, chairman of the
board of county commissioners. stated
that the object of the meeting was to
fix the tax levy for the fiscal year 1901.
Chairman McEachern real the follow
ing as h recommendations of the
board of county commissioners:
THE board of county commissioners
OF New hanover recommend the fol-
lowing tax levy for the current year:
General fund, property %; poll So:
estimated revenue. $4,000. Roads and
bridges. property IL, poll SO, revenue
$40. BOO. Hospitals. property 6, poll Is,
revenue $4,000. Sinking fund, property
4, poll II. revenue $4,000. Total, proper
ty 45, poll $1.35, revenue $40, 800.
With this proviso that If the election
for good roads is decided in favor of the
bond issue then in that event the com
missioners are authorized to eliminate
the tax of II cents property and Sc
cents poll tax and substitute therefor
q Tax VI . SSHlS OH property ana 10
cents on poll as a special road sinking
and interest fund, making the total
tax Of county for all purposes 3S cent?
on property and lila on the poll.
I'm connection with the bono issue
election, the act passed by the legisla-
ture- is mandatory upon the commits
sioners to order such an election, which
has been done.
LAS to the results thereof and it's eff
feet, If decided against the issue would
mean the payment yearly of sufficient
taxes to continue the oad work, i e
about $40, 900, and ever this would not
allow the work to be done in most
economy, as if decided in favor of the
issue. the latter woul give available
funds for working a much larger force
than we 10Y have or can maintain
and they could be worked under the
supervision of some paid employees, we
now nave which would of course re-
duce the net cost of road material and
an increased force would enable US to
keep the machinery and quarry at
work all the time, whereas now We can
only work one at a time.
LAS to the economy of paying inter-
est, the treasurer has made arrange
ments. whereby interest will be paid
by the savings banks of this city on
funds derived from sale of said bonds
while same is on deposit.
Although, if it is decided to issue
the bonds. the commissioners will care
fully consider whether it is best to sell
the bonds at once or sell only as funds
are needed. This question is merely
a matter of calculation as to whether
the premium we would derive from
sale of the bonds in n block together
with the interest a per cent? from the
savings banks would more than OFFSET
the saving OF interest by not issuing
the bonds except as funds are needed.
I'VE think the increased taxes deriv-
ed from property imposed by building
the roads will nearly or quite pay the
interest on the bonds"
On motion of Major VIM. ii.
the recommendation of the commission
ers that the tax levy be 40 cents on the
800 valuation on real and personal pro-
perty and S1.35 On polls and their pro-
viso as to the road tax was unanl-
mously adopted.
On motion of Mr.. John H. Handy he
papers of the city were requested 10
publish the report read by Chairman
McEachern. -.
Chairman McEacrern stated that II
the election is decided in favor of the
issue of $50. 900 in bonds for the build
ing of good roads, he would float the
bonds at, not less than par at he rate
OF 4 per cent interest. He said he a
an offer to float the bonds at a small
premium at a rate of Az per cent. in
terest.
The tax levy as fixed by the board OF
MAGISTRATES is less than 1T was last
year, when it was 46 % cents on per
sonal and 80 90 on real property and
81 40 on polls.