Lincoln County record. [volume] (Pioche, Nev.) 1900-1905, 1903-03-06
ON az JNOtNG LiN3OL
COUNTY B N o % ct.

At the Legislative session NV,
years lg, Senator FrrudruthnI ii
troiuced bill authorizing the
Lincoln County Conmi ssioners, tC
refund our bonded debt, If 1t coult
ne dOue at sun not TO exceed
$225 10000, with interest at five pen
cent per anuum. The debt amount.
ed 10 over 100000. at that time.
Ii was explained to Senator Ereu-
denthnl when he was asked to intro
duce the dill that railroad was
about to be built across Lincoln
County, (since known as the San
Pedro or Glars rond) and that its
promoters would supply the money
to refund the debt in order to have
it in more definite shape than it then
was, and that the County could have
the benefit of the difference between
the amount due aud the new bonds,
which difference amounted to over
1915 900. 90 besides saving $6850. 90
year in interest, as the promoters
OF the railroad wanted the good will
OF the citizens in their enterprise
and did not want to speculate on
their necessities.
In expectation that the bill would
become law. options were taken on
several of the existing judgments
against the county by those who
proposed to supply the money, and
the reissue of bonds was to occur
within four months time from the
passage of the bill.
Lincoln County had everything to
gain absolutely nothing to lose by
the bill, but for some reason, which
has never been satisfactorily explain
ed, it met with opposition from AS
semblymen Conaway and Burke, and
was defeated. Assurances were
given that the money was f)rthcom-
ing, and it was urged that as good
an opportunity to refund the debt
might not occur again.
The contest for right of way whith
occurred the following summer be-
tween the Oregon Short Line ard
the San Pedro Co., showed that the
bonds would have been re-issued.
In the possible hope that some
such opportunity may occur again
Assembly Syphus has introduced
Bill No. "a. 1t invites the bond
holders to surrender their bonds
and to take others less security than
at present for their payment, and
there is no probability that it will do
any good even if enacted into law,
while some of its provisions are
against the County's immediate in
terests.
The first section of the bill reads
as follows:
Sec. l. The County Commits
sioners of Lincoln county may at
any time, by an order duly made
and entered upon its minutes at any
regular meeting of said Board,
authorize and direct that the Fund
ing Commissioners of Lincoln
county, hereinafter created, proceed
to refund the bonded Indebtedness
Of said county Of Lincoln, which
accrued under an Act entitled "An
Act to consolidate and fund the In
debtedness of Lincoln county,
approved February II, 1873; provld-
ed, however, that they shall have
first negotiated with the holders o.
the whole of said bonds for sucf
refunding as hereinafter provided
and shall have ascertained tina
necessary money can be raised to'
such purpose. and provided further
that the whole of said indebtedness
can be refunded for an amount no
exceeding three hundred Thousand
dollars, and that said Commissioner
shall have made arrangements
whereby the money equal to th'
amount for which said debt is ne
gotiated shall have been deposited
in any banking institution acceptable
to them, subject to their demand
upon delivering to said bank new
conds of Lincoln county In an,
amount not exceeding three hun
dred thousand dollars, par value
bearing interest at rate notexceed
ing five per cent per annum, or upo'
delivering to said bank new bond
Of the county of Lincoln in an.
amount not exceeding six hundre'
thousand dollars, without interest
and said County Commissioner
shall have the power to elect whic
class of bonds said Board OF Fund
ing Commissioners shall issue t