The Penn's Grove record., 1904-07-29
68UNTY 10 BE BONDED
flo Pay For Impro wed Poads

To Pay For Improved POads
An adjourned meetinglof Salem county
Board OF F~reeholders was held IN the
court House, Salem, on Thursday OF last
week, for the purpose OF raising funds TO
pay for the improved roads which the
county is building.
All the members were present with the
exception of Burk, of Oldmans township.
j. w. Briant. Freebooter of the East
Ward, Salem offered the following resell
ntions:
Whereas, The Board Of Chosed Free
holders of the County of Salem is build
ing five State roads in the county OF Sa-
lem, under the act of the Legislature, OF
the State of New Jersey, entitled AN
act to provide for the permanet improve
ment of public roads in this State, APPROX
ed April l, 1904, and the supplements
thereto, the estimated cost of said roads
being one hundred and twenty-seven
thousand and five hundred dollars:
Resolved That instead of certifying to
the County Board of Assessors the two
thirds estimated cost of said roads, the
Board of Chosen Freeholders ofth Coun-
ty of Salem issue bonds for the payment
OF the two-thirds costs of roads; that SAID
bonds be issued for $S5, 900 the two-thlrd
estimated cost of said roads; that said
bonds be designated as f'road improve
ment bonds;'that said bonds be issued III
sums of $500 with interest thereon at the
rate OF four per cent per annum payable
~seml-annnal'y on the first day OF Sep
TENDER and the first day of March at either
the City National Bank, Salem, or Salem
National Banking Company, Salem, at
| tho onfiOp of tho nDrobocor. that said
bonds be either registered or coupon at
the option of the purchaser: that one-tenth
of said bonds be issued for the term OF six
| years, that one-tenth of said bonds be is
| sued for the term of seven years, that
one-tenth of said bonds be issued for the
of eight years, that one-tenth of said
bonds be issued for the term of nine years,
that one-tenth of said bonds be issued for
the term of ten years, that one-tenth OF
said bond be issued for the term Of eleven
years, that one-tenth of said bonds be is
sued for the term of twelve years, that
one-tenth of said bonds be issued for the
term of thirteen years, that one-tenth of
said bonds be issued for the term of four
teen years, that one-tenth of said bonds
be issued for the term of fifteen years.
THIS resolution was lost by the follow
ing vote: Yeas, Ayres, Briant and Freas.
nays, Lounsbury, Fogg Borton, Edwards,
Hannah; not voting, Fox, Griscom, Gray
and Summerill.
Mr.. Freas said he was greatly surprised
that the representatives Of the county
would vote that way in view of the fact
that all the members voted for the con-
struction of these roads without ever pro-
viding a way for payment. Payment can
be made either by taxation or the issuance
of bonds, but as it would not be advisable
to raise the tax budget of the county |
from 500, 900 to $1S5, 900 he saw no other |
feasible plan than the II proposed. BY
this method the county would be paying
the low interest of four per cent a lower
rate than money for the county has ever
been borrowed for.
Mr.. Borton said that in view of the fact
that there was a considerable sums in the
hands of the County Collector at the pres
ent time and that the county could Dor
row all the money it desired at five per
cent. interest, he did not think tina. it
was necessary to issue bonds at the present
time.
Mr.. Freas replied that it wasnot the in
tention to raise the entire amount at pre-
sent but as it was needed, thereby avoid
ing the payment of all interest that was
And in regards to borrow
ing money at the rate of five her per cent.
interest, the Board had never accomplish
ed such a thing and it did not seem posi-
bic that it could, said Mr.. Freas, and as
to borrowing $50, 900, from e~itherindivid-
uals or bank, was impossible as the law
would allow of M such proceeding.
In replying to a remark of Mr.. Borton
+lok %I1 loHfnrt1 4or,.li,~ ~o,.o1 = ~,u |
tax than any other township, Mr.. Freas
said that the City Of Salem paid the high
est county tax. The roads in Salem were
all built by the city, but when county
roads are constructed residents in this city
must contribute their share OF taxes. and
from the farmers who use the
roads III coming to Salem to make their
purchases. But Notwithstanding all this.
said Mr.. Freas, the Salem Freeholdor are
ready to help the county in securing still
better roads and ale ready to help provide
for their payment.
Clerk Ford stated that at present there
was in the Collectors hands the sum OF
$l0,S16.9 2, with outstanding notes OF SIG,
600. Last year the county raised the sum
of So, 600 for road building. This has
been used and $4,000 borrowed while
only So 1000 hod been paid on the contract
price of the Lower PENIS Neck State
road.
This road will cost about $50, 900; that
of Woodstown over $40, 900; that of Quin-
ton $4,000, that of Upper PENIS Neck
$50, 900; and that of Warrington $4,000.
Mr.. Freas then took the chair and Di-
rector Ayres addressed the Board saving
that he could not see how the county
could raise the money except by the is
suing of these bonds. The most expensive
road in the county is to be laid at Woods
town, said Mr.. Ayres, and Mr.. Borton, the
Freebooter i'll whose borough is located
Woodstown, although voting for the con-
struction OF the road, has offered no
feasible plan for payment. His PROPOSE
ton for borrowing money is altogether
out of reason as the law specifically states
that the county can borrow money only
in anticipation of incoming taxes. 1t
can either raise the budget or issue the |
bonds, and he thought the latter course |
was the wisest, as their payment could
easily be provided for and such payment
would not be felt by the taxpayers of the
county.
Mr.. Gray said he voted for every road
that was ordered built, but his constitu-
entS were Dltterly opposed TO bonding the
county. He thought it would be advisa-
bic to raise the budget $40, 900 and there
fore reduce the bond issue like amount.
Solicitor Summerill explained that the
state law allowed the county to raise this
money either by increasing the tax bud
get or by a bond issue. The amount of
interest required in a bond issue would
be about So, 1000 a year and the first bond
of $500 would not be due for six years,
and thereafter the county would be re-
quired to pay off yearly a like amount
while in the meantime the amount of in
terest would be growing less.
The State road improvement law pro-
vides that the Comfy Freeholders may
improve a piece of road without the sigma
lures of the residents abutting that road,
but when a petition is presented to them,
L.