The state herald., 1909-02-19
COUNTY BOND ELECTION.

III laSt week y lSSue we cuheu tHc az
tention of the HERALD readers to the
fact that, owing to discrepancy be-
tween the record description of the old
county bonds and the bonds themselves
it had been found necessary to hold an
other bond election. Notice of that e.
lection appears in this issue.
When the notice for the recent bond
election was drawn, it was necessary
that the old county bonds that were to
be cancelled should be described in the
notice. The parties preparing the no
tice went to the county records for n
description of these bonds and embod-
led the description there found in the
notice. The new bonds were drawn
and Mr.. Keeler had made all arrange
ments through Chicago bank to take
up the old bonds for cancellation when
it was discovered, on the production of
the old bonds by the holder. Hudson 7.
Morton of Ann Arbor, Mich, that the
description of the old bonds given in
the bond election notice was not cor
rect and of course, after this discovery,
no bond invester would buy the new
bones.
This is very unfortunate matter for
the county but no censure whatever
can reasonably attach to the county
commissioners or any other person who
had anything to do with preparing the
the papers for the recent bond election.
The board of commissioners have en-
tered into new contract with Mr..
Keeler by which the bonds are to draw
per cent interest. 1t is claimed that
the bonds cannot be sold at par for less
than per cent interest and to cover
this difference between the per cent
bond and per cent the county is to
pay Mr.. Keeler the e20S0 which ne was
to receive under the contract and $4,000
to be paid in three equal payments an
nually and this amount S70S0 is to also
cover his pay for acting as fiscal agent
for the county.
The county has bonded indebted
ness of s2s0OO on which no payment of
interest has been made for several
years. The principal and interest Of
this debt together with the costs of the
litigation in the Federal court through
which an attempt was made to defeat
the collection Of the bond interest will
on the l, day Of April amount in round
numbers to s42s l6. or. in other words,
the judgment in the Federal court, and
interest accruing on the bonds since the
the commencement of the action a.
mounts to Sl4sl6. The whole amount
Of this debt, bonds. Judgment and in
terest is now drawing 8 per cent inter
est.
The proposition now is to place
this indebtedness in bonds that, if paid
ut the end Of 20 years. will cost the
county according to our figures. prac-
tically the same as O per cent bonds
and do this in a manner that, after the
three annual payments referred to. will
call for but per cent interest.
We believe the proposition now pre-.
sented to the votes Of the county is u
better proposition than the one MIR.
Keeler made before. Soon after the
call had been issued for the recent cleo
ton, II was discovered that the amount
Of bonds called for would not cover the
old bonds. accrued interest, the judg.
ment and costs but II was then too late
to make any change. Now 1t is pro
posed To issue bonds to the amount OF
sa2si6 which will cover the debt on the
|, day Of April next instead Of $4,000
voted on ut the recent election.
Some voters do not seem to under
stand why We are to vote for n larger
issue Of bonds than ut the last election.
This Is accounted for by the facts given
above. The amount voted on at the
last election would not have taken up
all Of the debt and, lad the election
becn regular 80 the bonds could have
been sold. the commissioners would
have been forced to meet the balance
OF the debt by tax levy. Under the
present call, the full amount Of the
debt will be placed In bonds which viii
relieve the tax payers of any extra tax
lcvics In the near future.
We do not ask you to take the HER
AIDS figures and Judgment on this
matter. Go to the Office Of county
clerk, &c. the facts and figures and
make your own computations but we
arc satisfied. II you do so. that you will