The St. Lucie County tribune. (Fort Pierce, St. Lucie County, Fla.) 1905-1920, 1909-11-26

or SiE, QUO during the five wears. After
the thlrd payment the 5 mill tax viii
produce surplus of 81, 500 a wear over
the interest charge, which during tho
year period will amount to S22, 800.
and during the last five year period the
principal will have been reduced SO that
the hVe mill tax will provide $1,000 a
year more than the interest charge
thus instead of a deficit. the five min
tax Will pay all interest and produce a
surplus OF $77,5OO in the thirty-years
whlch wipes out the apparent deficit
and places S57, to our credit. and
there IS another wise provision of the
law which provides a source of revenue
which will greatly increase the amount
to the credit of the county, towit: Sec.
tion 10 provides, that "ali money col.
lected' after the payment of the inter.
est on the bonds, shall be placed or in
vested in bonds. banks or trust com.
panles paying interest, to be held as an
accumulating fund for the ultimate re-
demption of said bonds, and a careful
calculation shows that the interest the
county will receive will alone amount to
more than $36,0OO Thusit will be seen
that our present eglt-mill tax will be
more than sufficient and | confidently
believe six-mil tax will be ample on
our present valuation-with a further
reduction as the valuation increases.
Now we have shown, that after pay
ing the interest from the five mills
levy, we have the three mills which
will yield $4,000 annually. Under the
provisions of section 10, the trustees
are to invest this $4,000, annually COL
lected, so as to draw interest, and this,
| consider the greatest responsibility of
the trustees, for experience has Demon
strated that there are all kinds of peo-
Pile in the banking business, and that
all kinds of banking methods can be
INDUCED in with impunity so far as the
law is concerned. Now this Sc, 600 an
nually can be placed with a reliable
banking company where it will draw
four per cent interest and be com
pounded annually, from which we Sc
cure in the way of interest, sums of
money which will add a large amount
to the $57, 500 surplus from the excess
of the mills levied to pay the interest
which will give us larger surplus
then we need for the full payment of
interest and retirement of the bonds
but | have made this calculation on a
basis of eight mills so as to convince
the most doubtful that there is no pos
sible necessity for an increase in tax
alton. ~
This is simply matter of calcula-
ton, which any one can prove for
themselves. These calculations are
made on our present property valua-
tons, and also on the presumption that
all of the bonds will be sold at once. |
use the figures in this way, so as to
make every possible allowance for un,,
expected contingencies, but as good
roads develop the resources OF a county
and bring unimproved and practically
untaxed property into revenue produc-
ers for the county, ! most certainly
look for the assessable property that IS
brought into usefulness, to raise our
assessment to three million dollars
within a short time after our roads are
completed, which would make 1t pos
sible to reduce the mileage below the
eight mills which we are now paying.
This is a reasonable and legitimate con-
clusion, based on the actual experience
of every county and every section OF
every state in the Union. 49,.
Under laws now existing, it is within
the mower of the County Commission
ers to levy an additional five mills to
onr nresent eight mills for road pur-
Continued on page q