The herald and news. [volume] (Newberry S.C.) 1903-1937, 1910-02-04
KING FUND COMMISSION.

KING FUND COMMISSION.
rement Of Railroad Bonds Re-
suits in Considerable Saving
to the Three townships.
b. the Honorable the Delegation
bm Newberry County in the Gen
Hal Assembly Of the State OF ooutn
Baroina:
The Sinking Fund Commission for
Newberry, Mendenhall and Stoney
battery Townships in Newberry
punty in the matter Of the Railroad
eas of said Townships, respectful
port:
Il during the year 1909, the
hission has held two Of the i've
hes allowed by law, at an e1-
of 1920, which added to the
se of the Commission for per
and mileage and books, blanks,
IS. stationery, ETC., for the
1908. makes a total expense Of
Is from the organization Of the
hittee on the 9th Of February,
ring the year 1909, the Commls-
has retired the following amount
bnds: &C. N. & L. No. 1, $5O0.OO;
& L. No. 9, 100000; A. F.
(3C's) No. l, $4,000; A. Il.
(3C's) No. s, $4,000; these
Is added to the amounts here
retired making the total
nt retired Of the first named
.s, s2,5OO.oo; Of the second
banned bonds, 100000; Of the third
named bonds, $s,9oO.oO; and OF the
Eourth named bonds, $4,000. BY
the retirement and cancellation OF
Ehese bonds, there is now a total
saving Of s1,27S.Oo per annum IN In
terest alone.
There is still outstanding, $4,000
Of the first named bonds, So,VoO.oV
Of which will not mature until Jan
uary l, 1918; Of the second named
bonds, $4,000, $5,OOO.oO Of which
VII mature on the first OF july
1911: Of the third named bonds, S2o'-
10000, all Of which have long since
but practically all of the
interest due on same has been pad
up to June, 1909; of the fourth
named bonds, $4,000, all offwhaeh
have long since matured, but the ln-
tnest on all Of the said bonds have
5e>n paid up to June, 1903 line
ts last named set of bonds are
seven per cent. bonds, and the TWO
first named set Of bonds are SIX per
cent. bonds.
Including the amounts now on
hand and to be realized from the COZ
section Of taxes for the year 1909 and
dffter the payment Of interest due on
the first day Of january, June ana
July, 1910, there Will be to the credit
Of the various Township Funds, the
;ssollow;saa- amountes, approximately:
To thenst named bonds, Sl,25o.oo;
to the second named bonds, $l,25o.oo;
10 the third named bonds, S2,2oo.oo'
10 the fourth named bonds, ST.
$1,000; and when these credits are
,pplied to the outstanding bonds
there will be due and owing the tol-
lowing amounts, respectively: $'-
$4,000, s6,15o.oo; s23,ooo.Oo and
The tax now levied in each Town
hip which issued bonds is one-ha4i
BIZ one mill for the first named
1l,onds: two mills for the second
named bonds; one and one-haH mills
for the third name5 bonds; and
three mills for the last named bonds
I During the session of the General
Assembly in 1909, at the suggestlon
and recommendation Of this Com
mission, you passed certain Acts
authorizing the State Sinking Fund
Commission to lend sufficient
amounts for the retirement OF all
the matured bonds. (See Acts 19o9'
pages 322-327, inelusive) But as
these Acts were only permlssory and
not mandatory, we were unable to
obtain the loan for the reason that
the State Sinking Fund Commission
gave preference to the County loans
which had been authorized at the
same session.
Of course, in years to come, all OF
w. bonds can be retired 10y the