The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-08-02
To pay interest on 100000 a.
IL per cent. :. 8. -. 5000



iotai $21,5OO
nave secured the data as to main
tenance cost from the experience of
'he llchland county authorities from
number of Georgia counties, and
from the United States department
or roads, and am satisfied $4,000 will
lie adequate either with the split
log drag or patrols system; to main
tain the roads.
The $500 sinking fund item is
simple matter of arithmetical cal
culation. The sum Of $4,000 will
be placed each year to the credit of
the sinking fund i'm the local banks
at IL per cent on the certificate Of
deposit plan, and will amount to
S2O2.542.52 at the end of 20 wears.
and Will take up the bonds and leave
a small balance.
The bonds will be sold to bear 4
IL per cent. interest and not per
cent. as estimated by Mr.. Boyle. The |
$4,000 of bonds already sold bear
only 1-2 per cent. interest These
figures apply to the full 100000 and !
Will take care of the entire issue for |
the 20 years. The amount stated for
sinking fund and interest will not all
be needed till the end of the fifth
year. BY that time the taxable prop
erty Of The county will probably have
increased considerably, and lower
levy than one mill may be ADEQUATE. |
Now note that Mr.. Boyle proposes
to use the proceeds Of the $4,000 of |
bonds already authorized in his CAL
culation, but provides no sinking
fund or interest to take care of the
same. Also that $4,000 Of the bonds
have already been issued, and that
he will have only $4,000 more to
use. Further that he provides no
maintenance fund to take care of
the old or new roads during the s
year construction period, nor the
succeeding years.
Make proper deductions for these
items Of maintenance, sinking fund,
interest and $4,000 Of bonds already
issued and you will fad that at the
end Of five years he Will have had
for building new roads the sum Of
s151,775 Calculating interest at 4
1-2 per cent. and maintenance at s6,-
600 rs Is done in my plan). and not
s2O7.o00 as Mr.. Boyle figures it.
therefore, as he will be receiving
only s17,500 plus $4,000 equals s31,-
500 and has to deduct from this s6,-
600 for maintenance, and $3,375 in
terest and sinking fund on bonds is
sued. making a total deduction Of
S9.s75. he will have to spend on
building new roads after the fifth
year only s20,625. and this would
take about 1-2 years to complete
the balance Of the 400 miles which
we would still have to build
caiculations will need some very rad
teal revision before ,hay can be made
to provide for complete County
road system and it's maintenance.
1t would take at least three mill
levy for six years. against a one mill
levy under my plan.
Furthermore Mr.. Boyle forgets to
take into consideration that If we
have to go down into our pockets to
raise the 100000 to build the roads
we are out of the use Of this mon
ey, and its use to us, the people Of
this County, is worth SIC, 900 a year,
total Of $4,000 for the 20 years;
and that while we are getting the
money under my plan at 1-2 per
cent interest, under his plan we are
being made to pay out this same mon
~ which is worth per cent to us,
so that under my plan we get for
$4,000 what under his plan would
cost us $4,000 year, to wit: the
use of 100000.
Note further, that there is abso-
lutely no provision for Mr.. Boyle's
Plan to be put into operations; that
az best the Legislature OF 1912
would have to provide for it's SUBJ
mission to the people, the Legisla-
ture of 1913 put on the proposed
levy and that funds derived from
| the levy would not be available until