The herald and news. [volume] (Newberry S.C.) 1903-1937, 1911-01-24

organization of the commission On the
9th day Of February, 1907.
During the year 1910, the commls-
sion has retired the following amount
of bonds: c., n & l.. No. l, 100000;
c., n. & L. No. 9, 100000. The total
amount of bonds retired to date is as
follows: c., n. e L. No. l, S3,50O.OO;
c., n. & L. No. 8, SS,500.O0; A, E. & n.
No. l, SS,9OO00; A, E. & n. No. 8,
$4,000. By the retirement and cancel
lation of these bonds, there will be a
saving in interest this year amount
ing to s1,992.OO. It will thus be- seen,
from the reports and records hereto
fore submitted, for the years 1908 and
1909, and including the amount Tor
this year, that this commission has,
by the retirement of these bonds, saw
ed the townships the sum Of S3,623.Oo
in interest, at an expense of Sl79.66.
There is still outstanding sS,5OO.OO
of the first named bonds, S5,O00.OO OF
which will not mature until january
1, 1913; of the second manned bonds,
$e,50O.OO, s5,OO0.0O of which will ma
ture on the first day of July, 1911; OF
the third named bonds, $25,10O.OO, all
of which have long since matured, but
practically all of the interest due on
same has been paid up to June, 1910;
of the fourth named bonds, $50" 90,
ali of which have long since mat1red,
but practically all of the interest due
on same has been paid up to June,
1910. The two last named sets OF
bonds are seven per cent bonds and
xhe two first named, six per cent
bonds.
The original amounts of the issues
OF these bonds were 100000, s15,-
10000, s4O,OOo00 and s10,0OO.OO, re-
spectively, making total of sE5,-
10000. The amounts outstanding as
shown in the preceding paragraph,
are se,5oo,0O, s6,50O.OO, s25,1O0.0O and
sS,10o, respectively, making a total
outstanding Of s4e,2oo>oo, s33, 10000 of
which are seven per cent. bonds.
=. Including the amounts now on hand
and to be realized from the collec-
tion of taxes during the past year 1910,
and after the payment of interest due
sn the first day OF January, June and
July, 1911, estimate that there Will
he to the credit OF the various town
ship funds, the following amounts, ap-
proximahely: To the first named
bonds, 100000; second named
sonds, s1,s5oO0; third named bonds,
s4,5so0o; fourth named bonds, 81
10000; and when these credits are ap-
s1ied to the outstanding bonds, there
Will be due and owing the following
amounts, respectively: s5,500.o0, s5,-
< $1,000, s2o,6OO.O0 and s6,400.0o, making
a total Of s37,e50.oo, or only one-half
Of the original amount Of bonded in
: debtedness. ...,
The tax now levied in each. town
ship which issued bonds is one-half Of
4ane mill for the first namsd bonds,
two mills for the second named bonds; !;
; sne and onelhalf mills for the third
named bonds, and three mills for the
last named bonds.
Certain acts were passed, at the in
stance of the commission, in 1909, by
which we emdeavored to borrow
amounts sufficient to take up these
bonds, from the State sinking fund
commission. So many loans had been
authorized to be made to the counties
direct and to the asylum commission
last YEAR, that We have been unable to
make the loan 7 have been Informed,
however, that if the loan were author
izsd to be made direet to the county
instead of to the commission, as pro-
vided in the acts of 1909, that we
would at least get a part of the money
from the sinking fund commission OF
the State, if not all Of it,.a we can
get this loan at five t., be-
lJzve the loans ca21 ewiirh the
same tax nows4~Ad on the basis
of the present assessnents-the first
named bonds in five years, the second
naaled bonds in four years, the third
ped bonds in six years, and the
Erth named bonds in eight years.
tShould there be only very slight
crease in the assessments in the sue
1eding years-and there will doubt
sss be a material increase-the loans
hay possibly be repaid in one year
less in each instance. The commits
sion in it's report Of last year said:
eve recommend the borrowing o1
=.