The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1912-10-25
ARRETTD|sCUsS-
Es ROAD BILLS
FACTS AND FIGURES FOR THE
VOTERS OF THIS COUNTY
Harmony Road Bills Will
Cost County S3,7o5, 600 Ac-
cording TO Barrett.

5th Of November the people OF Una
tilla County will have N opportunity
to choose between the several different
Road Bills that will appear on the
ballot. That the taxpayers may have
an idea Of what they will be called
upon for 10 the way of taxes, have
made an estimate of what the so-callsd
Harmony Road Bills will cost
Umatilla County.
In arriving at this estimate / have
assumed that The scheme will be CAR
lied through to the thirty year limit
as contemplated in the initiative bill.
34O-1 on the ballot. By this bill 1t
ia intended to issue 81 .000, 900 In State
Bonds yearly for thirty years, at Ia
psf cent interest payable semi annual
ly.
Umatilla oounty's proportion isap-
proximately s29,4l annually for thir-
ty years. at the end OF that period
this County will be mortgaged for
$S82,Ss0 all on account of State
Bonds. or this $s9, All annual charge,
one third or $9.SO3. ia retained 10 the
State fund annually to build the Pa
Oifio Highway and $l9,608 annually 10
returned to the county. Provided: the
County contributes like amount Ey
tax or sale Of County bonds.
4 Let us assume that we take advan-
tage Of the law and issue $19,608 In
County bonds annuslly for thirty
years. We will have issued $5SS,2a0
in County bonds
From the 6ist State bond issue Of
81. .000, 900 the county will have an
interest charge on each bond Issue, at
4 ~ per cent. Of $lJ76 annually and
it will increase that much each year.
For thirty years the accrued interest
on State bonds is $615,A41.
The interest charge on each County
bond issue at per cent is $1764 an
nually and will increase that much
each year. At the eud-of thirty years
the accrued interest on County bonds
is $547,074.
Now at the beginning of the elev-
enth yeai OF bond issue the sinking
fund begins and continues for twenty
years. This SINKING funi charge is
sufficient to accumulate fund at
the end of twenty years to retire the
FIRST bond issue of 81 900. 600.
This brings Il up to the 30th year
from the date the irst bond was is
sued.
Umatilla's share Of this sinking
fund is si47O annually for 20 years OF
total OF $29.411. Now at the end Of
the 30th year the maximum of $l,-
470. $40 OF County and State bonds are
ont standing and will continue that
way just 80 long as this law 10 In force
provided the per cent tax limit ad-
mits of further bond issues. This is
the way the account will stand at this
date:
Total County share Of State bonds
8 S82.S30
/" - Bonds 588,24O
:" /" share of interest on
State Bonds to date 6l5,441
" interest on County
bonds to date 547,074
for the thirty years COM
prising the bond issuing
period $2,633,086
Now add to this the interest accrued
for the so years Of the oanoell alton
period az follows:
Interest on State bonds s 615,441
4 ~ Ar
Total at the end Of the sixty
year period when the last-------
bond will be cancelled ss,795, 500
Now beginning with the sIst year
the accumulated sinking fund will
cancel the flrst issue OF $1,000, 900
State bonds. AT this time. the 3lst
year, the tax payers will b called mp
on to raise sufficient funds each year
to pay the County share OF the State
tonds and interest on the 30 year issue
together with one years issue Of Coun-