The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1913-03-14
LETTER FROM LEGISLATOR
LIGHT
Reddick, Fla, March II,

Reddick, Fla, March II, 1913.
To the Editor Ocala Banner:
! | see in the Banner a clipping from
a recent issue of the Punta Gorda
| Herald saying that | am in error when
| | say that most of our school funds
are invested in bonds held by other
states, bearing 3, 312 and per cent,
and to prove that l am correct | re
specially beg of the unta Gorda Her
aid or all others interested to get a
copy of the treasurers last report,
then turn to pages 236 and 237, and
you will find list and the interest
collected on loans of school funds
The total value of bonds is S1,4S4,-
9G7; the total value of bonds held by
other states is $1,296, 567; total value
of bonds held by this state, $174,4O0
a total of $1,041, 900 is out at 3 per
cent. interest
You will also find on the same pages
that the state gets per cent. from
the city of Pensacola, > per cent from
Lakeland, Arcadia. etc This proves
that the state has invested seven
times as much outside the state as
in the state, while the cities in the
state must pay nearly double as much
for the use of money as those outside
the state.
Punta Gorda Herald, is it a square
deal for the state of Florida TO loan
its school funds at >, 81 and per
cent. interest to other states, and
then make cities within the state pay
5 and per cent. interest for the use
of tn estates monies?
Punta Gorda Herald and others, is
it good business proposition for the
state OF Florida to invest her school
funds at 3. 49, and per cent. inter-
est outside of the state when many
counties of the state are paying per
cent. for the use Of monies?
Punta Gorda Herald and others,
am going to try and pass a bill in the
coming legislature that will increase
the interest on school funds; that will
enable county commissioners and
school boards to borrow money from
the state at per cent. interest.
1t will add about $4,000 in interest
yearly to the school fund 1t will
save the counties about $4,000 in in
terest yearly-$400O0 saved at an ex-
pense yearly of one $500 clerk.
This is the proposition:
Boards of county commissioners
and school boards, by advertising for
sixty DAYS their intention to borrow
money from the state, stating for
what purpose it is to be used. and
TO be paid at the end of the calendar
year; provided that there is no>peti-
ton signed by % per cent. of the tax
payers. Directing thereto. To have all
county commissioners and members
of school boards placed under bond
The county auditor to audit all ac
counts of county commissioners and
school boards at the end of each fis
cal year, and when it is found that
either or both boards have incurred
an Indebtedness, to place the same in
the hands of the state prosecuting at
torney. to be collected from the bonds
men of either county commissioners
or school board. To instruct the state
comptroller to loan the school funds
to the different county boards at 5
per cent. interest, when in receipt Of
proper credentials, signed by the cir
cult judge. clerk of she court, etc.
AS it is necessary at times for our
county commissioners and school
boards to borrow money, or to let
county warrants be issued at a dis
count, | think steps should be taken
whereby short time county warrants
would be legal, and as good as city
or county bonds. These warrants must
be made legal before the state will
or can loan its surplus.
Punta Gorda Herald and others, if
there are any fy-specks on the above
phone me up, and oblige,
Yours truly,
L. S. LIGHT.