Arizona republican., 1913-12-19
THIS COUNTRY
 Is WELL FIXED
Statement by Supervisor Orme Concerning the Bonded Indebtedness of MaricOpa County and It's Ability to Pay It
lBN Lin B. Ornel

] ] Maricopa county now owes in i bonded indebtedness $26G.09S.59. in round numbers, $266O00; that is in 1 direct county bonds. In addition to 1 this, she stands security for $S32,- 1 04784 of school bonds, but for these 1 she is not directly obligated any
 more than the state would be for i bonds issued by any county for the i construction of court house. or 1 roads. or anything of like character. 1 So We shall take it that she owes | $266,000 and nothing else.
 1 Now, what does she own in her own right? We will not consider | what is due for delinquent taxes and. 1 for the purposes of this article, we will not consider her share in any public lands inside her boundaries of which, according to the report of 1912. l she had $1,073,6S0. but simply what she owns outright in her own name.
 the same as an individual would own ] it. This value amounts to $475. 300 | and consists Of court house hospitals. | city property farm lands live stock. 1 machinery, furniture. etc.
 ] The foregoing gives Us what Mari i copa county owes and what she owns. l Now, let Us see what is owed directly l abling act admitting Arizona to state 1 hood the new state was granted be 1 tween 10.0OO.000 and II .OO0. .O00 acres | of land for specific purposes. Of
 this Maricopa county. being an inte- l gral part of the state. will receive her | due share.
 l Section 25 of the enabling act says that of this public land so granted l or donated and for the payment Of | bonds and accrued interest thereon is | sued by Maricopa, Yavapai Pima and I CocOnino counties. Arizona, which said bonds were validated, approved and confirmed by act of congress of June | 6, 1896, lo00.0oo acres Of land" The boards of supervisors of the counties mentioned, at the suggestion l Of the supervisors of Maricopa county. met in convention Of this year and recommended to this legislature that they hasten the selection and sale of said land by every means in their l power"
 Whether because of that recom- mendation or for some other reason | the legislature passed an act author | izing and directing the land commis- sion to select and sell this land as 1 soon as possible, and l am glad to | say that the land commission has responded, and, up to this time about 50,000 acres have been selected and about 200,0oO acres more designated And up to this time this is the only land the state has ordered sold The question immediately occurs what definite share has MaricopI county in this l.O0O.00o acres author iZed sold at al price which. by con sttutional limitation, cannot be less
 than $3000O00? l am satisfied that there win be no trouble in disposng of it for that amount or more
 This county issued, of the above de scribed bonds, on July :. 1887, $200
 900, and of this refunded. by a new
 issue on October T, 1892, $19S,0oo.
 there being al this time outstanding. of the original issue, $2O00. These are known as the Maricopa X Phoe-
 nix railroad bonds. Up to July of this year G913) these bonds have been running for twenty-six years at the rate of per cent. And if the words accrued interest in the en- abling act mean what l believe they do, and | have had some legal advice
 on that point, Maricopa county would receive not only the face value of the bonds, $20O000. but also the $260000 she has paid out in interest, enough money to retire all her bonds and leave her a cash balance of SEA- 0OO beside. This charge also relieves the present annual charge of $l5,OO0 for interest and sinking fund. thus less ening the annual taxes to that eX- tent.
 O.