The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-02
COUNTY BOARD
TURNS DOWN
FLOURNOY BID
D'FUNIAK BANKERS OFFER TO
BUY $4,000 EscAMBIA COUNTY
REFuNDING BONDS AT PRICE
SAID TO BE BELOW RATE AL
LOWED BY LAW REFUSED BY
COMMISSIONERS.

The offer made by Col. w. w. Flour
noy banker and lawyer of DeFuniak
Springs to the county commissioners
to buy an issue of $500 refunding
bonds at 97.53 was refused by the
beard, which met IN regular session
last night. Mr.. Flournoy was not
present at the meeting burt he will be
notified of the boards action by the
clerk
The $500 worth OF bonds are a
part Of an authorized issue of $3.50, 000
Woodin, McNear & Co, bond buyers,
were one of the firms which entered
into a contract with the county for the
purchase of portion of the authorized
issue, but who have since that time
been succeeded in the matter by G. w.
McNear & Co. Mr.. FIournoy has in
formed the commissioners that he is
now the assignee of G. W. McNear &
Co., but the board has not yet re-
ceived instructions to that effect. The
contract with C. w. McNear & Co.
placed the price Of the bonds at 1888.
but by deducting $3,337.50 interest on
the $50 900 worth of bonds, which have
never been issued, but which is claimed
by Flournoy under the contract which
he says has been assigned to him,
brings the bid down to 91.26. Under
the contract the bonds bear interest
at the rate of 4 -2 cents. The board
of commissioners contend that 91.26 is
below the price allowed by law for the
bonds.
According to County Attorney John
c. Averyss opinion, which was read
last night before the board, F'lournoy's
contention is that the bonds which
have never been issued or paid for
will, when issued, carry interest from
Oxvfr irh
says, is contrary to the opinion which
the board has on the matter from
Dillon, Thomson & Clay, bond experts,
of New York
BY assignment of the portion of the
contract of C. w. McNear & Co. to
him, Flournoy claims that accrued in
terest shall be paid up to within 45
days from the date of the contract,
September 10. 1911 According to
Flolmnoy, accrued interest should be
figured from October 1, 1911, to March
%, 1913.
Road Matters.
Considerable discussion resulted in
the matter Of bringing about a settle
n.ent of the question whether the
board would accept a road built by
Albert Pike through his land in Nix's
precinct, which is used by some in
going to and from Warrington and
other points. The commissioners ac-
cepted the road built by Pike and will
make necessary connections to it.
Pike was represented by Philip d.
Beall, who said that Pike was about
hankrupted on account of the expense
to which he had been putt construct
ing the road. Several persons who
use the road said that it was not at
present in good condition. but Road
Supervisor Minis said the road was
about on an average with others in
that section, although Pike had not
not constructed it according to the
specifications furnished him by Minis.
Pike bought the lani through which
the road runs without seeing it while
he was living in Canada He said he
paid $40 an acre for 1t, but one of the
men who live in that vicinity told
the board that the land in that vicinity
sold for $40 an acre. Pike bought his
land about three years ago. When he
came to Pensacola he closed what was
known as a public road running east
and west through his land. When he
was called to account for this act by
the board. he built a public road on
his land about midway on the eastern
part to a point near the southeast cor
ner, and this is the road which com
plant has been filed against.
Chairman Barrineau presided and
Commissioners. Saunders, Sheppard,
Durham and McCurdy were present.