The Tucumcari news and Tucumcari times. [volume] (Tucumcari, N.M.) 1907-1921, 1915-02-25
WILL NOT INCREASE TAXES

bonds to run 30 years.
The money obtained by the sale Of
these bonds, is to be used for build
ing roads in Quay county.
The first impulse of the taxpayer
is to always shy at the mention Of
such things, because he thinks il can
not fail to mean more taxes to pay.
The purpose Of this article is TO
show that in this instance, there will
not be cent more taxes than at
present, while the proposition will
mean that we get the roads now, in
stead of waiting twenty or thirty
years. IS
For the benefit of It's readers the
Obar Progress has secured from I.
{. Collins, one of the Quay County
Board of Commissioners, the follow
ing figures which the readers will
find to show that the bond issue will
enable us to get the roads now and
let the bonds pay themselves Off, or
rather let them be paid off by sink
ing fund to be created, without any
! increase whatever in the yearly tax
levy, and in fact, quite likely with a
reduction in the present levy as the
years go by.
Here are the figures as furnished
by Mr.. Collins:
The present taxable valuatior of
Quay county is 81, 800, 900.
The present yearly tax levy for
road purposes is l-2 mills This
levy on $2,S00,000 worth Of taxable
property, produces at this time
$1,000. That is to say, the people of
Quay county are now paying $1,000
per year road fund tax.
At present this money is expended,
little here and a little there, for
building some new road and main-
tanning old roads.
As there are some SO-odd town
ships IN the county, this leaves less
than hundred dollars per township
for repairing old roads and building
new ones. which it will be seen
spreads the road fund of $1,000 out
very thin, and it will be many years
before we can get good roads at this
poor dying rate. unless we raise the
levy above the present figure.
But there is way in which this
same $1,000 year which is now
spread out so thin you can't see il,
may be used to build a good system
of highways for Quay county and
get it at once, instead Of in 80 or 40
years, or perhaps never, as under
the present system and that without
increasing the taxes one cent.
Here is the way it can be done as
Mr.. Collins points out:
First. Leave the tax levy as il now
is, Z l-2 mills which will produce not
less than 81 900 any year, and as the
county grows richer, will produce
more.
Second. Borrow $50, 600 at 5 per
cent for 30 years. This can be done.
The yearly interest on the bonds will
be So, 900, to be paid out of the pres.
ent 81 900 year.
Third. Use part Of the remain
ing $4 600. say $4,000, for repairs
and say 81 900 a year as a sinking
fund to pay off the original $50, 900
worth of bonds when they fall due
at the end of thirty years.
Fourth. Use the $50, 900 obtained
by the sale of the bonds to build
new roads exclusively where they
may be needed most in Quay county,
and use 1t now.
To sum II all up, the situation Is
just this: The county needs roads,
and is now paying 1900 a year road
tax. Under the present system
there is practically nothing To show
for this tax.
By voting n $50, 900 thirty-year
bond issue at per cent interest the
county can get good roads now, and
not only pay the interest on the
bonds, and expend about the same
as now repairing old roads, and be-
sides create sinking fund which at
compound interest, will pay off the
entire bond issue when II becomes
due, and all on the same tax we now
pay.
We have no compound interest
table at hand or we could tell exact
ly how much this yearly sinking
fund would have to be. but at simple
interest it would take only a little
over one thousand dollars a year,
leaving three thousand dollars for
l