The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1916-02-28
Mullican Receives $2,323.3O from State
Department Of Highways Of Which
$293.77 is Due City; Used
for Upkeep Of Roads
SINKING FUNDS OF
SCHOOLS INVESTED
Treasurer Purchases District and County
Warrants Bearing 6 Percent Interest
Instead Of Keeping Money on
Deposit al a Percent

County Treasurer Mullican has re
ceived from the state department 0
highways, the pro rata amount du'
Grady county on the tax paid by aut'
owners of the county the past year
The amount thus transferred to tn,
county, 90 per cent Of the auto tai
collected, totals $2,82S.2O.
| From the amount of taxes collected
from owners OF autos who are residents
of the city of Chiekasha, 25 per cent
of the 80 per cent returned to Grad,
county or S29377, is returnabIe to the
city.
Under the present highway laws the
amount returned by the state depart
ment OF highways is available to the
county to which returned for road-drag
ging purposes, and for the upkeep OF
roads already built, to be used in any
part of the county upon orders of the
county commissioners.
While the greater part of this money
apportioned to Grady county has been
paid from the territory Immediately
contiguous to Chickasha, it has been
apportioned between the three commits
sioners' districts to be used in drag
ging the roads and in the upkeep Of the
roads already built.
This work is to be done by contract.
the commissioners to award the CON
tracts. Only one of such contracts
has been thus far awarded. Jess Fay
lor has taken the contract for drag
finf the Chickasha-Tabl road, for q
distance of three miles at price Of
81 per mile for each dragging the
road to be dragged after each rain and
the life of the contract to continue
during the pleasure of all parties con
cerned.
Sinking Fund Productive.
Grady county now has. invested
through its treasurer $4,000 in school
and county warrants, which are paying
an annual interest premium upon the
investment of 6 per cent as against
per cent which the same amount would
be drawing on time deposit in any of
the banks.
The amount thus invested comes
from the sinking funds of the differ
ent school districts throughout the
county, and the interest accruing IS
apportioned back. to the school funds
of the several school districts. The
interest on the investments is carried
in totals from month to mounth, until
the end of the fiscal year June 80, at
which time the apportionments are
made in proportion to the amounts Oh
hand TO the credit of the districts.
BY careful selection of the war
rants in which the surplus funds are
placed or invested, Treasurer Muliican
has no fear of investing in warrants
in excess of the amount which viii
be available to redeem the same when
they become due. Through a careful
systematizing Of the number and
amounts purchased from each district
this danger, small at best is entirely
cbviated. In evidence Of this Mr..
Mullicans books show that every war
rant in which the moneys of the county
we're invested falling due in the year
1915. have been redeemed by the sew
eral districts and that the warrants
now on hands. bought in the above
manner with the county's funds are all
of 1916 issue.
Mr. Mullican, investing the moneys
from the sinking funds of the several
school districts in this manner adds
81. 500 per annum, each year, on every
$4,000 thus invested, over and above
the gross interest amounts which
would accumulate ON like amount plac-
ed in the different banks on interest at
the regular time deposit rates.