The herald and news. [volume] (Newberry S.C.) 1903-1937, 1917-03-20
STATEMENT OF BOND ISSUE
BY CHAIRMAN u. L. SPEARMAN


terest rate being per cent, you both
ask very natural and pertinent ques-
tions. To take up the entire issue Of
| $42,0000O is exactly what the COM
missioners Of public works desired to
do, thus getting rid OF, at the present,
all of the bonds and the sinkir4
funds. This could not be done how
ever. After investigation and going
| over the matter very carefully, we
had to do the next best thing, in our
judgement, and that Is pay off with
what We could raise in cash, $4,000
90 and refund the balance, $30,000.0V,
at better rate of interest, if possible.
Our statement, published in Febru-
ary past, shows that we had in our
hands, for the purpose of retiring
bonds at maturity, viz:
City of Newberry, Sewer,
l-2 per cent, maturing
1912 -. -. ........s 100000
City of Newberry, Water &
Light, per cent, Option
al, 1910 1887 80. .. 10000
City of Charleston, Refund
ing, per cent ..... :. 10000
City of Columbia, 1-2 per
cent, Water, maturing 1945 100000
Chicora College, First Most
gage, per cent, maturing
1885 -. .. -. 100000
Newberry College, per cent
maturing 1885 -. -. -. 1o,oooes
Newberry School District.
No. So, 1-2 per cent, ma
turing 1882 -. =. -. 100000
Amount due by the City
Council 49,. 1o.422.ss
! Cash on hand -. 80. 6,56497
Total -. -. .$42,4S7.95
We suppose it. is we'll understood
Why the commissioners of public
works have the bonds and securities
mentioned herein and referred to i'll
our report Unfer the law the COM
| missoners are required to invest
moneys turned over to them as sink
: ing funds in bonds and other proper
securities which bear interest. The
purpose of this was to let the mon
! eys received from the taxpayers to-
meet the bonds draw interest to Off
Sc. the interest on the bonds out
standing. Some Of the bonds refer
rel to, which have been bought by
the commissioners, we're bought some
years ago and before the present
commissioners were in Office. None
Of the bonds which have been pur-
chased are yet due, and will not be
due for some years. We cannot COM
of dc 70
them up before maturity. The only
way in which they could be convert
ed into cash would be for these bonds
to be sold. Unless We can get d
very good price for them. it would be
unwise for the town to sell them.
Since said statement was audited
and published, the city has paid into
our hands s2,G5O00 thereby increas-
ing to that extent the cash on hand,
and likewise decreasing the amount
they are due US. We have also sold
the City Of Charleston bonds 4 per
cent at par, net s1,500.00, thus de-
creasing the amount of bonds in hand
to s24,0O00O. but increasing the
amount of cash on hand to SO, ,114.97.
You can readily see that to do as you
suggest would be to sell the bonds
on hand, and for the city council to
pay the amount they are due us. We.
have been advised that we have not
the right to pay on the S42,000.06
bond issue any funds that have been
turned over to US for retiring the
bond issue of s4O.000.00 of 1910. There
f,,r
er to US for the retirement Of t.
bond issue of 1902 OF $25,000.00
sewerage.
We have been trying to sefl the
City of Columbia Water bonds 4 IL
per cent, 100000 but so far have
not been able to get an offer.
If we succeed in selling the refund
ing bonds Of $30,0000O on the goth
instant, as we are endeavoring to do,
at not over per cent, and hold the
bonds we have on hand which are
earning a better rate Of interest, the
city will be losing nothing but will
be making small amount. This plan
seems the most advantageous to US,
under the circumstances.
We have tried to be very brief and
to the point, and are very glad to have
an opportunity Of showing the tax
payers our position, and the reasons
why this plan was adopted L there
is anything further that we can ex-
plain that the public would like to
know. we will be glad to give any in
formation we can.
N. L. SPEARMAN.
Chairman Commissioners Of Public