The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1917-02-10
THE WESTERN AND ATLANTI
LEASE.

All things considered, the teri
finally agreed upon By the Weste
and Atlantic Railroad Commissid
and the Nashville, Chattanooga ad
ST. Louis railway Tor the release
the state road give cause for senerI
and solid satisfaction, says the Alta
ia Journal The task OF negotiatin
new lease was OF the highest m(
ment to the people of Georgia, for
involved their most valuable publ
possession. Every citizen of thi
Commonwealth has a stake in th
Western and Atlantic railroad. 1t wa
built with the peoples money, for In |
peoples benefit; 1t mas poured intd|
their treasury millions upon TilIionj
of revenue FOR the maintenance Of
schools and other public Institutions
and it stands as the bed rock Of thtI
states credit-a granite guarantee on
which the state can float it's 0ondi
TO the highes. possible advantage
borrowing at low interest al tn |
money It may need. The task o. lis
posing OF this great property FOR half
a century to come IN such a way that
1t would yield the state a fair rental
and at the same time be developed
and conserved was indeed a grave and
cxacting responsibility How credit.
ably the Western and Atlantic com.
mission has performed It's difricut
task Is evidenced By the terms ana
conditions of the new lease contract.
Briefly summed. these provide that
the state road shall be released TO
the Nashville. Chattanooga and ST.
Louis railway, whose present lease
on the property expires December 81
1919, for period OF fifty years at
yearly net cash rental of five hun
dred and forty thousand dollars. pay
able monthly in advance. The lessee
is required, moreover. TO spend at
least sixty thousand dollars year for
capital improvements on the road, in
addition to such expenditures aS are
needful for flrstclass maintenance.
Furthermore, the lessee shall pay all
taxes on that part OF the leased prop.
erty which is located in the state OF
Tennessee, all taxes levied or assess-
ed by the federal government, ard in
the state of Georgia, shall pay ad va
loren taxes on its rolling stock and
equipment. faxes or the Kind last
named are not required Of the lessee
under the present lease Il is est.
mated that they will yield the state
treasury not less. than ilye thousand
dollars annually and will afford an ad-
five thousand to be proratei
the counties and municipaii-
ties along the line OF the road.
In addition to five hundred ana
forty thousand dollars year in cash
rental and minimum OF sixty thou.
sand year to be expended on capl.
tai improvements and at least ten
thousand a year in taxes on the les
secs equipment, and rolling stock, the
has provided another i'm
portant source of state revenue from
Western and Atlantic property by ex-
Guiding from the railroad lease. and
ISsefNlhS ioF tutufe olsposi'ioh' t"o
parcels of improved property in the
city OF Chattanooga. These, It is con.
servatiyely reckoned. have rental
81 thirteen thousand dollars u year.
Thus under tho terms of the new
lease. the state will receive every
year for nifty years total of six hun
bred and twenty three thousand dol
lars. exclusive Of thirty thousand a
year for Tennessee taxes to be paid
Dy the lessee,