Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1918-01-31
tue aAll aeAp soNDs.
Nd tie net AsrAarlliag Bssas township
u vOto Them.

In order that the voters OF
Boone Township may fully un-
derstand the provisions OF the
act under which the bonds are
voted for the Linville River Rail-
way, We print below such por-
tions OF the act as are OF most in
terest to the voters OF the town
ship.
Section one Of the act provides
that we may vote bonds bearing
s per cent interest. Section two
provides for the manner in which
the election is to be held, and Sec
tion three provides for the kind
Of bonds and the time Of pay
ment, and the payment of t b Q
bonds is to be as follows: $3.-
900 on the first day OF May,
1887, and three thousand dol
lars each year thereafter until
paid. Section 4 Of the act follows
in full:
SEC. 4. All the county taxes
which shall be levied and collected
upon the property and franchise
ofthe Linville River Railway Com.
pany in Said county shall be ap-
piled to the payment Of the inter
est on the SAID bonds to the a.
mount Of said interest so long as
the same shall accrue, and the ex.
cess Of said taxes, if any, shall be
applied to the payment OF the
principal OF the said bonds, and
the excess may be used to create
a sinking fund for that purpose
when the SAID bonds are paid the
said taxes to be applied to the
general county purposes.
This section, as you see, pro-
vides that all the county taxes
paid by the railroad in the coun'
ty shall be used for the payment
OF the interest and principal O.
the bonds. Ii the Corporation
assesses this railroad at the same
rate that it assesses the East
Tennessee and Western Nortf
Carolina from the State line tt
Cranberry, the taxes will pay thu
in crest on the bonds and thu
principal. That road is assessed
to pay $l57.OO taxes per mile
At the same rate the II miles o.
road in this county would pay
$2,199.0O in taxes. Take from
this tho State taxes of PIX cents
and you have e$60S. .0OState tax
rs, which would leave to appl.
on the principal and interest o
the bonds, 81, $4,000. The inter
est on the bonds will be 81, 1850
so you see the Railroad Compa
ny's taxes will pay the lnteles
and leave a sinking fund to pa.
on the principal. Mr. Whiting
in order to ,get the timber fror
Howards Creek, timber that b
has purchased, will have to bull
16 miles of tram road and thi
the county assessors will have
right to assess. This ought to b
assessed at not less than ", ,OO'
per mile. 1t will be necessary t
locate an extract plant here an
a veneering plant, and MIR. Whi
ting is at work on this propos
tiou now.
1t is necessary for him to hay
these two plants here to mani
facture his, own products. Th
will not only furnish q markell IL
all the extract wood but will ad
$l50,O00.00 in property on tt
tax books, and this at S1.00 c
the $4,000 will mean $4,000
more taxes for the county
which Boone Township will g
it's proportional part. The Co
pOration Commission does n
assess q new railroad at it's fl
value for three years after tt
road is completed, but the NJ
industries in sight will mo
than make up this deficiency.
The Railroad Company has
greed to take the bonds and t
bonds are to be delivered to