Weekly journal-miner., 1920-06-30
BOND REDEMPTION PLOT IS
 ABOUT ID BEAR FRUIT

winch incidentally was very benell- cial one, the territory issued its bonds in lieu of all the outstanding debts of counties and cities at that time, with interest, and from that time the fcounties or cities incurrng the or iqinal indebtedness became responsi- ble to the territory, and this situa- ton continues under statehood. These counties, therefore, now owe. these original bond issues, with current in terest, to the state. The interest al ready paid on them amounts to far more than the principal.
 But the state is not worrying. In addition to the obligation of the four interested counties to pay this interest, and the principal when due, it holds this land grant of one mil lion acres, and is selling, leasing and otherwise disposing of the land, the proceeds of which are pilmg up in the state treasury, so that the state now has, in the treasury or within easy grasp. perhaps a quarter of a million dollars. This money, under the law as it now stands, is to be devoted first to the payment oi cur rent interst, and second, after hold ing out enough to meet the next an .nual interest payment, to the reim- bursement to the four counties men .tioned of the money they have paid out in interest on these bonds from the date of issuance; and thirdly, to the retirement Of the bonds them selves at maturity. Should there still remain any land in this grant or money arising from the disposition of it, the state school fund receives it. the income only to be used. That there will be a very large fund final. ly realized for the benefit of the. schools there can be no doubt.
 Owing to some differences of opin- ion as to just how much the several counties were entitled to on account of these bonds, the state auditor has thus far declined, in self-protecuon, to make any apportionmer& of the funds accumulated in the treasury from the disposition of these lands. The purpose of this meeting here this week was to adjust all differ ences, agree uppu--..a plan of action, and proceed at once with a friendly suit to compel the auditor to apply and apportion these funds, and tu secure a ruling as to the disposition or further sums that will become available from time to time until this bonded indebtedness is retired and the residue of the lands or land turned over to the school fund of the state. The work, while Strenu- ous, proceeded with the utmost har- mony, with the result that the nec- essary application for writ of man date will soon be filed in the supreme court, and it IS believed that an early decision will be reached.
 Havapai county will eventually re- ceiye more than two hundred thous- and dollars as return of interest msney alone, and will be also reliev- led of the payment of the principal sum of the bonds. Coconino county will receive back all the interest she has paid on her one-third of these bonds, and will likewise be relieved Iof paying any part of the principaI. Maricopa and Pima will be relieved
 from the payment of their bonds. and will receive back all that they have paid out in interest Thus, while congress saddled upon these counties large debts that were then considered illegal, and in q manner that many considered unjust it has made generous reparation, and the benefits of its liberality will soon be apparent.
 The several counties were repre- sented at this conference as follows: Pima county. by Kirk T. Moore, county attorney, and A. J. Menard county treasurer. Maricopa county. by L. M. Laney, county attorney and R. J. Bradshaw, supervisor; Coco nino count. by F. NJ. Gold. county attorney and Fred Caring and Chas. Woolfolk, supervisor; Yavapai coun- ty by Neil C. Clark, county attorney. and w. w. Midgley and J. A. Jaeger, supervisors; C. B. Wilson, former county attorney of Coconino county,
 vho has been retained by the four counties jointly as special counsel, was present throughout the con ference. which concluded its labors "Wednesday evening.
 SS
 GOING BACK TO MISSOURI