The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-08-05
MAJORITY AND MINORITY REPORTS
TAKE OPPOSITE STAND ON AMOUNT
OF BONDS TO BE ISSUED IN FIRST
LOT AND NEW REPORT IS PLANNED
MAJORITY REPORT

This committee finds that it is
necessary for county commissioners to
prepare and adopt budget now for the
fiscal year running from October i,
1921 to October /, 1922, and conse-
quentIy anticipate all expenditures
that may be necessary up to October
1st, 1922. and whereas, the tax levy
must be made by county commission
ers now to take care of interest and
sinking fund of bonds that may be
sold during coming fiscal year ending
October /, 1922, and
Whereas, It is the decision Of this
committee that provision should be
made for the sale of s1,000,000 of road
bonds already authorized in issue of
So, 000, 600, for the construction of the
Gulf Beach Highway and to match
federal aid for construction of Fiona
ton road, Nunez Ferry road and Ferry
Pass road.
Therefore, Be it Resolved, That this
committee recommend that the county
commissioners make provision in their
budget now under consideration to
take care of $1,0o0.000 of road bonds
in order that Gulf Beach Highway
construction may he started without
further delay and to make available
moneys sufficient to match federal aid
or to be used in construction of other
roads mentioned above in the event
the said aid is not forthcoming.
This committee makes this recon-
mo
provision is also made for sale of
bonds to construct main highways
from Pensacola to FIomaton, Nunez
Ferry road and Ferry Pass roads and
tax levied to take care of the interest
and sinking fund on these bonds 1t
would be impossible for the county to
avail itself of federal aid if it were
offered before Oct. 1st, 1922. In case
any amount of these bonds remained
unsold it would consequently mean
that taxes raised for interest on these
bonds would be used the following
year and thereby reduce amount of
tax to be levied in the succeeding year,
as the sinking fund money will be de-
posted by the bond trustees to draw
interest and be used only to pay in
terest on bonds actually sold and de-
nvered and as sinking fund to retire
bonds as maturing.
At the time of the campaign for
these bonds it was found impossible
to make definite fixed schedule as
to the issuance of these bonds but an
estimate was made and was clearly
defined as being only an assumption,
and according to this estimate the
amount of bonds to be sold up to and
including January 1st, 1928, was ST.
100000. Due to causes beyond the
control of the county commissioners
the commencement of this program has
been delayed, but it is now found that
it will be necessary to spend during
1921 and 1922 up to January 1, 1923,
$1,000,0 900 instead of S1,300,000 as or
iginally estimated.
Another advantage this committee
sees now, but which could not have
been anticipated. is that the money
made available at this time is more
needed by the tax payers of Escam-
bia county than the amount of taxes
levied to take care Of this issue for
the reason that the demand for en-
ployment by labor in industrial lines
is felt by every individual, merchants
and trade generally. and that this large
sum of money put in circulation a.
this time will bring ten fold returns
not only to laboring men who arc en-
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