The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-03-18
MAYOR BLEASE GIVES
vALUABIE REFORMATION
About the Sale Of Bonds and How
Work Of Improvement Is to
Be Done.
sditor of The Herald and News:

Editor of The Herald and News:
Many people are inquiring as to
sthe proposed public improvements IN
Newberry. The municipal authori-
ties want the citizens informed as to
these matters ana the eitisens have
right to the Information. Therefore,
this communication.
Last year the people voted bonds
as follows: 100000 for street I'M
proyement; $4,000 for waterworks
extensions; $4,000 for sewerage ex-
tensions; $4,000 for electric light
extensions and improvements, Be-
cause the bends carried rather low
rate OF interest 6 Ia per cent? and
because Of the condition Of The bond
market our Bond commission could
not get a bid FOR the bonds during the
whole Of last year. A few days since,
with the aid Of the Newberry banks,
, the bonds were finally sold. On &C
count of the interest rate and the still
poor condition Of the market, the
commission had to sell the bonds be
low par, receiving for the entire four
issues, amounting to sl9s, ,099, the
sum of ss174 .5ee net, after payment
Of al expenses. The rate of interest
could not be increased under the law.
Even If the increase could have been
made it was thought best not to do So,
forsia the long run the increased rate
would have worked to the disadYan-
tage of the taxpayers. In order to
get the Werk started, to bring some
cash money into Newberry, and to
giys some af eur people employment,
the bankers OF stha teWn came TO the
assistance of she commission and
helped TO effect the sale Of the bonds
when it appeared that no sale woald
soon be made. The banks did not
have the money to buy the bonds; so
they arranged with a bond house to
make the purchase. Those in charge
are grateful to our bankers for their
timely help in this matter.
The money from the sale of the:
bonds has not yet been received: The
validity Of the bonds has to be ab-
proved by expert bond attorneys of
New York City. These attorneys
are now examining the records. We
Cannot say positively what the result
Win be, but thus far we have assur-
.aiiiee that the opinion will be favor
abse. 8
srbe. s1r ;mnro1 "a 1en,ents of sewerage,
III HSstsss ss, and ; uaterWorks are entirely
b.yoa os sthe commission of pnblica
800 : srbs. s,,,s,nbs,s a nf thiss commits
49,, 81 g ,.;th q .Stbs;, & s,,,ner;ntendent and
3ns .'ane,;ne al.,,a s ,e, ,,ow working "a on
I ss',I sla -, 8, .onf $ aens fhau will
=, has. 40 az, oan ~ tba c;tu 81
~ -. 80 s.. ..;,,. .5,,.,; =, t,e,
e +ss;;s 80 s;s,,Sosa, SsiI 8 "A Nd IT r know
sr.s ,:,, es,,sg e;a,aresfaa c;;a;;zan
sNs n. '.4.aat ;ra,,,,ov,en,an,t
lsssu assr,na..s a 49, ssssGs d;saa.;ar 49,. Il Mo
,a.a.,.a,.;i .n3 th;s statement. relates
jS,sln,ccipallv IS that work.
sysya ax,sst asi sfa IS bsve from the sale
-. strss:4, .hanas annroximately
sa,- si,o Tfor having Of streets and
s..is.,arts Looking forward to the
ss.s;nt sof this money saan. and vita
RE- T,,rnase@. -. sof . oetring m ;, our work
s+a,taa ,,i,, 90 earlu az posible. the ceun-
Ell 81 "a !, sns.s.aa - .ae t;sa Of Sanders
. sms..rv 81 Andersen S. C.. as en-.
s;ass,s The coIamiss:en; usually
"a ss.d. 5ano;nears for th;es class Of work
$500 fra,o t;va ta len me- cent, de-.
,ssa;no,,. @ !. oreatIy unon the amount of
.,ss.s - ba .;sore. -S:nee these anei,..