The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1921-06-28
F|RST-RATE MEASURE
FOR FLORIDA
Bankhead-Borah Reclamation Bin 10
Come Before Board of Trade
Tomorrow Night

The Marion County Board of Trade
at its meeting tomorrow night at 8
O'Clock, viii be asked to indorse the
Bankhead-Borah bill providing for re
clamation of swamp lands, overfowed
lands and cut-over lands throughout
the South and the United States in
addition to the semi-arid lands of the
west. The measure was considered
yesterday at meeting of the board
OF governors Of the Board of Trade
and Endorsement of the bill will be
recommended at tomorrow nights
meeting. The Bankhead- -Borah bill
was introduced into Congress to take
the place of the McNary-Smith bill.
The latter measure provided for the
sum of $250,0O0, 900 for the reclana-
tlon of the lands in the wetsern states
only. Under the Bankhead- -Borah bill
the basis for the organization of a re-
clamation project is drainage or ir-
rlgation district as the case may be.
Such district should be empowered TO
enter into contract with the United
States for the reclamation of lands
within its limits and shall vote bonds
for an amount equal to the cost of
such reclamation. The cost of con-
structing the first series of projects
will be paid from the appropriation
provided for in the bill. then when all
the property of a district that is SUBJ
ject to assessment for the payment of
its bonds is found by the federal farm
loan board to have a value equal to
twice the value of such bonds, the
bonds shall be sold to the investing
public and the money received from
such sale shall be placed in the CO.
operative reclamation fund to be
available for the reclamation of lands
or other projects and so on, series by
series. The bill authorizes an appro-
priation of $5O0.OO0, 900 to be expend-
ed over a period Of eleven years;
$50 100000 during each of the first
and second years, $4,000, 900 the
third year and $4,000, 900 each year
for the next eight years.
The annual payments of the settler
on account of the reclamation of his
land will be installments Ola the bonds
Of his district including interest at
five per cent and principal, six per
cent; as additional funds for the re-
payment of the appropriation at in
terest, at i per cent. That makes a
total payment of IL per cent of total
of the bonds issued to begin
each year as the works of the pro-
ject are completed.
The bill provides that for not less
than six months, former service men
and women and widows of men who
served in the army. navy or marine
corps of the United States in the war
with Germany, or in any other war,
Or during the Mexican border trouble,
shall have preference of purchase in
the district. The secretary of the in
terror is also authorized to make short
term loans to any veteran in an
not to exceed $1,000 for i'm.
on his land and for the
purchase of stock and equipment. a
At tomorrow nights meeting of the
Board of Trade. the organization will
also be asked to decide what items
shall be requested of the city and
county for 1922. II viii also be pro-
posed that a presidents and secre-
taries' committee be organized to be
of the presidents and secre-f
taries of the various organizations in
Ocala for the purpose of meeting at ]
stated times with a view to prevent
ing duplication of effort.