The Punta Gorda herald. [volume] (Punta Gorda, Fla.) 1893-1958, 1922-02-03
ENTIRELY FEASIBLE

When. several weeks ago, the sug-
gestion that Charlotte county might
issue 3O-year refunding bonds to take
I'm all outstanding district road and
bridge bonds and in addition Si4O,-
600 worth of new bonds for new roads
and still lower the tax assessment Tor
roads and bridges, the idea was I'M
Imediately branded as ridiculous by
some who seemed to be more interest
ed in discrediting the author of the
statement than in finding way TO
reduce taxes and put the county's
business on a more satisfactory OASIS.
| The Herald believed then that the
thing was possible, but remembering
that a prophet is always without
honor in his own country, and teellng
that we were not competent to speak
with authority upon the subject, we
made no comment, simply publishing
Mr.. Whitten's figures and conclusions
as information.
The National City Bank is the
largest concern of its kind in the
United States and probably in the
world and is a recognized authority
on all matters pertaining to hnance'
so we wrote to the National CITY
Bank for information. We told theih
that the taxable value of all property
in Charlotte county was $l,8Ol,S1S.-
90 that there are unpaid bonds of the
various road and bridge districts
amounting to $203,000.0O and that
it is proposed to issue $343'OO0.OO
worth of 30-year six-percent bonds
of the county to retire the outstand-
ing district bonds and provide Sl4O'-
600 90 for the construction OF new
roads, and asked what assessment on
the county's taxable value of $l,Sol'-
$500 would be necessary 10 pay
the interest and provide a sinking
fund to retire an issue Of $343,OOO.-
90 county bonds.
From the information furnished us
nv ,ha Natlonai Uity Company; their
etter being on file and open to in
,pection by anyone, we CLEAN the ioi-
owing:
II the banks will pay Az percent
annual interest on the sinking luho
money, it would be necessary 10 levy
IA 41660 mills (slightly over IA ~
mius) on all property in the county
70 produce interest and sinking lunu
to $26,2O2.SO, whlch
would pay the interest on an issue ol
s2A3 100000 six-percent 3 o. ear
county bonds and retire them at 'he
end of 30 years. If the banks Wouio
nav only four percent on the sinking
FUND, it would be necessary TO leVs
Sl55OO mills (nearly 10 mus,
and II the banks would pay only u
rcrceut on the sinking fund, then II
Iwould be necessary to levy l5.10SSSA
) mills (slightly over 10 mills.)
At present the taxpayers OF th'
several special road and bridge dls
, tricts are paying total OF So@'o'S
. "a on n debt supposed to be no NOR
!, than s2O3,OOO.OO, or S6,S71.O4 NOR
. than would be necessary for an issu
g Of s84S,OOO.OO of six-percent SO-yea
e bonds of the county. In order I
raise the $82,07S.34 the taxpayer
of Mccall are paying 80 mills, thos
- of Charlotte Harbor and Murdoch l
i. mills. those of Punta Gorda, Clev
= land and Acline rs mills and thos
H. of Bermont 10 mills.
ls The figures furnished by II
~ National City Company are, for a
:, practical purposes, Identical wit
- those furnished by Mr.. Written al
nd by another local man who holds
TO responsible position because of h
1t knowledge of such matters, so