The Birmingham age-herald., 1922-05-14
ROAD ASSOCIATION
 SEEKING ID KEEP
 BONDS IN ALABAMA
Appeal Made to State Capital istS to Make Bids in Com petition With Outside
 Interests
By FRED H. GoRMLEy
Montgomery Bureau, Tho Age-Heraif 221-2 Eirst National Bank Hulldin

221-2 First National Bank Building Montgomery, May 13.-lSpecial.)- )-
 Tn an effort to keep within the state
 the highway bonds totaling s3.ooo,ooo
 which will be offered by the highway
 bond commission on competitive bids
 May "A, the Alabama Highway Inn rrovement association, which directed the successful bond issue campaign. today appealed to all citizens of Ala 1 bama who have idle money to make bids for the bonds or . portion of them.
 Governor Kilby has received . large number of inquiries from moneyed .n- terests of other states. which are pre- pairing to submit bids. but the high | way improvement association Is hop ing that 2 large amount of tho first issue may be retained in tho state The bonds are to be in denomina- tions of 31.oo0 or multipies of that
 sum as selected by the purchaser and will be in coupon form but may be registered both as to principal and interest at the state treasury" said the statement of the Highway Im- provement association. The issae
 will be dated June 1. 1922, and will
 mature serially at the rate of s5oo.- 900 per annum from June 1. 1880 to 1883. inclusive.
 Desirable Investment From an investment standpoint the bonds have been pronounced | highly desirable by experienced bond buyers. The interest rate is 1T per cent and is payable semi annually on June 1 and December 1 of each year, either in New York or at the state 1 treasury, at tho option of the holder. The bonds are entirely exempt from l federal income tax and all state taxes.
 The constitution provides for an ample sinking fund to pay both in- | terest and principal and behind the | bonds is the guarantee of state with small bonded indebtedness
 and no floating warrant or other debt. The sale offers Alabamians the opportunity both to declare their be- l lief In the financial soundness of their state and to make a safe and profitable investment. The bond com
 mission Is rAserving the right to call
 for auction bids if the written bids
 submitted are not entirely satisfac- tory.
 The proceeds of these bonds. | coupled with federal aid money. will put road construction well under way in 1922. At ono time 1t was believed | several years might be required to reach every county in tho state. but the authorization of the bonds found
 tho highway department so well or ganfzed that 1t will be but short
 time before each county will have one project under way.
 Plans Are Complete
 When the supreme court rejected the first bond issue on account of . technicality in the election the high way department, convinced that the
 measure would ultimately pass. did
 not let up in its work of selecting routes and making surveys. When
 the technicality was overcome by a
 second election. plans and surveys
 were complete for many counties. Since JJanuary 90, bids have been received on 2l projects and others arc to follow as rapidly as surveys are finished and bids can sbe advertised the proper length of time in com pliance with the state laws"
 In the descriptive circular regard ing the bond issue which has been published under the name of Cover
 nor Kilby. chairman of the bond commission, the assessed valuation of
 property in Alabama is given at Ss52. .602,22 for 1921. Al property is assessed in Alabama at 50 per cent
 of its value. the actual value of pro-
 perty In this state Is in excess of
 $1 800. .0oo,0o Total receipts of the state for 1921 were given at $13,43O.- 728.63, while total disbursements dur ing the same year were $12.SSo.73a.0s.