The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-04-18
REESE EXPLAINS
PAYMENT TRUSTEES
One and One Half Per Cent on First
Ter Thousand and One Half Of
One Per Cent Over That.

At a recent meeting of the county
commissioners the bill of the bond
trustees of Escamria county. which
amounted to s5.195.75 was paid in full,
each member OF the trustees having
received s1.7s1.91.
The road paving fund at that time
amounted to $1,O1s.I51, and the pay
ment was made on the basis OF one
and one at per cent TN the first lea
thousand dollars pad out by the trus-
tees. ana one-half Of one percent on
the remainder of the fund, which
amount. d to $1,000 1890, making the
total OF $s,195.75 :futE the entire bond
issue is exhausted. he trustees will se
paid at the same raric for each d.t =
bursement
r pupe Reese county attorutr. in
reference to this amount which has
been paid to the bond trustees, yester-
day made the following statement:
Some misunderstanding having
arisen with refersace to the powets
and duties of Bo1d Trustees, tor
county bonds, road bonds. or court
house and Jail bonds, or any bonds that
are issued by the ccunries In the State
OF Florida and whntl,er or not. Trus-
tees ere necessary to take care CT
bonds issued by the counties Of the
state. The Statute of Florida Is Inn
perative and compels and requires the
board Of county commissioners to ap-
point a board of bond trustees.
&C. 1ou IN,
commissioners to appoint a financial
committee, to be styled trustees of
county bonds, and requiring each OF
them to give bond running TO the
county treasurer to be conditioned and
approved as required by the statute,
1t was clearly the purpose of the lesis-
iature to make provisions only for
q definite, competent, and responsible
fiscal agency to assist the county COM
nissioners ministerially in performing
their public duties. chiefly in distri-
buting the funds derived from the sale
of bonds to the purpose for which such
bonds were sold. and for no other
purpose in paying the interest and
principal Of the bonded Indebtedness,
in making investments of the sinking
fund. in caring for such investments
when made, and In canceling redeem
ed obligations.
''The authority and the requirements
that the board of county commissioners
shall appoint bond trustees, is set
forth in Section 1914, Revised Statutes
Of Florida, as follows:
When the county commissioners
chs = ico da
they shall appoint by resolution of
their board, to be recorded In the min
utes, a financial committee of three
persons, who shall be resident free
holders of the county, to be styled
trustees of countybonds, who shall
each give bonds running to the chair
man of the board of county commits
sioners and his successors in office,
with sufficient securities in such sums
as may be required by the county com
conditioned that said trus-
tees shall faithfully discharge the
trust confided to him. and shall pay
over and duly account for all such
sums of money as may come into his
hands by virtue Of such trust, which
said bonds shall be approved as to the |
form and the sufficiency of sureties by |
the board of county commissioners; and |
the county commissioners may, from !
time to time, as circumstances may re-
quire, demand additional security from
and such trustees.
Section 1549 provides for compen- |
sation to, be paid trustees as follows: |
The said trustees shall have such !
for their service as fol- I
lows: for receiving the first ten thous-
and dollars, one and one-haf percent; ,
for all over ten thousand dollars, one
half Of one percent; for disbursements. |
the same as allowed for receiving. to ,,
be paid out Of the county treasury.