The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1923-03-23
APRIL 19 DATE
SET FOR COUNTY
Bic BOND ISSUE
Commissioners Set Date
for Special Election;
Plan to Refund War
rant Indebtedness. |

April 10 was designated Wednesday
by the board of county commissioners
for the special election which has been
called in response to petitions freely
signed over the county asking an op-
portunity to register an opinion on
the advisability of refunding 100000
of current county warrant indebted
ness with bond issue. A statement
issued Wednesday by the commits
sioners outlines the plan as follows:
The county commissioners explained
that upon assuming Office, according
10 the records thereof, the outstand-
ing road and bridge warrants unpaid
totalled approximately S2S4,2l950. of
which amount of outstanding war
rants the county has since paid the
sum OF S66,5S809. leaving a balance
OF S2l7,63l4l. and since the first of
the year the present commissioners
have issued warrants on the same fund
aggregating SS,73S.28. making the to-
tai outstanding road and bridge fund
warrants as of this date, after deduct
ing approximately 5000 cash in the
treasury, S2lS,Sl956 and that accord
ing to the records upon assuming Of
hce. the outstanding current expense
warrants aggregated approximately
Sal, ,3S4l3, and has been called since
then from the tax receipts S38.84l.63,
leaving balance unpaid of approxi-
mately Sl02. 2.44250, and the present
commissioners have issued since the
frs, of the year S20,44l.00, making a
total outstanding current expense fund
warrant indebtedness, as of this date.
approximately Sl22,883.s0. less cash on
hand Of approximately $4,000
The commissioners further explain
ed that the total warrant indebtedness
Of all funds on their assuming Office
was approximately:
Road and Bridge S284,2l9.50
Current Expense :. l4l,284.l3
Making a total of $425,503.63
and that out of this total, they have =,
paid since assuming Office on both ,
funds approximately:
Road and Bridge S 66,58809
Current Expense =. 3S,S4163
Making total of Sl05, ,429.72
The commissioners further ex-
planned that the present outstanding 4,
warrants which are registered draw !
interest at the rate of 7 per cent per :,
annum, and that in many instances ..
the payee, recently, at least, has been 7
Obliged to sustain a material discount .,
IN some instances ranging from to !,
10 per cent. !,
The county commissioners recently i.
had many inquiries from bond houses e
and firms offering to fund the out c
standing Indebtedness, and an effort
was made at the last session of the c
legislature to have enacted a neces- f
sary legislation to permit the funding {
Of this warrant indebtedness without II
submitting the matter to a vote of the II
people in order to save this expense. a
which legislation was not enacted. L
lhe commissioners again took the
matter OF rates of interest up with the Il
various bond houses, quoting S per d.
cent or more in an effort to ascertain II
the most advantageous rate of interest a,
al which bond issue could be ncgo- T
uated. All bond houses with one ex- 9,
'epuon, quoted 5 per cent rate, the L
one exception being the Childs Bond a,
mortgage company of Boise. Idaho,
VINO offered to buy the bonding issue Z
On 4A per cen. rate Of interest, pay
'oie semi-annually. and to furnish all
''oeeedings, and the blank bonds.
ne commissioners. figuring that this
'ouia result in saving to the CT
aNpayers of the difference between st
ne per cent rate of interest now cl
''~wn by the warrants and the Az ol
'er cent rate Of the bonds, or 2a per W
eh'' was of sufficient saving to war OF
ant their calling a special election in m
'uer 70 place the matter squarely be- %
s'e 'he taxpayers, further explaining
""' 'hey, as commissioners. were 60 A
w 10 adhere to the law under which, "
! '"e event this warrant Indebtedness ID
not landed by the bond issue, they A
ave no other recourse but TO levy ].