The producers news., 1925-04-03

County Issues Amortization Bonds to Take Up Balance OF
Outstanding Relief Warrants Issued IN the Spring OF
192O-Wil Mean Big Saving to County.
COUNTY FINANCES PUT ON BUSINESS BASIS

At the last special meeting OF the
Board of County Commissioners, a i
proposition by the WelIs-Dickey Com
pany of Minneapolis, Mimi, wherein
that firm agreed to accept $4,000
of Sheridan County amortization
bonds at 51A per cent interest, payable
on January and July 1st of each year,
in exchange for an equal amount OF
Sheridan County Special Relief war
rants outstanding since 1920, drawing
! z per cent interest, was accepted by
the board of commissioners, all mem
bers present and voting yes.
These bonds are not a new mdebt-
edness of the county, but is the cid
Special Relief Indebtedness for which
warrants we're issued In exchange Tor
notes from farmers under the Special
Relief Act passed by the special ses-
sion of the Legislature in 1920 1t
will be remembered that the total
amount of warrants issued at that
time was S275,O0O of which $4,000
was outstanding on January 1st,
1921. This amount has been gradual
ly reduced until the amount is now
only $4,000 for which latter amount
these bonds are issued.
Under the Special Relief act, the
warrants were to have been refundeQ
In 1921. but due to the fact that the
county had then more than its limit
Of Indebtedness, no funding bonds
could be issued and the holders OF the
warrants have been insisting that th'
county make arrangements SO tha
they could liquidate the cid warrants
2 I-csi sir,V7o o.
TOrstensOn, county treasurer, ha'
lh0ped to recover from the SaerlGaI
County State Bank a sufficient amour
SO that these warrants could be II
ouidated by the county without tn
issuance of the bonds, but this coul
=, not be done so it was decided som
! time ago that the next best thin
} was to issue refunding bonds payabl
on the Amortization plan, due eac
: six months and which will retire tn
i I total issue in 20 years-bOth the prir
= cipal and the interest.
IS The present issue carries the low
est rate of interest that has eve
70 been negotiated by this county Whic
n is due to the great reduction of tn
N outstanding Indebtedness, both {
1f DOllQS ana Ol WARRANTS OAllCC bAAO BAO
is ent county administration assumed O.
to flee in 1921. In addition to the 10
rate Of interest, the purchaser pa
to all expenses connected with the /
suance of the bonds, all legal fec
II ETC., which used to amount to thou
ands of dollars in the past when al
bonds were foated. The bonds al
the interest on them are also payab
at the office Of the County Treasur
in Plentywood instead of at sOr
eastern bank which was the vogue
the old days. These provisions W
save the county thousands of dOlla
in the course Of time for which
bonds run.
M County Treasurer Torstenson is
n so making a call for about $4,000
B warrants on the county funds in g
dition to the warrants embodied in t
bond issue which will cut the total
~ outstanding warrants to $4,000. II
w is the lowest amount Of couT
n warrants. that has ever been outsta1
ing since the county was created. Z
E total of the warrant and bonded
debtedness of Sheridan County v
then be a little over 100000
against more than S1,225 10000 WI
the present county officers assun
ouL uL their duties back in January, 1921.