The Coconino sun., 1926-06-25

needed 1t IS proposed to issue antici-
patton bonds in the annual amounts
not to exceed the difference between
the total estimated revenues for the
year and highway program of $4,-
100000 and at no time exceed a to-
tai accumulated issue of over $10,-
100000. These bonds to be entire
ly amortized from the revenues ac-
cruing to the highways after these
earnings exceed the $4,000,000 pro-
gram.
First: 1t re-enacts the ten cent
levy or the one mill tax upon one
dollar of assessed valuation of the
state; the three cent gasoline tax
and the motor bus and truck tax, for
the reason that these revenue provis-
ions pass out early in 1927 when the
appropriation provided for in the
measure in which they are included,
will be raised.
Second: 1t creates a state high
way fund, and places all revenue ac-
cluing to the state highways by law
into that fund for the purpose of
permitting of the issuance of ntici-
patton bonds against this fund.
Third: 1t provides an annual high
way program from state sources of
S4, 100000.
Fourth: 1t provides for an esti-
mate of the revenues by the state
treasurer to the loan commission
each year.
Fifth: It provides that the loan
IO1,1o q
years program not to exceed the
difference between the estimated re-
ceipts and S4,000,000 highway pro-
gram.
Sixth: 1t places a limit of S10,-
100000 upon the total accumulated
bond issues.
Seventh: 1t provides definite
sinking fund for the amortization of
these bonds from the sources of rev.
enues set up by law to the highway
fund after the revenues exceed the
S4, 100000 program.
Eighth: 1t provides a maximum
life of the bonds of not to exceed
fifteen years.
Ninth: 1t provides that all ex-
penditures must be budgeted prior to
the year in which it is to be ex-
pended, and requires definite main
tenance provision.
Tenth: It abolishes the present rs
per cent funds which are now in diff
ferent accounts and places them in
the highway fund so they may share
their pro rata of the anticipation
bonds for the benefits the county may
receive therefrom, and in lieu of the
rs per cent fund a budget must be
made to the county with the consent
and approval of the board of super
visors of an amount not less than
125 per cent of their 10 cent levy for
that year. Upon this years basis
this gives the boards of supervisors
Joint control of about $4,000 more
than under the present laws.
Eleventh: One-haf of the 3 cent
gasoline tax is paid directly to the
counties as now provided.
Twelfth: 1t does not increase the
property tax now or in the future,
but will prevent the necessity of a
state highway bond issue upon prop
erty.
Thirteenth: An anticipation bond
issue of this nature is not saleable,
at least TO an advantage, " Ilic SIett0
without the states credit back of it
therefore constitutional amend
ment permitting a bonded indebted
ness of not to exceed $10,OO0OO0 as
total is also initiated herewith.
Fourteenth: 1t does not increase
property taxes.
Fifteenth: 1t does not take away
the counties half of the gasoline tax.
Sixteenth: 1t does raise the motor
bus and truck tax to an amount more
equitable with other taxes for the
road-bed furnished them by the
state. The present tax is ridiculous
" low and hardly justifies its col
lection.
Seventeenth: 1t does not change
nor does it prevent the changing of