Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1929-01-27
BONDSISSUED
FOR
BY32S STATES
Securities Backed BY
State Rank Third
AS Revenue Source,
Survey Discloses
Especial to The Eerald)

WASHINGTON, Jan. 26.-While
the greater portion of the annual
state road income Is derived from
motor vehicle fees and gasoline tax
alton. receipts from sales Of state
highway road and bridge bonds and
from notes for 1926 and 1927 ranked
fourth as sources of revenue. In
1923, 1924 and 1925, motor vehicles
fees headed the list, state bond reve-
nues were second. fcdcral-aid funds
ranked third. transferred funds from
counties ranked fourth, and gasoline
taxation fifth. The figures were OBJ
tanned in a census bureau survey.
The latest available figures OF 1927
show that IL per cent Of the total
state road income Of s739, T6J. 25S. or
S~90,S79.230 was derived from the safe
II highway road and bridge bonds
and and from notes: So per cent or
S2~5o.s54.7s6 was derived from motor
vehicle fees, and slightly less than
p Ter cent or sl6s.sfS.473 was de-
rived from gasoline taxation. Fed
eral aid amounting to S0.459.571S
formed 10 per cent ar the total.
or the total county and township
road income for 1927 or SS40.5i3 1928.
about y i-2 per cent. or 1851 .0s0.953
was derived from the sale Of bonds.
which IS more than double the sum
received by these subdivisions from
motor vehicle fees and gas taxation.
amounting respectively 20 Si0.239,.
s66 and s4s.ss0.50s. Bond
ranked second In the counties total
income, exceeded only BY the sfn5.-
2I9,774 local road tax levy. Bond
revenues have ranked second in the
counties annual income for several
years.
According u latest available fig
ures, 81 states have an outstanding
state road and bridge bond indebted
ness 81 $4,000. 600. The county and
township bonded Indebtedness for
roads in Is states II 1886, 1000.
In the recent election. Iowa. by
voting an issue Of $780, 900. 900.
brought the total number of states
with issues Of state bonds outstard-
Ing % 50. In the fall elections. Mis-
souri,, West Virginia and Louisiana
also voted additional credits Of Sl55.-
100000 to those already authorized
Tor road and bridge Improvement.
All Of the recent bond issues were
made possible BY amendment Of state
cos~stitutions.
interest on state road bonds. IS
well as retirement Of PRINCIPAL. in
= states is paid wholly Or in mart
from either the motor vehicle fees
Or from gasoline taxation. and IN
some states from both. Tho inter-
est and principal on the Iowa state
nonds will be paid ~ motor vehicle
ices and gasoline taxation.
For 1927 the states having bond is-
sues reported a sale Of SIC e25.OOO Of
state road and bridge bonds bearing
Sn interest rate Of from 3 70 I per
cent and a sale Of Sl94.3Ol.e 600 az
county bonds with an interest rate
or from : l-22 TO 6 per cent. The
average interest rate on MI state
road and bridge bonds sold in the
past ~ years is 4.35 per cent.
state road bonds were issued as
early a. 1894 By Massachusetts. IN
1906. Rhode Island and New yort
adopted the plan. In 1908. MARYLAND
joined the ranks: IN 1909. California
ana New Hampshire floated issues.
n 1911, Utah and Idaho: in 1870
New Mexico; in 1918. Maine; in 1917
delaware and Oregon; in 1918, Louis
iana' IN 1919, Illinois, Michigan. Ne
Nada, Pennsylvania. South Dakota
ana wyoming in 1920. Colorado Ms
souri, New Jersey and West Virginia.