The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1930-12-12

ty State Bank of Outlook, $174.62;
making a total of 36,79S.93 that
was unlawfully paid from the Sink
ing Fund. At the time of the set
Element with the Surety Company,
the amount of these stolen securi-
ties was paid into the General
Fund of the county and the war
rants in payment of these claims
should have been drawn against
the General Fund. The amount
$50, 1888 must be transferred
from the General Fund to the
Sinking fund. The County Com
missioners have no authority TO
authorize the payment of any claim
from the Sinking fund and the
County Treasurer should not hon
or any warrant drawn against the
Sinking Fund except for the pay
ment of securities which are pur-
chased for investment of the Sink
ing Fund. In this latter case il
is simply a transfer from the
cash account TO the investment ac-
count. The payments from the
Sinking Fund must only be made
for interest coupons and bonds. 1t
is hard to realize how the Board
of County Commissioners would
allow an illegal payment from the
Sinking fund, especially in view of
the fact that this money is collect
ed for the specific purpose of pay
ing off the Indebtedness of the
county. And the law expressly
prohibits the use Of this money for
any other purpose whatsoever.
Taking into consideration the facts
that the Sinking fund is thousands
of dollars below the requirements,
owing to the fact that the County
Commissioners have refused to
make the required levies, although
the law is mandatory upon the
Commissioners to make a levy suf-
ficient to raise the required am
cunt, Section 1922 of the 1923-1927
supplement to the 1921 Revised
Codes was quoted fully in our last
examination so that the Commits
sioners and the public might be
fully informed regarding the Sink
ing Fund requirements. By unlaw-
fully using S36, 1883 Of the Sink
ing Fund money in the payment of
just claims against the General
Fund, the Commissioners cannot
excuse themselves by the preteXt
they were saving money for the
county, for at that time they were
using the moneys of the sinking
fund to purchase, county warrants.
If these claims had been paid for
from the general fund, the war
rants would have been registered
and the interest rate would be six
per cent the same as the county is
paying on the outstanding bonds.
On July 81, 1890, your Sinking
Fund was S245,O4S.97, while on
November /, 1925 the Sinking
Fund amounted to $217 ,S92. 10,
showing an increase of only $27,-
S92.1O during almost a five-year
period.
Your net indebtedness on July
81, 1880, was $491, SOFIA, while on
November 1, 1926, it was 1857 AL
80, showing a decrease during the
five year period of only SOS, 944.25,
or at the rate of about $19,000.00.
At this rate it will take the coun-
ty about fifty years to pay off the
present Indebtedness when the
bank losses are taken into consid-
Grafton. By dragging these pay
ments over so long a period the
taxpayers will be required to raise
several hundred thousand dollars
in interest that is absolutely un,
necessary. This is one of the few
if not the only county in the Stats
of Montana, that has not made re
markable progress in the matter
of liquidating its Indebtedness dur
ing the past ten years. All of the
counties have made the necessary
levies for Sinking funds since thu
law has been mandatory upon thi.
subject. The Sinking fund of YOU
county was just about to require
ments in 1925, and it is the faul