The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-04-11
Rate
Cut To 1 81
Pct. At Start
State Advances Part Of Money Owed County to Meet
Past-Due Obligations Interest Rate Advances
to Only 4 Per Cent at End Of Is Years
From July l., 1886
County Board Is Rewarded For
NEGOTIATIONS OF Over Two Years

A Henderson counsy debt refnancng plan which, ac-
cordng M. M. Redden, county attorney Will save ap
nrovmaeIv ST 100000 in interest over the life of the con-
tract announced in outline today by the board Oh cou
ty commissioners.
r. L. Durham, chairman of the board, said the tnan-
ca plan had been agreed to in total by state officials ana
the countvs board and that only few legal details re-
main to be accomplished before the settlement becomes
reflective.
Publication of two legal notices in The Times-NeWs
TODAY is one of these details its purpose being to OBTAIN
from the state of owed the county by
the state so that the county will have sufficient cash WIN
which to pay all indebtedness up to and lncua
ing July 1885, at ga per cent which the rate of1er
ed the bondhoders by the county in the plan OF re1nanc
ing ( II -,
The money advanced by the tor this purpose VII
he credited on debt balance of about whic tne
state still owes the county for Announcements mace ABOUT
ten years ago when highway construction was at us
height The state pays the county no interest on ths oo
legation III
The county's refinancing plan covers PERIOD OF
thirty years from July 1885, at the end of which PERIOD
the entire bonded indebtedness OF approximately %z,ov
600 will have been paid Interest rates a1ter July - iSoo
start at per cent and increase to only per cent during
period of 6 years After 16 years the original contract
rate will be effective. < r. ~ >g, u,
Until the refnancng agreement was reached me aver
age interest rate of outstanding bonds was ABOUT o per
and # is through the drastic reduction OF interest," hat
the estimated $1,30OOo0 will be saved
Estimated tax rates set up in the refmancng pian
but these were not available today as the copy Oh the ell
fire nlan is in the hands of printers for final 20
proper authorities. Mr. Durham said however tnat no
material increase in the countrywide tax rate III
for several years provided unexpected governmental
expense has to be and drastic reduction IN properly
valuation is made by order of the legislature II IS
49, tho nlan Incorporates only the countrywide rate
and that district rates for schools and other purposes DO
not affect the resettlement.
The board of county commissioners composed OF Mr.
Durham j. A. Rusher and G. W. Justice began wolk IL
on renancng plan after they were reelec
ed to office almost two years ago. Until about six months
ago little progress had been made however was tneh
that the board and the county attorney Mr. Redeem &C.
d tho cooneratiop of the local government cor1mts1
sion and the municipal council at Raleigh Charles M
Johnson state treasurer and OF the bond
tS i +brouoh r. fu agreement the state agreeing to
a Gt p1e for interest default the bond
holders accepting payment at fraction OF Inc
contract rates and the county agreeing to meet certain
nrincinal payments over the period of sixteen years