Evening star., 1941-10-16
Fairfax County Gets
S434,0O0 Deposit
Back From Bank
Return on Sinking Funds
FoiIs to Pay for Keeping
1t, Officials Report
Special Dispatch to The Star.

Special Dispatch TO The Star.
FAIRFAX, Va. Oct l6-The
Fairfax County Board of Supervis-
ors. acting on a request from the
National Bank of Fairfax. yester-
day agreed to accept from the
bank approximately s434000 in cash,
representing county sinking funds
now on deposit
Some time ago banking officials
asked the board to arrange to accept
the money because under the re-
strictions imposed by State law gov
erning sinking fund deposits. it was
stated the bank cannot earn enough
from the money to pay the expense
Of keeping it.
II was said that the present law
requiring the bank to guarantee
county sinking fund deposits 100 per
cent by bonds held in escrow was
unfair to other depositors and stock
holders, and the legal limitation
placed on the types of bonds in
which sinking funds can be invested
makes it impossible for the bank to
pay the expense of carrying the
funds.
Former Commonwealth's Attorney
Wilson M. Farm representing the
bank, pointed out that the contract
under which sinking funds are guar
anteed 100 per cent gives the county
preference over other depositors.
Decide on Cash.
The bank offered to turn over to
the county either cash or the bonds
in which the sinking funds are in
vested at present. and board men,
berS after considering the matter
at length. decided to receive cash
1t was suggested that one or two
banks in Richmond may agree to ac-
cept the sinking funds for deposit
Edgar Littleton. cashier Of the bank
stated it will take approximately one
week to hquidate the bonds and pay
the county.
Commonwealth Attorney Paul E
Brown was requested by the board
to cooperate with l.. M. Coyner
county treasurer, in placing the
money, subject to approval Of the
County Finance Board.
Mr.. Brown was also empowered
to draft a resolution requesting Cir
cult Judge Walter T. Mccarthy to
enter an order formally directing
the board to accept the cash from
the bank.
To File Application.
Advised by the Works Progress
Administration to file separate ap-
plications for requested grants un-
der the Lanham Act for proposed
water and sewerage systems in a
portion of the county adjacent to
Arlington and Alexandria, supple
menting former applications, the
board instructed G. Hubbard Mas
sey, previously authorized to pre-
pare the necessary preliminary maps
and designs, to draft the supple
mental applications, to be executed
by G. Wallace Carper, chairman OF
the board.
The supervisors approved a
recommendation lndI a survey De
made of a proposed park area Of
fered to the county by Eakin prop
critics between Little River pike and
Lee boulevard, along Accotink
Greek.
The letter. signed by Henry C.
Moore, chairman of a committee
named by the board to study the
offer, suggested that preliminary
survey reveals the possibility that
at some future date enough right
of way might be secured to insure
a parkway from Fairfax Circle to
Little River pike, running along
Accotink Greek.
Consideration of retirement fund
for policemen was referred to the
county police commissioners for
further study.