The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1953-10-24
REAL ESTATE WOULD SUFFER

Editor, The Citizen
One phase of the proposed Millions and Millions
and Millions of $s" Aqueduct Commission Bond issue
which both opponents and proponents seemingly, have
overlooked is simply this:
one were to 90 most anyplace to buy real estate.
what would be the first thing this prospective purchaser
would consider? Why. naturally, he'd inquire all about
the taxes and other encumbrances the realty ne IN
tended to buy the place in question were small as
Monroe County and this prospective purchaser were told
that all taxable real estate in the entire County guaran-
tees the payment of both principal and interest on four
teen millions Of dollars worth Of bonds all in addition
to operating costs, prior bonded indebtedness etc.
would he buy real estate in that locality? You bet
your life he wouldn't.
That's exactly the way Strangers" who might come
to Monroe County to buy real estate would feel That
visible but none the less certain fourteen million dollar
mortgage would any sensible investor away.
Mr. Ernest Ramsey, Manager of the Florida Keys
Aaueduct Commission recently told the Association of
Key West Motel Owners that he mot too happy
about the unlimited taxation clause in the proposed
Bond Issue We taxpayers most unhappy about it.
Opponents including the writer, have said that this
proposed bond issue the equivalent of mortgage on
all Of our real estate It is actually dangerous than
mortgage. mortgage invariably states exactly what
interest to be paid whereas this bond lien just as
Mr. Ramsey pointed out - is unlimited" in the amount
of taxation it may impose on Monroe County Realty
Remember, the Bondholders up North would have the
unQueSLlOuSQ SoAP0SSAo ~
pay whatever amount, regardless Of how much, that
might be required to satisfy principal and interest pay
ments This unlimited taxation clause would be Dam
oces' Sword hanging constantly over our heads for
forty long years.
Our Secretary Of State his recent return to Wash
ngton from the "Big Three" conference in London,
pressed the belief that World Peace and security
near at hand and Heaven knows, the Prayer OF the
Free World is that he's right But what will happen
throughout the Country and especially in Key West
if and when the Cold War ends? Government spending
especially in the armed services will level off and
as this rerenchment proceeds and until consumer pro
duction takes up the slack, could anyone honestly say
that our biggest of local income our Nava
Establishment - will alone remain in status quo?
at that time we are hogtied with this fourteen million
dollar bond and population doesn't double
in seven years Gas the Engineers predict it willy lus
what will we do with those millions and millions and mil
lions of gallons Of water? believe that we literally
drown in the millions Of dollars of ad vaorem taxes
which they'll inevitably produce.
And, finally, don't let anyone kid US into believing
that "come what may" - Homesteads will still be ex
empt It wouldn't take mental giant to figure out what
would happen the protection of that law the assess
ed value of each such Homestead were simply increased
beyond the exemption Of ''the first $4,000 OF value.
Sincerely,
j. Y PORTER