OCR Text |
Show St DISPOSES j if mm Palmer Bond & Mortgage Company Purchases $100,000 Worth. The state board of loan commissioners yesterrfay sold $100,000 of state road bonds to the Palmer Bond & Mortgage company, as per a former cont ract entered en-tered into some time ago. This makes a total of $l,:h)0,0iK of the $4. 000, 000 authorized au-thorized by the legislature l" this year for improvement of slate roads already issued. With this issue the state's bonded in-l in-l debtedness he:omos :",010i"0. There are I temporary loans of JuO.OOO charged iiRainst the state general fund, but sink-' sink-' ing funds represent $S-I0,00o in cash on hand and in investments. Thus the net indebtedness of tho state in ?f..tt , 0,000. In addition, there are $J,7i0,000 more of state road bonds issue of which has been authorized, hut which have not been sold. There are $l,f00,ii0u additional of soldier settioni'MU bonds, of which the issue Is contingent on some plan of co-opera tiou between state and federal governments in soldier settlement work being reached. The state, therefore, uner the present authorized issues, may increase its indebtedness in-debtedness to $!t,67o,e.(iO. The assessed valuation of the state this year is approximately ?i21pJ0,nno, or a trifle over. The indebtedness limit !s 1 U, per cent of the assessed valuation, ' or" in this case $U,67n.OiiO. The state might, therefore, if authorized by thf-legislature, thf-legislature, Issue $ 1 ,000,000 more bonds and just keep within the limits of the constitution, provided It denied itself the annual temporary loan of from $500, OuO to J I.OO.OOif, awaiting t:ie payment or taxes in each N o v m m b e r . A const i t ut tonal amendment, however, will lie submitted to the people at the next state election, in November, l!Oh widen would raise the indebtedness limit to 2 per cent. This would, on the present pres-ent valuatjFin, make possible a total indebtedness in-debtedness of $i::,.s40.0ho, or S'i.i7".u"0 in addition to all bonds now authorized or outstanding. |