The Randolph county board of commissioners in regular meeting in the court house Monday with all members present sold bonds in the amount of $50,000 to Henry D. Lindsley and Company, Inc., of New York, at a premium of $5,195 There were 15 bidders for the bonds, and the premiums offered ranged from $695 up to that paid by the successful bidders. The bonds bear interest at the rate of 4 ¾ percent from the date of issue, February 1st, 1925. They will be issued in denominations of $1,000, interest payable semi-annually on April 1st and October 1st of each year, and will mature serially 50 bonds each year beginning in 1951 and 50 bonds thereafter each year until the whole series has matured.
These bonds, according to the advertisement asking for bids, are known as funding bonds and are for the purpose it is said for taking up outstanding short term notes.
The amount of the short term notes outstanding according to the auditor’s statement of December 1st, 1924, amounted to $447,793.75, including general county funds, bond interest fund, general and special school funds, and other notes. Of this amount $185,000 is in the form of a loan to the State for the purpose of building Route No. 75 from Asheboro to the Chatham county line. The State contracted to pay this back at the end of a year from the date of the loan. It is not known whether it is the intention of the commissioners to immediately take up this loan out of the proceeds of the bond issue or whether the holders of the notes will surrender same.
At any rate, should all the outstanding notes be taken up there is still a matter of something over $50,000 left, which would seem to be an increase in the net indebtedness of the county in this amount. And this is in the face of a surplus of all funds of $55,086.09 as the auditor’s statement of Dec. 1, 1924, which audit was accepted as correct by the incoming Republican administration.
Other matters having the attention of the commissioners were as follows:
Mrs. Ella Jarrell was placed on the list of outside poor at $5 per month.
Jim Steed was instructed to do some necessary repair work on Muddy Creek bridge, near Walker’s Mill and J.E. Stuart instructed to do like work on the Moffitt’s Mill bridge across Richland Creek.
The board ordered the road completed from the State Highway, near Kelly Coltrane’s to Coltrane’s bridge, known as the Coltrane mill road. H.N. Hockett is to have charge of the work.
The commission appointed at the December, 1924, meeting of the board to audit the Clerk’s report made its report and the board ordered it accepted, filed and published according to law.
It was ordered that a cartway be laid off from W.H. Hayman’s to the hard surface road by way of F.D. Hendrix and Mrs. Albert Pearce’s corner.
The clerk to the board was instructed to borrow $20,000 for current road and bridge expenses.
Pay for clerk hire in the register’s and sheriff’s office was ordered raised from $75 to $100 per month.
L.E. Byrd of Trinity township was appointed county road supervisor.
The board issued an order instructing ex-sheriff A. Carl Cox to collect the balance of 1923 taxes now in arrears and account to the board at its next meeting the first Monday in March.
From the front page of the Asheboro Courier, Feb. 5, 1925
newspapers.digitalnc.org/lccn/sn91068009/1925-02-05/ed-1/seq-1/
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