People's Pilot, Volume 3, Number 11, Rensselaer, Jasper County, 1 September 1893 — Gravel Roads. [ARTICLE]

Gravel Roads.

In order that every voter may study fairly the gravel road question we submit the following statement: The board having fixed Sept. 9, 1893, for the special election this time cannot now be changed. A delay could only be secured for good cause in term time if at all. Should the voters favor building the roads, the letting can be postponed such term as may be most favorable to the tax payers. The bonds, if any are issued, must be payable, principal|and interest, on Nov. 15th. These bonds will be in five equal series. They will bear six per cent interest, and must sell at or above par. The letting must be at or below the estimate. The proceeds of the bonds must be paid to the contractor as a special fund. To pay these bonds all the taxable property of both town and township is liable prorata, according to its assessed value. Suppose that each series of bonds was $7,000 and the assessed value of all property was $1,750,000, then it would require for each SI,OOO of assessed value a tax of $5.20 the first, $4.96 for the second, $4.72 for the third, $4.48 for the fourth and $4.24 for the fifth year to pay both principal and interest. The above statement will enable every .voter to deliberate on his gravel road tax. Under this law the expenses are all paid by the county.