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This newspaper page contains 7 articles. Subscribers can read the full text of each article.
Newspaper
Forest City Courier
Location
Forest City, North Carolina, United States of America
Date
Sep 11, 1930
Page
7
The document outlines annual cash revenues derived from town reports and calculates street light service costs using fixture counts from the Town Treasurer. Depreciation is based on Carolina Engineering Company appraisals, with terms stating not ten days and a 5 percent discount for bills over 100 FP.
Voters are explained the purchase deal with Southern Public Utilities Company. A 15 year contract provides a cash payment of 15000 to reduce town bonds, annual bond payments by the buyer, 6 percent semiannual interest on 400000, and a deed of trust back to the town. Funds go to bond retirement, unused balance returned after 15 years if any.
The North Carolina Cotton Growers Co operative Association will advance nine cents per pound on cotton in the seasonal pool and eight cents on the optional pool for the 1930 31 season. The advance will be about ninety percent of market value in seasonal pool and eighty percent in optional pool, fluctuating with prices. Local representatives are J W Matheny of Forest City and E H Walker of Ruth who can provide full details.
Zebulon Weaver and Brown lew Jackson, rival candidates for the Democratic and Republican parties in the tenth district, set aside hostilities to discuss strategy in Rutherfordton. They met Saturday, conferred with county leaders in the morning, then shared lunch at the Iso Thermal hotel.
The notice states that the city hall file is open for anyone to inspect and study. Dated September 5, 1930, the document is signed by Mayor V. T. Davis.
Revenue figures show water and electricity collections for pumping power. An estimated total deficit, including depreciation not listed in the tax rate, requires a tax rate of 0.22 per 100 dollars to cover the shortfall.
Forest City North Carolina records show the Water and Light Department to be privately owned with a selling price of 415000 dollars. Bonds outstanding amount to 301100 dollars to be retired, leaving 129900 dollars to be funded through taxes at a 6 percent interest on 113900 dollars. Taxes calculated on 40 percent assessed valuation and city rate of 1.35 dollars per 100. The total revenue tax rate per 100 to raise the sum is 6.2 cents. A reduction to 6.2 cents or 15.8 cents could leave the 113900 dollars in the bank.
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