High Point Enterprise Newspaper Archives May 1 1974, Page 38

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High Point Enterprise (Newspaper) - May 1, 1974, High Point, North Carolina County debt level could handle new Bonds approval by Jim Hawkins Enterprise staff writer Greensboro a approval of two Bond issues which will come before Guilford county voters May 7 would not push the county a Overall debt anywhere near its Legal limit according to figures provided by Thomas Cashwell county finance director. Addition of a $8.5 million Bond Issue to finance replacement of the present evergreens nursing Home and rest Home Here and for a new rest Home in High Point and of a $500,000 Bond Issue for a new sheltered workshop in Greensboro would push the county a total authorized and Active debt to $71,720,000. This figure is Well below the Legal limit of $282,871,895. Cashwell explained that the amount of Bonds a county can Issue is based on the appraised value of taxable j property within the county. He said an individual county can. Under the Law. Issue Bonds totalling eight per cent of its appraised taxable value. The figure being used for Guilford county for the 1973-1974 fiscal year is $3,535,898,689, Cashwell said. He said eight per cent of this is $282.8 million. Cashwell said the debt Load of Guilford county a including the $8 million for evergreens and $500,000 for the sheltered workshops a would push the authorized and actual debt figure to about 25 per cent of the Legal limit. And he pointed out that by the time these two Bond issues Are actually sold Guilford county would have paid off some of its current debt. At present Guilford county s actual debt in Bond issues sold Over the past years includes $10,080,000 in non school Bonds. Cashwell said these issues include $9,225,000 for the new courts building $475,000 for the health and social services Complex and $380,000 in Guilford technical Institute Bonds. In addition Guilford county owes $23,140,000 in school taxes. This amounts to a total outstanding debt of $33,220,000, Cashwell said. Also Guilford county has approved from voters to Issue another $30 million in Bonds from an election held in june 1971. It has not yet sold any of these Bonds but May take this step in june. The Bond issues provided by voters Call for $18 million for the three school systems $3 million for Guilford technical Institute $2.8 million for the new Guilford county Law enforcement Center $3 million for sewer construction and $2 million for water lines and $1.2 million for solid waste disposal plants. The total Active debt and the additional $30 million Williams gets epic Post l. C. Bill Williams jr., director of Public utilities for the City of High Point has been named to the Board of directors of epic inc. Electric Power in Carolina he was named to the Board during the annual meeting held recently in Raleigh. Simon c. Sitterson or. Of Kinston was installed for his third term As president. Working judge judge James 6. Exum candidate for North Carolina supreme court High Point committee for Exum authorized but not yet sold is $63,220,000. The addition of $8.5 million would increase the total by about 13.4 per cent to $71,720,000. Cashwell indicated recently he is watching the Bond Market very closely. Some time ago interest rates on municipal Bonds showed an inclination to decline but the picture has changed in recent months to where interest rates Are now increasing steadily with each report. In its Effort to avoid payment of High interest rates Over the 20 year life of the proposed Bond issues Guilford county could elect to sell Short term Bonds in the Hope the Market would become More favourable during the life of the notes. In the meantime interest rates on various Bond issues already sold Range from an average of 2.7 per cent for an Issue sold in 1958 to a High of 4.4 per cent for the governmental Center Bonds sold in 1971. The governmental Center Bonds were the last to be sold by the county. Cashwell said Guilford county has scheduled payments of $3,285,630 on its debt for the 1973-1974 fiscal year. He said this included $2 million on principal and $1.2 million in interest. Money to pay on the debt comes from property taxes sales taxes and intangible taxes Cashwell said. He said that the county has fixed its debt payment for the current year which ends june 30 at .0767 per $100 valuation out of an Overall tax rate of 61 cents. He said that if voters approve the $8.5 Bond programs before them this could add As much As 3.5 cents to the tax rate if there were no other Revenue. But he insisted a there will be other a a evergreens inc., officials have indicated they plan to pay More than one half the Cost of interest and Bonds Over the life of the Bonds. In addition Cashwell said earnings from interest will help to hold Down debt payments. Butcher shop Quality beef loin sirloin Steak All brands homogenized milk 29 Gal. 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A Quot 68 Butcher shop Quality beef round bottom1 round roast Butcher shop Quality beef loin whole Boz. Kahn s deluxe Alt meat sliced Bologna Kahn s All meat Franks 98 Hormel Black Label sliced Bacon 98 Keebler chocolate Coconut drops or Pecan sandies cookies. ,78 mfg Tea bags Merita cinnamon Rolls new York garlic bread Lykes a pop a Tami w Neww. Garner grape Jelly Kelloggs Rice Kris pies skinners Long Spaghetti 100-ct. Pkg. 12-oz. Pkg. Moz. Loar 24-oz. Can 10.oz. Jar 10-oz. Box 8-oz. Pkg. 89 48 68 78 38 48 28 f-1-s3

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