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The Watchman And Southron
Sumter, Sumter County, South Carolina
What is this article about?
In Columbia, SC, on Jan. 6, the Coastal Highway Board approved the sale of $1 million in bonds at 4.75% interest for highway construction in six coastal counties: Dillon, Florence, Williamsburg, Colleton, Beaufort, and Jasper. Bids open Jan. 26; funds available in six weeks, enabling early work on hard-surfaced roads.
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First Block of Bonds Placed On the Market -Construction To Start at Early Date
Columbia, Jan. 6.--One million dollars worth of Coastal highway bonds were put on the market yesterday when the board of commissioners met in Columbia and passed a resolution that they be sold at once. The State this morning prints an advertisement signed by Dr. Wade Stackhouse, chairman, and E. T. H. Shaffer, secretary, that bids will be opened January 26 in the office of the state treasurer.
William Henry Hoyt of the firm of Reed, Dougherty, Hoyt and Washburn, New York met with the board of Coastal highway commissioners, at which meeting it was decided to proceed with the sale of $1,000,000 of the authorized $5,000,000 issue. The rate of interest is 4 3-4 per cent., the same as provided on bonds issued by the middle coast division.
The six counties in the joint county obligation are Dillon, Florence, Williamsburg, Colleton, Beaufort and Jasper, and they were represented at yesterday's meeting by the following commissioners: Dr. Wade Stackhouse, W. J. Wilkins, P. G. Gourdin, E. T. H. Shaffer, Niels Christensen and Dr. W. B. Ryan.
Mr. Hoyt, whose company approved the issue, said yesterday that the money should be available in six weeks from the million dollar issue. According to the act, the funds will be distributed along the route, so that all will get part of the first available funds. The remaining portion of the authorized issue will be offered as needed.
The bonds are to be coupon, denomination $1,000. They are general joint obligations of the co-operating counties, issued under act of the general assembly, and the payment is secured not only by a sufficient levy on all taxable property in the district (the primary fund for payment), but also by a reimbursement agreement between the counties and the state highway commission. The bonds are issued for the construction of state highways. They will mature beginning in 1931, $111,000 a year, with $112,000 the last year.
The supreme court recently passed favorably on the validity of the Coast highway district and the bond issue.
The sale of bonds means early work on the hard surfaced highways in the co-operating counties.
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Where did it happen?
Domestic News Details
Primary Location
Columbia, South Carolina
Event Date
Jan. 6
Key Persons
Outcome
bonds placed on market; $1,000,000 available in six weeks; early construction of hard-surfaced highways in co-operating counties; supreme court validated the issue.
Event Details
Board of Coastal Highway Commissioners met in Columbia, passed resolution to sell $1,000,000 in bonds at 4 3/4% interest from authorized $5,000,000 issue for state highway construction in six counties; advertisement for bids on Jan. 26; funds to be distributed along route.