Stevens County Weighs a Bond to Retire $25,000 in Warrants
Commissioners ask taxpayers whether to bond the county's outstanding warrants and cut the interest rate from 7 percent to under 4.
It having been made to appear to the Board of County Commissioners by a number of the most influential citizens of Stevens County and important taxpayers thereof, that in their judgment it would be for the best interests of Stevens County and the tax-paying community of said county, if the commissioners would take the necessary steps looking toward the bonding of the county, for the purpose of paying off the outstanding warrants and reducing the interest which the people are now paying.
It has been shown to the Board of Commissioners, as above stated, that the bonds could be sold probably at a premium, and the interest which the people would have to pay thereon would amount to less than 4 per cent, while the people are paying 7 per cent on the outstanding warrants.
It therefore is the desire of the Board of County Commissioners that the matter be properly discussed among the people, so that whatever action the board may take would be met by a proper response from the people, and it is the desire of the Board of County Commissioners to do whatever is best and proper for and in the interests of the tax-paying people of our county.
Expressions from any and all taxpayers are solicited, either personally to the board, or by letter to them, or either of them, or to the county auditor, or by newspaper correspondence. The amount of warrants outstanding is approximately $25,000.
“The bonds could be sold probably at a premium, and the interest which the people would have to pay thereon would amount to less than 4 per cent, while the people are paying 7 per cent on the outstanding warrants.”
In 1908 Stevens County faced the same question every local government faces: whether to refinance high-interest debt. The 7 percent warrants cost far more over time than 4 percent bonds, and the commissioners took the unusual step of asking taxpayers directly before acting. Today's municipal-bond and county-budget debates rhyme almost exactly.
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