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30
I set to work as Presiding Judge to clean up the County's
financial condition. The number of employees was reduced, the road-
overseers cut down from sixty to sixteen, a budget system installed,
outstanding county warrants were called in and refinanced on a low
interest basis and plans were prepared for a county road and public
building program.
It was the common procedure under the law for the County to sell
notes anticipating tax collections. Tax collections did not start until
September so the County had to issue notes against anticipated revenue and
sell them to the banks for money to transact the County's business. The
law stated that these notes should bare interest not to exceed 6% - and the
banks always charged 6%
a
SERVICE"
to
These notes were absolutely gilt edge, because they could not be
issued in an amount exceeding 90% of the anticipated revenue and the Court's
judgment and finding on the anticipated revenue was based on a five year
average. The anticipated revenue was always below what was actually collected.
So the County instead of paying 6% should have had the same rate the State and
Federal Government had to pay for bonds. I took it on myself to interview
the three big banks in the town and they treated me like I was trying to steal
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"ocrText": "30\nI set to work as Presiding Judge to clean up the County's\nfinancial condition. The number of employees was reduced, the road-\noverseers cut down from sixty to sixteen, a budget system installed,\noutstanding county warrants were called in and refinanced on a low\ninterest basis and plans were prepared for a county road and public\nbuilding program.\nIt was the common procedure under the law for the County to sell\nnotes anticipating tax collections. Tax collections did not start until\nSeptember so the County had to issue notes against anticipated revenue and\nsell them to the banks for money to transact the County's business. The\nlaw stated that these notes should bare interest not to exceed 6% - and the\nbanks always charged 6%\na\nSERVICE\"\nto\nThese notes were absolutely gilt edge, because they could not be\nissued in an amount exceeding 90% of the anticipated revenue and the Court's\njudgment and finding on the anticipated revenue was based on a five year\naverage. The anticipated revenue was always below what was actually collected.\nSo the County instead of paying 6% should have had the same rate the State and\nFederal Government had to pay for bonds. I took it on myself to interview\nthe three big banks in the town and they treated me like I was trying to steal"
}