54 BULLETIN 393^ U. S. DEPARTMENT OF AGRICULTURE. 



mined by taking 2 per cent of each, thousand dollars of assessed 

 valuation per mile of pubHc road. The county's share shall in no 

 case exceed 35 per cent of the cost of the improvement. County 

 highways are maintained by the State in same manner as State high- 

 wsijs, the towns paying $50 per mile per annum. 



County roads. — One hundred and thirty-four and six-tenths miles. 

 Paid for entirely by the county, exclusive of the towns. The county 

 roads are the ones which are built from the county bond issue. 

 They are maintained by county, by day labor under patrol-and-gang 

 system (see PI. XXIV) the State paying 50 per cent. 



Town Mgliways. — One thousand and ninety and four-tenths ( 1 ,090.4) 

 miles. Paid for partly by the State and partly by the towns under 

 what is known as ''the money system." The amount received from 

 the State varies with the amount of taxes levied per mile of road, 

 as follows: Where the assessed valuation of property, exclusive of 

 cities and villages, is less than $5,000 per mile of road, the town 

 receives $1 from the State for every $1 locally raised. Where 

 the assessment is over $5,000 and less than $.7,000, the State pays 

 an amount equal to 90 per cent of the taxes so raised; over $7,000 

 and less than $9,000, the State pays 80 per cent; over $9,000 and 

 less than $11,000, 70 per cent; over $11,000 and less than $13,000, 

 60 per cent; and when the assessment exceeds $13,000, the State pays 

 50 per cent. Town highways are maintained by towns. The cost 

 of maintenance is borne in the same manner as for construction. 



HOW THE IMPROVEMENT WAS FINANCED. 



The $500,000 bond issue was authorized by the board of county 

 supervisors in 1910, and the enabling act was passed by the legisla- 

 ture in 1911. The bonds are issued at the discretion of the county 

 highway commission. One hundred thousand dollars of bonds ^fefere 

 issued in 1911, and $300,000 in 1912 in two lots, $100,000 in the first 

 lot and $200,000 in the second lot. In August, 1913, the last $100,000 

 worth of bonds were issued. All bonds were issued in denominations 

 of $1,000 each, numbered from 1 to 500, inclusive, and are divided 

 into five series. A, B, C, D, and E, respectively. The bonds are 

 dated on March 1 of the year of issue, and are payable in install- 

 ments of 10 bonds each, as consecutively numbered. Except for 

 the last issue, 10 bonds become due 10 years after issuance and 10 

 bonds each year thereafter until the whole issue has been fuUy paid. 

 The last issue is payable 10 bonds each year from 1915 to 1924. 

 The interest is paid semiannually. The first $400,000 issue bears 

 interest at the rate of 4^ per cent and the last $100,000 at the rate 

 of 5 per cent. 



The first issue sold for $104.01, the second for $105.53, the third 

 for $105.5187, and the last for $100,537. No sinking fund is provided, 



