70 BULLETIN" 393, U. S. DEPAETMENT OF AGEICULTUEE. 



The issues of 1910 to 1914, inclusive, have been spent m building 

 roads in Beats 1 and 5, but no roads were improved with this money 

 inside the city of Meridian. About one-half of the $50,000 issue of 

 March 1, 1915, will be spent inside the city limits in connecting up 

 the streets with the county roads. 



The general law of Mississipi requires that all road-improvement 

 bonds must be paid off within 25 years, and in annual installments 

 after 10 years from the date of issue, and that they shall bear not to 

 exceed 6 per cent interest, payable annually or semiannually. The 

 bonds were issued in blocks of $500 each. 



The first issue for Beat 1 of $50,000, bearing 5J per cent interest 

 and dated September 1, 1910, is payable as follows: 28 bonds of $500 

 each, payable each year on September 1, 1922 to 1924, inclusive, 

 and 16 bonds on September 1, 1926. 



The second issue for Beat 1 of $150,000, bearing 5 per cent interest 

 and dated September 1, 1910, is payable as follows: 28 bonds of $500 

 each, due September 1 each year from 1925 to 1934, inclusive, except 

 in 1926, when 12 bonds become due; in 1935, 36 bonds become due. 



The third issue for Beat 1 of $100,000, bearing 5 per cent interest, 

 and dated March 1, 1913, is payable as follows: 13 bonds of $500 

 each, due each year on September 1, 1923 to 1937, inclusive, and 5 

 bonds on September 1, 1938. 



The fourth issue for Beat 1 of $100,000, bearing 5 J per cent interest 

 and dated March 1, 1914, is payable as follows: 13 bonds of $500 

 each, due each year on September 1, 1924 to 1938, inclusive, and 5 

 bonds on September 1, 1939. 



The fifth issue for Beat 1 of $50,000, bearing interest at the rate of 

 5| per cent and dated March 1, 1915, is payable as follows: 6 bonds 

 of $500 each, due each year on March 1, 1926 to 1935, inclusive, and 

 8 bonds of $500 each, due each year on March 1, 1936 to 1940, inclu- 

 sive. 



The issue for Beat 5 of $50,000, bearing 5J per cent interest, 

 and dated April 5, 1912, is payable as follows: 6 bonds of $500 each, 

 due each year on September 1, 1923 to 1927, inclusive, and 7 bonds 

 of $500 each, due each year on September 1, 1928 to 1937, inclusive. 



The amount of interest which must be paid before the $500,000 of 

 bonds are retired according to the plan above outlined will amount 

 to about $472,232. 



While the deferred serial method adopted by Lauderdale County 

 is recognized generally as providing greater security and economy 

 than the sinkuig-fimd method, it would not seem wise to defer the 

 beginning of the bond retirement to the tenth year. If a portion of 

 the principal is paid between the fifth and tenth j^ears, the burden of 

 taxation is lightened by reason of being spread out over a longer 

 period of time. If this is not done, the taxpayers will have expe- 



