uon. 04e.A. m&h' ,agmPZ
rturLIg lg.)19
with a. opuoml remturea.ma
anatmlaiaklagfund roqairamsnton thialo
ia $23,0?5.00 of whbh 8h4 me@ ply. 93.5r .
Th4 r .ha 0
le4 umula 8d
in 8h oSta te’0
uuw
or the ai~M43fmdr4qair4matcJ thll ia a ua
ainw yaamry~l,1933the SUB l? #l89,300.73.
10 thiak the iollad 44aolulanJ4r4p4randathe
at4to & foota eutlinad. IDnh30 a dl8a a a aa sa 04 p uM e
oontnot nnd bf its term pwiaea thr nturn of the piaol-
p4l mmn$ plui fntuoat tmtil~Warity lt aa muah mr 4nmume
A ters iaaa4, au4k ma la outtid, pnaiaoa net only tlu r4-
lt tho maturity &to, 1959.
To pm4tna4 a uo hl bondat ozv tiw prior $0 maturity
it la only r4maosmblo to 48041~4 that aoaiethia8 mm4 ohan pmr
mast bo mid Umr~Qr. A loaasd4raiea weuld b4 da4 for tfa
aolla*a remwnghia righ8 80 luotthm fall8mountnpn-
84nt44 ?q the 4ontraot app4ulsg la tha in4 of th4 btmdr
suoh roaaidarrtioa is g4lunllyr4f4rr4dto IO a mai
but if It la gear&wed br tkw d*bt6r ior o4mellatIonit
would b m-0 rppropria8a to or11St a prepay&e& oi in*
mat.
Iath4 ia4t4at4489t&4 Stat4of Tuaa tbroqf&yau
Boardhma undutakur to ocmpsnaeta tho sow&loo ad d4fln4d
road 4iatxiota of ttm St4t4 ror wruy lrp4nd46 10 th0 00~
atruotion ai St884 highwaysaridha0 llle4mte4 80 epoh monay
laoh yeu toward the paysant of m turn laaua whloh matur4a
19 years hem*, or 1959, Port44 thattime the funds110
.~ unua4d an4 the stat. paya intorrat et th4 given Mt. throryh-
outtho44 19 roars or a6 1~ aa iwad for this purp444 u4
nrd4 umilablr by 4uooe4dlnd l~glalatur~a. ClOUly~ tb
Stat**8 obllg8tloa to pay amulet 4xtoti byond tw yaua;
tMr4for4, ii tb bud parm4nt to tb 4-4 quoted atah
utoa urohaard to? oanoellation bonds matbub# k o&ilth.
bionnfun tho prnaiua or latenat prapaymont ahodd not 4s
0446 tho'amount it weold be oblied to pay under the ooatraot
ror thmt bl448lum. In Othsr worda, ua4 the 4xmipla abuM
olted, th4 Boer& woaldnot h aatifl4dla
inoxawaa U 100 pu o-h%, Lo
intuwt at 5t ier two ymua rad la the Lrira
St4t4 w4uldb4 48114dopento gey.
Zaoh bi4nai41agpropr1ati.n eT1400both un intore
Md priaei41 loeruala tar the llloooo #4Mlu4aa w4 an
aolylo & t44l4 8othe Nua'a puP4ha rgror 4am4llatiO~
bond8rUglbleu8brthamBQa4Au~k~n8M rir
thudas pwlu~,ao lemma amhpsmiumdo4aaa P lrrwd
th8 iua&am&4 nallmblo ier 8ho puUmlmr bwda for Oh4 0)
aaia# uaaLuama
Your attontfan la dl.rrotk to thr fmo8 that~ tho mwaat
thmt oan k lagally rxpondad by tha Bsrd would k in rablo $0
tho portion that tho St&m has uodutakrn to pay. Pita oatrb-
liahed p4moat4 4 4f 4llgibllit ef partioip4tion in th4 ona-
oent (l#) gas01!a4 tmx allooatoi to the Roar4 of Qmnty urd
Diatrlot Road Indobtednaaa rrproaonta tho mmlmua funds avail-
lb lo fo r luo hparpoao~
Iw ua thuofore, advIsed that la our opinloa
tha Beer4 hma ampi0 authority to mrohlaa luoh bonds et (I
proatium for mno~llatloa and inomau tho mnual linking
fwd raqotcanmnt out of tho interoat amtad to lb8orb aaoh
preaium, ao 14ng4a sold pnriru does J& loaod th4 mount
adually appropriate4 r0r intar8at pawnto thuocm.
V4xy truly yeuxa
ARQIMEYOEXERALOFTEXA9
By ./a/ Qluoa40 B. amwe
Ulorenoo 1. Qrouo
Aaaiataat
CRC-arJrb