I
THURSDAY, OCTOBER 29, 1964
THE PILOT—Southern Pines, North Carolina
PROPOSED $100 MILLION ISSUE EXPLAINED
State To Vote On School Bonds
Following, in question and
answer form, is full informa
tion about the $100 million
proposed state school bond
issue on which voters
throughout North Carolina
will indicate a "For" or
"Against" vote on November
3 wehn they go to the polls
to vote in county, state and
national elections. The bond
issue has been widely en
dorsed by educational lead
ers, including The Pilot.
Question: Is there a need for a
$100,000,000 school construction
bond issue in North Carolina at
ers and newspapers inclu
ding The Pilot.
Answer: A—The public school
enrollment in North Carolina
continues to increase at from 20,-
000 to 25,000 pupils per year.
B—The population of the State
continues to shift from the rural
areas to the urban areas. In the
urban areas the need is to pro
vide additional classrooms for
the increased enrollment, and to
replace and renovate the obso
lete facilities. In the rural areas
the need is for new construction
or renovations to consolidate
schools too small for efficient
and effective operation and to
replace obsolete facilities.
C—For the State as a whole
the needs exceed the ability of
the local county government,
with limited tax resources and
statutory bonding limits, to pro
vide the facilities needed.
D—From 1930 to 1949 only a
limited number of class rooms
was built. Since 1948-49 school
year approximately 20,000 in
structional spaces have been
built. An analysis of the total
school facility situation shows
that almost half of the classrooms
currently in use were built 35 to
45 years ago and are education
ally and mechanically obsolete.
E—Most of our school systems
through the years have had less
than adequate funds for mainte
nance of plants. In spite of in
creasing effort, it is now estima
ted that counties will have to
spend between $400 and $500 mil
lion during the next five or six
years, to meet building needs. If
this is to be financed from prop
erty taxes, it will mean doubling
existing tax rates for school cap
ital outlay or for debt service.
This seems an impossible task
from property taxes, and hence
State assistance is necessary if
we are to have adequate school
facilities throughout the State in
years to come.
Question; Is there any prece
dent for State assistance for
school construction?
Answer; On two occasions, the
General Assembly, with the ap
proval of the voters, have provi
ded State assistance for school
construction. In 1949, $50 million
in State funds was allocated to
the counties to assist in the con
struction of school buildings.
Half of this amount came from
the Post-War Reserve Fund, and
the other half came from a bond
issue. In 1953, an additional $50
million was provided from a
bond issue approved by the peo
ple.
Question: When passed, how
will the bond proceeds be alloca-
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ted and what will be my local
school administrative units share?
Answer: Section 2 of the Acr
states that allocations will be
made “on the iSasis of the per
capita average daily membership
within each school administrative
unit for the school year 1961-62.”
Question: What will be Moore
County’s share of the Bond Is
sue?
Answer
County Schools
Pinehurst
Southern Pines
$613,683.57
74,929.63
144,990.18
larger counties to have good
schools in smaller counties, be
cause the graduates of the small
er schools will often end up as
workers and inhabitants of the
larger, growing counties.
Question: For what purposes
may the local school administra
tive units use their respective
share of the bond proceeds?
Answer: The proceeds may be
used “for the construction, recon
struction, enlargement, improve
ment and renovation of public
school facilities, and for the pur
chase of such equipment as shall
be essential to the efficient oper-
Page NINE
ation of the facilities.” If the
State Board of Education deter
mines that all or part of an
administrative unit’s share of the
bond proceeds is not needed for
(Continued on Page 16)
Question: Are there school
building needs in each county?
Answer: No county in the
State is without major school
needs. Increasing enrollments,
approaching obsolescence of
some existing school plants, and
needed school consolidations in
some areas all intensify the need
for additional school facilities. In
spite of continuing financial ef
forts, there remains a serious
shortage of school plant facilities,
and half of the counties have al
ready reached or are approaching
the legal limits of their capacity
to borrow money to build schools.
The bond issue will help these
counties.
Question: What are the build
ing needs in Moore County?
Answer; 1. Complete high
school consolidation program.
2. Renovate existing buildings.
3. Build additional buildings
on existing school sites.
Question: Is a State Bond Is
sue for school construction a de
vice to tax people in large coun
ties to build schools in small
counties?
Answer: No. It is true that the
State Bonds would be repaid
from State taxes, which come
primarily from sales and income
taxation. While some of these
taxes are collected at a greater
rate from the larger counties,
this results from the fact that
people in smaller counties buy
things produced in larger coun
ties and make purchases in the
larger counties. People in the
larger counties often make their
profit over a wide geographic
area, and merchants sell over a
wide geographic area. But it is
not they who are paying taxes;
it is the people who in the last
analysis make the final purchase.
Thus, the school bonds will be
repaid from taxes levied in the
same fair way that school current
expenses are financed. Finally,
there is a benefit to people in
THE CITIZENS BANK
AND TRUST COMPANY
SOUTHERN PINES, N. C.
132 N. W. Broad' Street 600 S. W. Broad Street
Member Federal Deposit Insurance Corporation
ofialemeni of (^onJt
thon
AT CLOSE OF BUSINESS
OCTOBER 1, 1964
ASSETS
Cash and due from banks
U. S. Government Obligations
Obligations of States and Municipal Subdivisions
Other Bonds and Stocks
Loans and Discounts
Banking House and Furniture and Fixtures
Other Assets
Total Assets
$1,010,099.51
1,286,170.23
888,064.84
713,153.42
5,199,342.89
204,830.98
45,975.42
$9,347,637.29
LIABILITIES
Common Stock
Surplus
Undivided Profits
$133,555.00
550,000.00
187,888.59
Total Capital Accounts
Deposits
Other Liabilities
$ 871,443.59
8,280,529.55
195,664.15
Total Capital Accounts and Liabilities
$9,347,637.29
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
OFFICERS
N. L. HODGKINS
President
NORRIS L. HODGKINS, Jr.
Executive Vice-President
C. H. BOWMAN
Vice-President & Cashier
E. EARL HUBBARD
Vice-President
SAMUEL C. HARRISON
Assistant Vice-President
WILLIAM P. TONEY
Assistant Vice-President
»
DIRECTORS
JOHN C. BARRON
D. A. BLUE, JR.
DR. JOSEPH S. HIATT, JR.
JAMES D. HOBBS
N. L. HODGKINS
NORRIS L. HODGKINS, JR.
JOHN M. HOWARTH
E. EARL HUBBARD
DR. W. HARRELL JOHNSON
DR. C. C. McLEAN
DR. R. M. McMillan
J. T. OVERTON
R. F. HOKE POLLOCK
GEORGE W. POTTLE
*
WILLIAM P. SAUNDERS
EDWIN W. SMAIL
H
FINEHIRST, N. C.
Phone 294-3511
Finest in Foods
PINEHURST, N. C.
C. L. Worsham, Jr.
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