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Show Aljr WESTESH AMERICANA Serials Order Department J Unrersity of Utah Salt Lake City, Utah 84112 in hi ii ! iin mi. liimi . SALT LAKE CITY, UTAH VOLUME 1, NUMBER 18 MONDAY, AUGUST 12, 1974 ' UP&L Accepts Highest Offer for Colorado Utility Renovation In Art and Architecture Tracy-Colli- ns Utah Power & Light Co. Friday ansion and other federal and state reguthe acceptance of the "high- - latory agencies. est and best offer" of about $20 milThe Western Colorado Power lion for The Western Colorado Power Agency is headed by William K. Co., a western Colorado utility it has Graw, chairman and John J. Bugas, owned since Utah Power & Light vice chairman. Sealed bids the The offer Co.'s founding in 1912-1third round of bidding for Western was submitted by a group of rural' Colorado Power Co. were opened electric cooperative associations Friday at Utah Power & Light Co.'s serving the same general area as general offices. Two other organizaWCP: LaPlata Power; tions submitted bids in addition to Rural Power Lines, Inc.; Empire Western Colorado Power Agency. Power; San Miguel Power; Colorado-Ut- e They were Financial Planning AsElectric Association. The joint sociates, a Danbury, Conn. based venture among the cooperatives goes company and Western Colorado Elecunder the name Western Colorado tric Co. of Milwaukee, Wisconsin. Power Agency. The WCPCo. provides about four The announcement was made by percent of UP&L's consolidated operE. A. Hunter, president, Utah Power ating revenues, and it is not expected & Light Co. and The Western Colorathat the sale of the Colorado subdo Power Co., who said that the acsidiary will materially affect the ceptance of the offer was subject to parent company's operations. the Securities and Exchange Commis- The historically colorful WCPCo. serves 3,000 square miles in the extreme southwestern corner of Colorado between an area just north of nounced 3. Delta-Montro- uq jim a. : Hy- v : M' jib : Ml isfo. mmm Utah artists have conTwenty-on- e verted billboards along Salt Lake City streets into fine arts exhibits. Lukman Glasgow, a Los Angeles artist and arts administrator, in association with the University of Utah Department of Art, directed the "Public Service Art" project. The artists actually turned billboards, provided by Galaxy Outdoor Inc., into outdoor murals. Glasgow, at a workshop-semina- r held from July 15 to July 26, exposed Supreme Court Decisions See Details Page 8 the artists to the project theme the effect of art on an outdoor environment. The project was sponsored in part s Bank and Trust and by the Utah State Institute of Fine Arts. In conjunction with the project, the artists are displaying more of their work at the grand opening of the new Tracy Financial Center on the corner of Main and First South streets. The Center, scheduled to open s in late August, is home for Bank and Trust and Tracy Mortgage Co. Just as the artists converted area s billboards into works of art, structure older an renovated at Main and First South. When the architects Budd, Weise and Vincent of Salt Lake City designed a new face for the Center, they retained the basic form of the old "neoGeorgian" architecture. One of the key changes was the addition of a fourth level, anticipated in the original plans 37 years ago. Today the corner of Main and First South, site of the new Tracy Financial Center, is still at the center of the city's financial and commercial Tracy-Collin- Tracy-Collin- Tracy-Collin- Taxpayers Ask IRS This column of questions and answers on federal tax matters is provided by the local office of the U.S. Internal Revenue Service and is published as a public service to taxpayers. The column answers questions most frequently asked by taxpayers. Q. I paid $50 to attend a dinner to raise funds for a political candidate. Is the entire cost of the ticket deductible or do I have to subtract the value of the meal to arrive at my deduction. A. The entire cost of the ticket to the political dinner is eligible for a deduction or credit if the dinner is clearly in the context of a campaign of an eligible candidate and is not primarily a device to confer private benefit in the form of meals or entertainment to the contributor. Otherwise, the contribution includes only the excess of the amount paid over the fair market value of the meal and entertainment. Qualified political contributions may be deducted up to $50, ($100 if married filing jointly) or one half may be taken as a credit against your tax up to $12.50 ($25 if married filing jointly). Q. How do you report dividends received on mutual fund shares? A. se It all depends on the type of dividend you receive from the fund. Ordinary dividends or taxable dividends are the most common type and any dividends you receive can be assumed to be an ordinary dividend unless the fund indicates otherwise. Except for the first $100 of such dividends which generally may be excluded from income, ordinary dividends are fully taxable. Some funds distribute capital gain dividends. These are treated as long term capital gains and are taxed at a more favorable rate than ordinary dividends. However, these capital gain dividends do not qualify for the $100 dividend exclusion. A fund distribution not out of earnings and profits is not taxed. It is a return of your investment, or capital, in stock of the mutual fund. A mutual fund will notify you on Form 1099DIV or by written notice as to the amount of gross dividends, capital gain dividends, return of capital, etc., that you must report on your income tax return. IRS PublicaFor more details, tion 564, "Tax Information on Mutual Fund Distributions' It's available free from your IRS office. Utah County Employment News EMPLOYMENT: The total civilian labor force for Utah County climbed The to 60,090 persons by mid-Julrise reflects the continual population growth in the county. The increase represents an annual growth of 4.37. When compared to July 1973, July 1974 had 2,520 more people in the labor force. Total employment increased by 1850 workers during the past twelve months. Although there has been significant population growth, the number of new jobs kept pace, thus providing employment for the new people coming into the county. Agricultural employment normally remains about the same for June and July and this year was no exception as there was little change. The increase of 80 workers for July 74 compared to July 73 can be attributed to growth and the reactivation of some idle land. Manufacturing employment for the month was estimated at 11,050 jobs, up 140 from June 73, and 678 higher than July 1973. Manufacturing, second only in number employed in Service, now furnishes jobs for almost of the total employed for the county. Many new firms opened for business during the last twleve months and numerous existing firms expanded. The increase occurred in spite of real or anticipated shortages of materials. Wholesale and Retail Trade seasonally declines in July and this month followed suit as the number dropped by 80 workers below the June 74 figure. However, there was an increase of 636 when July 74 is compared to July of last year. The increase reflects the additional help needed for the new firms as well as for expansion of the already existing Montrose mid-Jul- -- extending high-voltag- high-voltag- transformers, lightning arrestors, e transmission line design, insulators and load dispatching methods that helped set the pattern for transmission and distribution high-voltag- In This Issue: 2 Legals Probate' Mr. Kenneth one-fift- h Mining declined slightly during the past 12 months. Transportation, in order to support expansion, increased by 130 workers during the past year. The growth has been steady in spite of anticipated shortages and increased costs. Finance employment was estimated y at 1390 by 1974, an increase of 145 workers above the July 1973 number. ; Promotion and Development Board Names New Appointment y. firms. throughout the San Juan mountains to the Durango area. The Western Colorado Power Co. sale was precipitated by an order of the SEC directing a review of a Securities Act concerning its physical connection with the parent company, Utah Power & Light. Mr. Hunter said physical interconnection of the two systems was not feasibly economic at this time and the only alternative was sale of the property. Terms of the sale included cash for WCPCo.'s operating properties less the value of certain distribution properties in the Btate of Utah, which would be transferred to UP&L ownership. The offer for the properties and the trade of Utah properties is based on the net book value of the facilities (original cost less depreciation). Other terms of the offer included job protection of all WCP employees. Mr. Hunter said when the transaction receives necessary approvals from government agencies, customer recsouthward ords, bills and other services will be automatically transferred to Western Colorado Power Agency with a minimum of inconvenience to the customer. The WCPCo. was incorporated a subsidiary of March 12, 1913 Utah Power & Light Co. At the time of its organization, it represented a consolidation of four predecessor companies. One of their predecessors successfully constructed and operated e transmission of the first in current the United alternating States for industrial purposes. It also founded one of the nation's first schools to offer practical courses in electricity. Western Colorado Power and its predecessors also had a major part in e the development of EL Kafauvar In recent Board action, the Salt Lake Valley Promotion and Develop' ment Board unanimously named Board member, Kenneth E. Kefauver, to the post of Mr. Kefauver replaces Mr. Orson J. Brown, who has held December 13, 1972. the post sin Mr. Brown, a Senior Vice President Marketing for First Security Bank of Utah, resigned due to reasons of health and received a unanimous "vote of thanks" from the Board for his services with that body since March of 1972. The Salt Lake Valley Promotion and Development Board has responsibility for the spending of Transient Room Tax Collections for the development of tourism through the Salt Lake Valley Convention and Visitors Bureau. Mr. Kefauver, a member of the Promotion and Development Board since December, 1968, is currently the Director of Communications for the Utah Copper Division, Kennecott Copper Corporation in Salt Lake City. 3 4 4 4 5 5 5 6 6 6 7 New Partnerships Small Claims Suits Divorces Marriages Births Bankruptcies Business Licenses Building Permits Quit Claim Deeds Murray Power Third District Court 7 7 Supreme Court Decisions . 8 9 Bountiful Power 10 Tax Liens 10 Mortgages Liens 11 11 11 11 Murray City Court Warranty Deeds Trust Deeds Uniform Commercial Code Filings Bankruptcy Sales . . New Corporations 12 . 12-1- 6 18 |