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Show OFFER EOR CITYBONDS Denver Firm Makes a Proposition to the City Council. The Council held an adjourned" meeting meet-ing last night at which a letter from E. H. Rollins & Son of Denver was read. The letter was relative to negotiations ne-gotiations for the purchase of Salt Lake City refunding bonds of $548,000, and was referred to the Finance committee. The Denver firm made the following statement in Its letter: "Bids were received on the 13th or last May for $548,000 Salt City refunding refund-ing bonds, and we believe the bonds were not sold. The old bonds draw 5 per cent interest and can be refunded at any time whenever the new bonds can be sold. At the time the bonds were offered, the rate of interest was fixed at Per cent. It is a difficult matter to market so large a block of Salt Lake City bonds at so low a rate of interest. If the city will sell M per cent bonds at a little premium or a 4 per cent bond on about a 44 per cent basis we should be Inclined to purchase the $548,000 refunding bonds." The letter concluded by asking if the city would consider such a trade, and added that no low money rates were anticipated until after the coming presidential presi-dential election, and suggests that by refunding the old 5s the city can save one-half of 1 per cent on the old issue of bonds annually. |