OCR Text |
Show COMMISSION SELLS $225,000 BOND FOR 1925 Palmer Bond and Mortgage Co. Awarded Contract at 4 Per Cent. The provide funds for the current expenses of Utah county during 925, the county commission Tuesday Tues-day negotiated for a loan ot $225,000. Jlonds for that amount were sold to the Palmer Bond and Mortgage, company of Salt Lake City. The rate of interest, four per cent, on the money was said to be a saving of $10 on the thousand over any figure previously obtained by thb county. The funds left on deposit by the county will draw an equal rate ot interest, four per cent, it is stated in the contract, so that only the interest to be paid by the county will be on the money withdrawn-form withdrawn-form time to time to meet the cm-rent cm-rent bills until next year's tax returns re-turns are paid in. While the rate of interest, four per cent, is considered a splendid figure by the commissioners, it is 30 cents on the thousand dollars higher than was offered last week by the same company. The sudden turning of the financial market from low rate bonds and securities to stocks of higher rate, was said to be the reason for the advance. Bids wrore also submitted by the Burton Bond and Mortgage company com-pany of Salt Lake, and the Central Trust company, Salt Lake, who had representatives at the meeting and also from the Bossworth-Chanute company, Denver, who sent a telegraphic tele-graphic bid on the bonds. The figure quoted by the ralmor company included security bonds on Hie notes protecting the county officials of-ficials from any posible loss in the transaction. The necessity of securing such a loan, it was pointed out, was from the fact that the state law does not permit a county to levy taxes for any but the current, year and the loan secured at a low rate of interest in-terest was said to be a great saving over the issuing of county warrants on local banks at current, rates of interest, until the bills could be met in the fall. |