| Show I REESE M. M REESE FOR FORSTATE FORSTATE FORSTATE STATE AUDITOR Reese M M. Reese state treasurer announced through this this- paper the latter part of April his candidacy for the office of State Auditor and stated that his campaign would be strictly on his record Some high- high r- r 1 I li t f j 1 l p t i J I x xI I t j 4 i Y YI I w L. L 1 Reese M M. M Reese lights of his administration as State Treasurer are arc as follows During the past four years 6 6 in State of Utah bonds has been paid These transactions and payments were made and hand hand- handled led by the state treasurer During the past year 1939 4 4 in State of Utah road bonds were redeemed July 1 I 1939 To raise funds to pay payoff off these bonds it was necessary to sell over in bonds held in inthe inthe inthe the 1939 road bond redemption fund These bonds were sold at a profit for the state and the transaction transaction transaction tion was handled by the treasurers treasurer's office It I t was also necessary to sell sellI I State of Utah Refund Refund- ing bonds to raise the balance of the These bonds were also held in the redemption funds and carried an interest rate of 3 Realizing the market would bring the State of Utah a lower rate of interest than 3 the treas treas- treasurer treasurer treasurer office recommended to the board of loan commissioners that the in State of Utah bonds be refunded and sold to the bidder offering the best rate that rate that is sold on an interest basis rather than on a premium basis Bids for these these- refunding bonds were received from front the largest larg larg- largest est st brokerage firms and bankers throughout the United States These bonds were sold at atlA lA 1 and the balance of 1670 at V 2 1 or an average rate of interest at This rate is lower than some U. U S. S S Govern Govern- Government Government Government ment bonds and compares to bond rates of New York states bonds The Time sang of interest alone through the refunding ing of these bonds saved the State of Utah over in interest During the past three and one half years receipts in excess of have passed through the state treasury the responsibility and liability li of a state executive second to none in state tion It has been the policy of the state treasurer treas to operate the department efficiently and economically and to operate co with the state offices and institutions in the management and control of state funds To assist cities counties and school boards in their financial and bond problems problems problems lems in order that the citizens and taxpayers could receive the advice and counsel of the time states state's Financial Executive Paid Political |
