Salt Lake Tribune | 1903-07-17 | Page 2 | Reasons for the Loan

REASONS FOR THE LOAN Why the State Finds It Necessary to Borrow Money and Pay Interest The funds In Utahs pocketbook are getting low and the State Board of Loan Commissioners have found it necessary nec-essary to secure a loan of 550000 to defray de-fray the contingent expenses until the taxes come In this fall to replenish the State treasury The total balance on land the first of this month was S3G 01516 which was distributed among the various funds When this amount has been exhausted the contingent fund will be depleted and the commissioners have anticipated such a condition by securing the present loan When the contingent fund is exhausted there Is no money to distribute among the lesser funds and the State might be embarrassed embar-rassed In such an event The disbursements disburse-ments for July will run somewhere between be-tween 80000 and 100000 and as the receipts will not exceed 323000 there night be more or less difficulty In financing the affairs of State during the months of August and September until additional revenue is secured from this years tax levy For this reason the loan of 60000 was made