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Show 111 Pays Heavy Interest in 1900 to Keen General Fund on a (.'ash Basis. ONE NEW YORK BANK PROFITS BY SCHEME Loans Made When There Are No Receipts Coming in From State Taxes. During 1006 the State of Utah borrowed bor-rowed $300,000 to keep the general fund, out of which the running expenses of the .State and its various institutions institu-tions nre paid, on a cash basis. This sum was borrowed during tho mouths when the receipts from tnxes were not comiug in. and the State paid in interest inter-est the sum of $7SS7.07. When taxes began to conic in, in November and December De-cember last, the loans wero repaid. When the State had plenty of money on hand it received no interest thereon from the hanks where such sums were on deposit. The State keeps on hand in various funds an average amount of $250,000, and on this no interest is received. re-ceived. The loans from the general fund, the rate of interest, the iinancial institutions institu-tions which advanced the money and the rate of interest paid are as follows: State Land Board, Janunrv 10. $2F.-000 $2F.-000 at 3 per cent; Interest, ,S10.10. Loan paid. December IS. State Land Board, February 2(3, $'(),-00(1 $'(),-00(1 at .TV. per cent: interest", $1356.25. Loan paid. December 13. State Land Board. April 0. $50,000. at 3j per cent; interest, $1137.50. Loan paid, December 3. Slate Land Board. April IS, $50,000, at 3$! per cent; interest, $1088.00. Loan paid. December 10. State Land Board. Juno $50,000, at -1 per cent; interest, $055.55. Loan rvnifl TJopAnilior lfl Stale Land Board. July 3, $25,000, at 4 per cent; interest. $455.55. Loan paid December IS. Deseret. National bank, July 16, $50.-000. $50.-000. at 4 per cent; interest, $S75. Loan paid. December 3. National Bank of the Republic. August Aug-ust 21. .$40,000. nt 5 per cent; interest. inter-est. $561.12. Loan paid. December 3. National Park Bank of New York, September 5, $50,000, at 5 per cent; interest, in-terest, $030. Loan paid, December 3. The State has only one fund which draws interest. That is tho sinking fund stnrted several years ago to re-a re-a hond issue which matures in 1012, and which is invested in securities. securi-ties. Thero is about $200,000 in this Jund. At the first of the present year Je State Treasurer had about $.000,-000 $.000,-000 on hand in various funds, all of which wns on deposit in banks who paid no interest for its use. |
