Show provos finances iho treasurers treasur ers report on the financial condition of provo city showing over ten thousand dollars on hand at the first of the month is most encouraging information it means that with the same rate of taxation next year two or three mills can be devoted to a sinking fund five thousand dollars of the fund on hand could now be spared but it is held and perhaps rightly that money collected for general expenses can not thus be put to special uses it will take a sinking fund tax in order to make the amount intended for a sinking fund secure from attachment on suits that may arise or on warrants that maybe come due for instance a special tax is each year collected to pay the bonded indebtedness of the city the money so collected cannot legally be devoted to other expenses the same would be true in case a sinking fund tax were collected while the enquirer has for a year or two been advocating a sinking fund it is not demirel at an increased rate of taxation it was believed that through rigid economy such as has been exercised enough could be saved from the usual rate of taxation to toy up a little each year toward paying off the cites indebtedness this year there is at least a saving of if it could be legally set aside now v e would advocate that it be made part of the sinking fund but as we fear it cannot we would advocate eliat a part of this years rate of taxation be for sinking fund purposes that would add no extra burden on the taxpayers tax payers and would be making a very necessary provision for the payment of the cites indebtedness As we remember the terms of the bonds they may be refunded at the expiration of ten years and become due in twenty years the bonds were issued in 1890 and if in three more years we have on hand say as a sinking fund the debt can be refunded to good advantage part of the bonds can be taken up and the remaining indebtedness continued at a lower rate of interest money is much easier now than it was in 1890 and interest is exceedingly low it is likely BO to continue for alie next two or three years and provo ought to be in such a position as to profit by the lower rate let the sinking fund be started and the debt refunded as soon as practicable |