Salt Lake Telegram | 1924-01-27 | Page 2 | Waterworks Fund Badly Depleted

I I I I I II I I 1 II Waterworks Fund Badly Depleted While t the e waterworks sinking fund shows a balance of there are actually no funds set aside to tal take e care of the bonds bond as they come due as other city funds have drawn upon this fund and arid depleted it When the taxes all received there of 1923 are should be in this fund 90 per cent of the amount of th the outstanding bonds Two years only remain to set aside in this fund 44 per cent of the original is Issue ue The bonds were Issued for a 3 period of twenty years Every effort should be made to actually set aside the amount of the sinking fund re reqUired required required re- re each year to pay the bonds at maturity This is the opening paragraph in the report of the special audit made of tho books and records of Pleasant Grove City by a special auditor and filed with the state auditor Saturday The special auditor urges the collection of delinquent irrigation taxes In order to reduce the large overdraft in this fund The condition condition con con- con I of the road fund is s said id to tobe Ibe be alarming hla b The capital pUal assets of the city are given at and the a total current assets at 30 Capital liabilities ties of ot I are ire 24 waterworks bonds and anda a current surplus liability of II III i Overdrafts are shown in street street paving district No 1 of fund of in the irrigation ir fund and in the state road of