Salt Lake Telegram | 1928-01-18 | Page 2 | State May Buy Bonds Above Par, is Court Ruling

State May a Buy u Bonds Above Par I Is s Court Ruling I The tat state through the board boud of or loan commissioners has the authorIty authoritY authority author author- ity to order purchase with redemption r redemption emp- emp tion Uon funds of the state of bonds bond at t a price above par the state su su- su premo pr court ruled Tuesday in the tho I friendly cases cas of the board of ot loan comm commissioners Joner against John E. E Holden state tate auditor and John Walker state auditor The court also alo held that It was the duty of ot the state auditor or to draw his warrant arrant In payment of the the- bonds bond at a 1 price above par per and that tho state treasurer must mast mast ac accept accept ac- ac pt bonds ordered purchased even oven though thou h interest coupons sufficient to pay the premiums have hae been en clipped from tho the securities before rore t they ey have ha been en turned over to the tho treasurer The decisions settled a controversy controversy contro contro- versy erR of many years years' standing The court In tn granting the writs sought by tho board held that tho redemption funds of ot the state should be bo Invested In goo good securities recur recur- Pies JUes even enn though they had to be purchased If above par pat j