Salt Lake Telegram | 1925-10-29 | Page 2 | City Borows Funds to Meet Current Bills

LITY BORROWS BORROS fUNDS TO MEET CURRENT BILLS if Tax Anticipation Loan of r Secured From S. S L. L Banks at 4 4 1 Pet Pct Salt Sat Lake City had to to authorize I Its Its' treasurer Thursday morning to tob b borrow from local banks on term short notes to provide cash cashi i Jon for current expenses es until the end the of year rear when tax funds for the 3 year ear will begin to come In Jin In the spring the city had to borrow on tax anticipation tl ti tion p i notes to Lo provide cash for running running run run- ning jung e expenses because the tax money ioney for or the previous year h had d' d dg g gone ne to pay of off tax anticipation and term short notes issued in the previous year T The e loan loana authorized a Thursday makes a toUal total total to- to tal Ual o ot of borrowed by the city eLty during 1925 to m meet et running expenses eXpense of the city fUr government ent All of ese tI n notes te become due u and p payable able at t the end of the he year so that wh when n the city's tax money comes in during December most most of l jf if will h have ve to be be used to retire the outstanding notes Next year the tle the city will have hav to begin borrowing borrowing borrow borrow- I ing again to o get cash to meet its monthly bills The city is paying 4 per cent in interest interest in- in terest on the borrow borrowed d dat at the beginning g of this year ar and is getting the at 4 4 1 per cent interest Th The interest interest- on the smaller loan will go to local Zi financial institutions instead of to New Xe York bankers as in the case of the he large loan the first of the year The T e city cily treasurer Robert N N. Young has a plan for next year to tomake tomake tomake make monthly loans from the locati local beat l ti instead of borrowing a a. large sUm eum in the East thus keeping the business and the interest at home Action of ot the city commission Thursday was in response to a letter letter letter let let- ter from the treasurer stating that the cIty Mity must borrow to tl tie e Jt It over until taxes come in and hL informed the thoe commission that h b had made arrangements with ih tie e National Copper bank and the Continental National bank to take the city's city notes dated November d maturing December 31 at 4 per cent interest Nine notes are to be issued one for one for and the Hie balance In denominations of and t