Show INTEREST CUTS MAY LIFT PART OF TAX LOADS Mayor Marcus Marcus Paints Utopian Picture of Relief for Property Owner A Utopian picture of ot the time when tax ridden Salt Lakers will have to to pay the loan bill on only about tax antici anticipation notes each year ear linstead instead of or as asat asat asat at present was painted Thursday by Mayor Louis Marcus The situation was reviewed in tn connection con conS with Treasurer Milton E. E Lipman's application to sell an additional additional additional addi addi- worth of or the 1500 tax notes authorized early this year of which only have been sold The original Interest rate on the issue Sue was 4 per dent cent However How ever ever the notes commissioners authorized author author- to be sold will be marketed at a premium making the interest rate about 25 per cent Mr Lipman said Interest Rate Rale Low Mayor Marcus pointed out the interest interest in in- terest accruals accruals on on daily bank balances balances bal bal- ances will probably make this interest interest inter inter- est rate the lowest ever obtained by bythe bythe bythe the city on borrowed money The mayor added that with advances advances advances ad ad- vances from prepaid 1934 taxes the cit city probably will not be forced to borrow any additional money this year or to market the full amount of tax notes already author author- In other words said Mayor Marcus Marcus Marcus Mar Mar- cus the city will probably have to borrow only this year car compared com pared to O last year Hope to Reduce Borrowing Under new policies made possible through le legislation on encouraging en prepayment of taxes we hope nope to reduce municipal borrowings by each year until loans average average aver aver- age around a 3 half or three quarter million yearly Th This will materially reduce debt service costs He also pointed out out that tax notes issued last January to f fi finance i. i nance ance C W V A projects have been refunded re- re funded on a year five-year basis asis at a more favorable interest rate A discount of f. f 3 per cent is allowed on all taxes paid this month In June the he discount will be 25 per cent the mayor maor pointed out |