Show NOSES AND FACES T has it that someone once upon a LEGEND time cut off his nose to spite his face What a meSs he must Lave have made of it The taxpayers of Salt Lake are arc being asked by the promoters of a n municipal power and light plant to do the thc same thing It would seem that a considerable number Dumber of our people including one or two members of the state legislature ture tuie have the notion that light and power rates orates ar are too high Perhaps they nrc arc Who Vho knows 7 1 The o only orderly proceeding to determine the facts since since the cry was vas raised was a action tion by the special session of the legislature empowering an officially constituted constituted constituted con con- body to investigate the c entire tire utility situation in the state When it has finished its work we shall know the facts But Dut before this investigating body has had hadan an an opportunity to launch its study and before the citizenry therefore can possibly act intelligently intelligently intelligently in in- with full information before it Salt Lake taxpayers are c called on to vote ote upon Peoples Ordinance No 1 requiring the city government government government gov gov- to issue its obligations up to for a municipal light and power plant The promoters wrote into the ordinance ordinance ordinance nance but told the officials and citizens present at the public hearing on the matter that the job could be he done for Now ill in some of their literature they put the figure at But they prudently left 18 in the ordinance Now is this a fair question Who Whoever ever heard of a bond issue for for a a public works job that completed it according to original plans and specifications without spending all the money authorized and then coming back to the taxpayers taxpayers tax tax- payers for authority to spend more of their money to finish the enterprise 1 The promoters quibble about calling this a abond abond abond bond issue The ordinance calls caUs upon the city government to issue its obligations in the form of municipal light and power revenue bonds The rhe security behind them would be the plant the the- peoples people's property Let the city com commission commission commis commis- mis- mis sion ion try to sell Bell them in any market without assurance assurance assurance as as- to the thc buyers huyers that they are arc amply pro pro- Fanc Fancy the mayor tr trying ing to peddle them under the the h handicap of h having Y Dg to say j jWell Well now g gentlemen although these look just like bonds with their fancy printing the city's S I official seal on them and all duly signed and attested they are not really bonds even if wedo wedo we wedo do call them municipal light and power revenue revenue revenue rev rev- bonds We Ve just call caIl them that to fool you boys Salt Lake hardly wants a political power plant until it knows that it needs one knows exactly what it will cost knows the reasonable price t to expect from the bonds has bas a faint idea as to whether the revenue will pay principal and interest and knows that recourse will not have to be taken in levying additional taxes to meet deficiencies Even then it should not wan want 00 one e because n a political cal power plant plantis is 18 a political power p plant ant and a political power plant is a political machine |