Show ST STATE ATE ADOPTS ADOPTS' p CASH POLICY ON WORK Board Acts to Absorb Work Bonds Saving Per Year fear Utah financial oUi officers ers Tuesday saved taxpayers per year when they placed the states state's 1500 PW A building program on a pa pay you as basis The saving will result from a 3 dl difference dif ference between 4 per percent cent and 1 percent percent per percent cent interest brought about by Utah's Utah absorbing its own PW A bonds Headed by Governor Henry H H. Blood Blood Blood-as as chairman the the state sta state te board of oi loan commissioners Tuesday sent the federal reserve bank In cash from rom st state te sinking funds to repurchase repurchase chase part of ot the worth of state bonds issued and purchased pur pus ehas chased d by the tl Reconstruction corporation An additional Is already set asid aside to redeem m the remainder the of ot the issue commissioners said At 4 per percent percent percent cent interest the annual cost to the state o ot of the Issue ISue would have been i Bonds will be Issued fo cover additional addi additional installments of ot money but as fast as money accumulates in I sinking funds and lr from m other sources the bonds will will will-be will be repurchased by the state it was announced The building program was launched launch launched ed a year ear ago to stimulate employment employment employment employ employ- ment and to provide tate state institutions with needed buildings and facilities Units included in the program are area a library for the University of Utah a home economics building for tor the thc Utah State Agricultural coll college col col- college l lege ge to cost dormitories and anC other buildings at the several other sta state tc institutions Bonds were to mature in 20 years to be redeemed with 15 per cent ol of the income from the state slate sales tax |