Show CITY REJECTS TS I TAX NOTE BIDS Mayor Says Interest Rate Is N Higher Than Justified by Conditions Determined to capitalize on the good credit standing of ot Salt Lake City they have striven to maintain during depression years city commissioners commissioners com com- missioners Frid Friday y had rejected all bids on an issues issue of ot 1935 tax anticipation notes Interest rates asked by bidders were too high Mayor Louis Marcus and other city ity officials declared A call for lor new bids to be opened January 7 at 1130 a. a m m. m in the city commission chamber was issued Salt Lake City should not have to pay more for lor its borrowed money than any other governmental unit in similarly good Hood financial condition said Mayor Marcus As a result of my recent trip east cast I know there ere are plenty of ot bankers who would be bel tickled to death to loan m money ney at a al flat rate of oc three quarters of 1 per percent percent cent Interest on part of the borrowed by the city in 1934 went as low as three quarters of ot 1 per cent according to Milton E E. E Lipman city treasurer and as high as 4 per cent Rates on all bids rejected by the commission were in excess of ot 1 per percent percent percent cent ranging between 11 per cent to per cent Mr Lipman stated slated The purpose of borrowing the money is to raise funds with which to operate the municipal government until general tax revenue is available in 1935 |