Salt Lake Telegram | 1935-01-07 | Page 11 | City Awards Contract for '35 Tax Notes

CITY AWARDS CONTRACT FOR 35 TAX NOTES Four Companies Submit Joint Low Bid With 95 Per PerCent PerCent PerCent Cent Rate Four companies jointly making a alow alow low ow bid of or 95 per cent net rate of interest Monday were awarded a contract for handling in 1935 Salt Lake Lak City tax anticipation notes Three bids were received The companies are Edward L. L Burton Bur Bur- ton and company compan of Salt Lake City First Security Trust company of ot Salt Lake City Halsey Stuart and compan company com corn pan pany of Chicago and R. R W. W and company 6 of New York City Bids received last week were rejected rejected re re- re- re b by the city commission on grounds interest rates were too high The actual rate of ot interest in the bid aid was 75 per cent but a provision for or to pay for proceedings and legal opinion made the net rate 95 per cent The commission on a divided vote made R. R W W. and company the paying agent The action had the effect of abrogating abrogating abro abro- gating a purported agreement with the National City Bank of New York for or it to act as agent on all city bonds for five years from rom 1931 Mayor laor Louis Marcus and imd Commissioner Commis John M. M Knight voted to sustain sustain sus sus- tam tain the arrangement