| Show PLAN j i ON ZOO BONDS IS SUBMITTED City Would Take Over I Outstanding Issue Is Proposal i p Proposal that Salt Lake City take VP outstanding Salt Lake Zoological society bonds on the basis of f 50 M cents on the dollar was sub- sub today at a meeting of creditors credi tors tars and bondholders in city hall hail J Despite wide wid notice of the meet meet- given by City Auditor Samuel F. F Nicholls only five bondholders attended at- at tended to discuss matters with city nd zool zoological society officials It Js estimated there are arc to bondholders L Mr Nicholls explained the city's cit's audit of the zoo was made merely to determine worth of the property and nd not to ascertain how the society society so so- clety h has s expended its it's funds He concluded the offer would be relayed to city commissioners who will make a counter offer or reject the without offering bondholders bondholders bond bond- holders any settlement basis 4 Will VilI ill Cost More lore If I the city takes over the zoo at Hogle Gardens and maintains it there it will cost the taxpayers about a year car about to a year more than the cit city has been allowing the zoological society for operating expenses said Mr Nicholls The zoo cannot be maintained maintained main main- tamed in its present status for a year The auditor expressed belief bellef the city will assume liability on about of outstanding zoo accounts payable In addition to the face value value val val- ue uc of the bonds there is about 1800 due on the bond interest coupons Some of the large bondholders I have been able to contact said Mr Nicholls informed me they have already written off the bonds as bad debts Others have indicated they expected cents on the dolI dollar dol dol- dol- dol I lar r r others are arc willing to accept 50 per cent of the bonds bond's face value I Iam Iam am sati satisfied fied that whatever settlement settlement settle settle- ment the cit city makes with bondholders bondholders bondholders bond bond- holders all will receive the same treatment Robert Murray Stewart president of at the zoo society explained a large number of the bonds had been bought by school teachers Others are lire held by Granite stake L. L D. D S. S church 1500 Z C. C M. M L I. 1300 P. P Portland Cement company of Utah 1800 BOO and the Utah Stucco Products company company he lie said Property Would Revert Mr Stewart explained that if operation operation op op- op ration of ot Hogle Gardens as a Ecological park is discontinued for 12 consecutive months the property reverts to the donors Mr and Mrs J. J A. A Hogle under terms of the deed He added that the deed also prohibits mortgaging ng the land But this has been done and might complicate complicate com corn plicate the title under the original deed There have been some between the city and looking to cancellation of the origInal original inal deed and the land to the city said Mr Stewart If this Ls Is done it will be because the land has bas been mortgaged in violation of the original deed without written consent of the donors However they did have some knowledge of the transaction at nt the time Mr Stewart emphasized that his personal connection with the zoo I h has s only been in the Interests of creditors He explained the society so so- I cl slety ty has had difficulty in getting I anyone I yone to act as trustee and paying I agent gent on the bonds a number of which are arc held by material material men who accepted the bonds for materials used in construction of the elephant bouse The structure cost f which was paid by Salt Lake City ty out of an old 1919 bond issue Cn rn a exchange the city was deeded the theLand theland theland I land on which the building was constructed con con- and also alio the building Mr Stewart explained Dr Charles G. G Plummer member I if f the zoological society suggested that inasmuch as the bond and pay- pay I ible oble accounts are regarded by the Ity as separate liabilities calling for different treatment the bondholders rs ers should form a n. separate organisation and negotiate for a separate c settlement May lay Move love Exhibits Mr Nicholls expressed belief belie the city Uy might take over the animals Irene Done of which the zoological society claims title to eliminate excess ex ex- and move the others to a more smaller location which be maintained at less expense expenseS S taxpayers who attended the meeting elude H H. W. W Price of Price rooks company W. W G. G Carver of arver Sheet Metal Works J. J W. W ms and Mrs N. N W. W Brough all or or creditors City Com Com- P. P H. H Goggin Mr Jr Nichi Nich- Nich Is i Mr Stewart and Dr Plummer Plummet City commissioners will receive r. r Nicholls' Nicholls and Mr Goggins' Goggins re- re rt itt on the meeting Tuesday or |
