| Show DEBTS COSTING SI S SL LT TAXPAYERS AYERS mm PER DAY State County and City Services Revealed i by Survey Combined debt service of the state city and county govern governments governments- ent and the tho city school district are costing Salt lIt Lake Luke City taxpayers a day during the tho current fiscal year ending next June 30 a survey of ot interest t and requirements re re Monday The Tho total of includes for the state government 2142 f forthe for i ithe the tho city for the county an and for forthe the schools County taxpayers Jiving living outside Salt Lake Lako City must bear the total of to some extent since they pay taxes for support of the state and county governments I Part From Motorists Persons who pay for automobile license plates as well as pay prop property erty a are e affected since part of the state states state's s debt d bt service comes from the motor vehicle registration tion fund The ho total debt service requirements requirements requirements require require- ments of the state government for forthe forthe forthe the fiscal period are 1161 which divided by days r results in approximately The Tho state government requirements requirements requirements require require- ments are made up as follows INTEREST Road Ro 11 bonds 1917 1919 1010 and 1921 1021 S Due from fund fund In Including In In- refunding Issue u of or 1933 state slate building and fund deficit Issue of ot 1921 1021 Total S REDEMPTIONS From generi fund S Road bond funds Total S Grand total toll Interest and redemptions The state road bond redemptions include payment of duo July 1 on 1917 notes which will re retire retire retire re- re tire that issue Local Bond Payment Money roney to pay road bonds comes CaInes from the motor vehicle regis registration fund The gross bonded debt of the state stood at at the beginning i. i of the current fiscal year July lj 1935 1 Against this amount amount- the state stat then had in sinking and redemption funds making the ri n ne f debt Redemptions ot from the general fund and i in iii road rond bonds as shown in the foregoing table will cut the bonded debt to making the net debt next July 1 less than Status is Healthy Health E. E R. R Miles Mil state budget office c. c and R. R G. G Ellis deputy state said the states state's financial statu is healthy pointing out the p pay payas py y yas as you go basis asis has resulted in ri ii issuance of or tax anticipation no not to increase the debtOn debt On the heels of disclosures t tc city's itys debt service will cost daily in 1936 and the school districts district's di dis daily came figures figur s from County Auditor Ferrell H. H Adam Adani showing the county's service w wj wu w j cose a day Mr Adams reported has bS been set up up uj in the 1936 county budget to pay bond interest retirementS retirements retirements retire retire- ments and fixed charges in issuance issuance issuance ance of tax anticipation notes Services Outlined The county debt services for tor 1936 are for S. S 1 Retirement of or In Inper 4 per cent road bonds 2 Payment of ot Inter interest t. t and handling charges to the thc Guarantee Trust company New NewYork York as paying agent 3 Payment of ot Interest and charges on of 6 of 1 per cent 1936 tax anticipation notes A A. surplus of 1210 in the bond Interest and sinking fund will be beheld beheld e held for emergency expenses In Incurred Incurred In In- or will be transferred later in the year to the general fund b buebe but bue e ebe be used as government operation costs demand Cost Commendable Mr Adams said the daily dally cost of in county debt service may be commendable in that it means the county is meeting its obligations rather than refunding bonds an and using money raised by th the sinking sinkin fund levy for other purposes Some taxing officials saw aw in th the debt costs a warning to infant taxing taxing taxing tax tax- ing units to live within Incomes They also viewed it as an argument to amend state tax laws to allow taxing units to live within income and not go into debt in anticipation of ot tax payments Some officials believe taxes by bya a gradual process should bo be made payable and delinquent January 1 in instead tead of ot November 30 and that taxing units should be permitted to create surpluses in general funds un |
