Salt Lake Telegram | 1936-05-04 | Page 20 | Nonrecallable Bond Balks Debt Cutting

NO RECALLABLE N BOND BALKS DEBT GUTTING CUTTING Because state bond issues are non- non recallable tie state will be burdened burdened bur- bur ened with interest charges long after fter it would be able to pay off oft its 3 bonds State Auditor Julius C. C Andersen disclosed Monday Utah could be out of debt within four our years at tho the rate the net Indebtedness Indebtedness In- In h has been reduced the thelast thelast thelast last three years the tho auditor said Total Indebtedness January 1 1933 vas the redemption funds contained leaving s. s net Indebtedness of at On February 7 1 7 1936 total indebtedness was the redemption fund leaving a a. net indebtedness indebted indebted- ness of ot In my opinion the state should not issue bonds Mr Andersen said As it is the bonds must run to maturity and in the meantime pay the interest Ho He pointed out that none of the sales ales tax receipts have been used for debt reduction