Show CITY ii OFFERED LOW INTEREST t S Salt lt Lake City will be required rdo Ito to pay less than 75 of 1 per cent r. r interest on on money It will borrow j for 1937 governmental operations until general tax revenue Is available avail- avail r K able next November it appeared Tuesday when city commissioners opened sealed bids on Worth orth of tax taC anticipation notes S The principal bids were submitted submitted sub sub- by Donald E. E Penney company company com corn pany Salt Lake City associated with Baker Weeks and Harden Harde of New York City and First Security Security Security Se Se- Trust company Edward L. L Burton and Company First National National National Na Na- bank Continental National Bank and Trust company all of f S Salt lt Lake City and R. R W. W Press- Press and Company of New York City represented by L. L P. P I his of the First Security Trust com corn pany C Mr Penneys Penney's bid offered conditions conditions conditions condi condi- which would set an Interest rate of 68 of 1 per cent and agreed to furnish approving legal opinion and nd pay printing costs It was in interpreted interpreted interpreted in- in however as making a charge harge for handling payments on interest coupons through a New NewYork NewYork Nework York ork paying agent The syndicate bid was submitted on on conditions setting the Interest rate at about 70 of 1 per cent and agreed to make no handling charge for payments on interest coupons Such charge was estimated by city officials as about This also agreed to handle proceedings Incident to issuance of the notes without cost to the city Commissioners referred the bids to Treasurer Milton E E. Lipman for tabulation and recommendation |