Show Salt lake Bonded De Debt t teaches Reaches eaches 5 Fiscal Program Provides for It Its Retirement I In 1971 No Nev Ne Bond Issues Planned S Salt lt L Lake ke Cit bonded debt debt amounting amounting to will not b be retired until 1971 and f full ll repayment of the obligation t then e depends largely largey on n strict adherence to the fiscal program worked out in in advance The The program does does not provide for new bond issues in the meantime mean mean- ti time tinie e Hence any new new issues may upset the schedule That was the opinion Wednesday Wednesday Wednes Wednes- I day of f fiscal officers who reviewed reviewed re reo re- re vie V viewed d the program at offices of Auditor L. L E. E Holley and Treasurer Treasurer Treas Treas- Milton E. E Lipman Debt Reduced 2 The debt was reduced after p payment of in in interest interest interest in- in terest last year It will be reduced this year after payment of an an interest interest installment which probably will be in excess of the pa payment ment on principal it was pointed point point- ed out Solace for the taxpayer however however how- how ever eyer lies in the fact that 10 years ug ag ago the municipal debt totaled In Tn that year of the principal was rep repaid aid Interest Interest Interest Inter Inter- est totaling was paid on the rem iem remainder inder of the debt Aggregate of the debt h has s been I whittled down a little each year since In the years when greatest payments were made on the principal principal prin pain cipal however new bonds bonds' also were issued according to fiscal reports For instance in 1934 was paid pai on on the principal al' al d debt b which totaled The in interest interest in- in terest payment totaled and of new and refundIng refunding refund refund- ing bonds w were re issued Historic ric Series 5 Among the refunding bonds is issued issued is is- sued in 1934 was the historic series series se ries 5 Originally issued at in 1894 to finance the city's portion of cost of constructing the city and county building only of the issue had been retired retired retired re re- re- re tired up to 1934 Since Since- then r eg ul uJ a ar r annual bites have have- been taken off the Continued on Pe Twelve Column Two I CITY'S BONDED DEBT REVIEWED Continued from Par Page One principal amount of ot the building bunding bonds A payment of ot is slated for 1943 The city has even evel Invested of its own sinkIng sinking sink ing fund in serl series s 5 bonds and nd will pay itself the interest on these bonds about R Remainder of ot the new issue Jn in 1934 included in refunded water bonds In refunded sewer bonds in new w general gen geri- eral obligation bonds and pf ot new water bonds a report at Mr Ir Holley's office showed The second secona largest wha whack k taken at the debt during the last decade came in 1941 when 1127 of the outstanding securities were retired In that year the e city paid 2582 0 in interest on the debt and issued in new bonds The entire new issue was was was' to refund gene general al obligation bonds part of an original issue of all of or which the city was unable unable unable un un- un- un able to pay off In 1941 Financing Costs Cost of short term financing carried on each year by tax anticipation anticipation anticipation an an- bonds upon which money is borrowed with which to to operate operate operate op erate government services until taxes are received in the fall has materially decre decreased sed during the decade note fIs fiscal officers In 1933 the city issued 1450 tax anticipation tion bonds Interest Interest Interest In In- terest and other service costs in incident incident incident in in- to the loan loan amounted to shown by a a. a fiscal report report report re re- re- re port for that year In 1942 the city issued 1250 tax anticipation bo bonds an and anal the total service cost Including inter inter infer interest est elt amounted to it was reported re reported te- te ported at Mr Holley's Hollers office |